Leaders of the Industrial World will soon be jointly stimulating the major cross border cybersecurity attack on the financial sector next month. The announcement was made recently by the French officials on Friday. The exercise organized by the French central bank under the Frances presidency of the Group of Seven nations (G7) will be much more based on the technical component. The financial sector is coming widely under the attacks, becoming infected due to malware.
Major financial institutions such as the European Central Bank and Bank of England have conducted similar tests, but the June exercise will first time a cross border scenario will be simulated. With over seven countries it’s the first that cross border cybersecurity simulation will be done. French Minister Bruno Le Maire said in a conference that cyber-attacks are proof that we need multilateralism and more co-operation between the countries.
The three-day exercise is all set to show the cross border effects of various attacks that might take place on different financial institutions around the world. The attack simulation will also involve 24 financial institutions from seven countries compromising of various central banks, market authorities, and finance ministers. Over the years financial sectors have been the most common target of the cyber-attacks, accounting close to 19 percent of the cyber-attacks. Many countries have created policies that make it imperative for the financial sectors to form a cyber-attack team. Ove, the year’s financial regulators, are various countries such as France and Germany said that the requirement is some countries outside the G7 are less onerous, creating an incentive for firms to move the operation to various places to cut cost.