G7 countries will conduct the first global cross-border cyber crisis simulation exercise on the financial sector next month. The event has been organized by French central bank
G7 countries will conduct the first global cross-border cyber crisis simulation exercise on the financial sector next month. It has been reported by different sources. According to Reuters, the event, organized by the French central bank under Paris’s presidency of the Group, will be based on the scenario of a technical component widely used in the financial sector becoming infected with malware, said Nathalie Aufauvre, the Bank of France’s director general for financial stability. 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 cyber security conference at the bank. “Cyber threats are proof that we need more multilateralism and more cooperation between our countries,” French Finance Minister Bruno Le Maire told the conference.
The cyber security exercise will involve 24 financial authorities from the seven countries, comprising central banks, market authorities and finance ministries. The aim is to increase resilience, response and recovery from cybercrime’s attacks
The G7 exercise is aimed to demonstrate the cross-border cyber attacks effects, and 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 event will also be the occasion to test the dialogue between the organizations of the Group. The cyber threat facing the financial sector continues to be a challenge. From banking trojans affecting individual customers to systemic threats posed by ransomware and targeted attacks from advanced persistent threat (APT) cybercrime groups, the landscape is evolving on a daily basis. So, it’s imperative to bolster defences and better coordinate in case o incidents. This to increase resilience, response and recovery capacity.