Thailand participates in exercise simulating cyber-attack on global financial system

Thailand is one of 10 countries to participate in a simulation exercise that mimicked a cyber-attack on the global financial system. According to a Reuters report, the exercise was led by Israel, with the intention of building on cooperation between countries to mitigate potential damage to global markets and financial institutions.

The exercise was named, “Collective Strength” and included officials from Thailand, the United States, the United Kingdom, the United Arab Emirates, Austria, Switzerland, Germany, Italy, and the Netherlands, as well as delegates from the International Monetary Fund, the World Bank, and Bank of International Settlements.

According to the Reuters report, the fake cyber-attack took place over the course of 10 days and involved fake news reports and sensitive data appearing on the Dark Web, simulating sending global markets into meltdown and causing a run on banks. Several types of cyber-attack were simulated, with global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters all affected, according to Reuters.

The Israeli government says such threats must be taken seriously and viewed as very real risks, given recent well-documented cyber-attacks on large firms. Micha Weis from the country’s Finance Ministry, says damage limitation can only be achieved through countries working together, as internet security may not always be strong enough to protect against every threat.

“Attackers are 10 steps ahead of the defender.”

SOURCE: Reuters