G7 Cyber Attack Simulation To Test Financial Sector
The G7 nations will be holding a simulated cyber-attack this month to test the possible effects of a serious malware infection on the financial sector.
The attack simulation was organised by the French central bank under France’s presidency of the Group of Seven nations (G7). The three-day exercise will be aimed at demonstrating the cross-border effects of such an attack and will involve 24 financial authorities from the seven countries, comprising central banks, market authorities and finance ministries. It has been reported that representatives of the private sector in France, Italy Germany and Japan will also participate in the simulation.
As reported in March in a report by the Carnegie Endowment for International Peace (co-developed with British defence company BAE Systems), state-sponsored cyber attacks on financial institutions are becoming more frequent, resulting in destructive and disruptive damages rather than just theft.
The report highlighted how, of the 94 cases of cyber attacks reported as financial crimes since 2007, the attackers behind 23 of them were believed to be state-sponsored. Most of these state-sponsored attacks are reported to have come from countries such as Iran, Russia, China and North Korea.
The report pointed out that the number of cyber attacks linked to nations jumped to six in 2018 from two in 2017 and two in 2016.
State-sponsored attacks can take the form of direct nation-state activity and/or proxy activity carried out by criminals and “hacktivists”.