G7 countries to simulate cross-border cyber-attack next month

Tuesday, 14 May 2019 00:00 - - {{hitsCtrl.values.hits}}

PARIS, (Reuters): Leading Western industrial powers will for the first time jointly simulate a major cross-border cybersecurity attack on the financial sector next month, French officials said on Friday.

The exercise, organised by the French Central Bank under France’s presidency of the Group of Seven Nations (G7), will be based on the scenario of a technical component widely used in the financial sector becoming infected with malware, said Bank of France Director General for Financial Stability Nathalie Aufauvre.

Institutions such as the European Central Bank and the Bank of England have already conducted such tests, but the June exercise will be the first across borders at the G7 level, Aufauvre told a cybersecurity conference at the bank. “Cyber threats are proof that we need more multilateralism and more co-operation between our countries,” French Finance Minister Bruno Le Maire told the conference.

Aufauvre said the three-day exercise, aimed to demonstrate the cross-border effects of such an attack, would involve 24 financial authorities from the seven countries, comprising central banks, market authorities and finance ministries.

Representatives of the private sector in France, Italy Germany and Japan will also participate.

The financial sector is the most common target of cyberattacks, accounting for 19% of the total, according to a recent study by IBM. Many countries have in recent years stepped up oversight of banks and insurers’ capacity to respond.

However, financial regulators in countries such as France and Germany say that requirements in some countries outside the G7 are less onerous, creating an incentive for firms to move operations there to cut costs.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.