According to a recent study by IBM, the financial sector is the most common target of cyber-attacks, and accounts for 19 percent of the total attacks. In view of this, a number of countries in the recent past have increased the banks and insurers’ capacity to respond.
There is now a plan for a joint simulation of cyber-attacks, to create a cross-country awareness. Reports by Reuter say that for the first time ever, the G7 consortium of leading Western industrial powers will jointly simulate a major cross-border cyber security attack on the financial sector. It is planned for next month, reports from France stated.
While such tests have already been conducted by institutions such as the European Central Bank and the Bank of England, the exercise slated for next months will be the first for a cross border simulation, at the G7 level, said Nathalie Aufauvre, the Bank of France’s Director General For Financial Stability, at a cyber-security conference at the bank. The exercise will be based on the scenario of a technical component widely used in the financial sector becoming infected with malware and is organized by the French central bank under France’s presidency of the Group of Seven nations (G7). “Cyber threats are proof that we need more multilateralism and more cooperation between our countries,” French Finance Minister Bruno Le Maire told the conference.
Aufauvre also said the three-day exercise aimed to demonstrate the cross-border effects of such an attack, and would involve 24 financial authorities from the seven countries, comprising central banks, market authorities and finance ministries, Reuters reported.
There would also be representations from the private sector in France, Italy Germany and Japan