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IMF, 10 countries simulate cyberattack on world financial system
By Steven Scheer
Thursday, December 8, 2021
JERUSALEM -- Israel today led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks.
The simulated "war game," as Israel's Finance Ministry called it and planned over the past year, evolved over 10 days, with sensitive data emerging on the Dark Web. The simulation also used fake news reports that in the scenario caused chaos in global markets and a run on banks.
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The simulation -- likely caused by what officials called "sophisticated" players -- featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters.
"These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters. ...
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