G7 To Simulate Cross-Border Cyber Attack

Leading Western industrial powers will for the first time jointly simulate a major cross-border cybersecurity attack on the financial sector in June, French officials have said. 

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 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 cybersecurity 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.

Aufauvre said the three-day exercise aimed to demonstrate the cross-border effects of such an attack, 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 financial sector is the most common target of cyber-attacks, accounting for 19 percent 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.

Euronews

You Might Also Read:

Neither US, Russia Or China Will Sign Macron's Cyber Pact:

 

 

« Cyber-Attacks On Maritime Oil Tankers
British Hackers Convicted For Stealing £10m »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

Rapid7

Rapid7

Rapid7 unites cloud risk management and threat detection to deliver results that secure your business and ensure you’re always ready for what comes next.

Seclab

Seclab

Seclab is an innovative player in the protection of industrial systems and critical infrastructure against sophisticated cyber attacks.

Verint Systems

Verint Systems

Verint is a leader in CX automation. The world’s most iconic brands rely on our open platform and team of AI-powered bots to create tangible AI business outcomes, now.

Thomas Miller Specialty

Thomas Miller Specialty

Thomas Miller Specialty is a commercial Managing General Agency providing specialty risks insurance including Cyber & e-crime insurance.

Protenus

Protenus

Protenus provide a solution to proactively monitor and protect patient privacy in the electronic health record (EHR).

Cimcor

Cimcor

Cimcor’s flagship software product, CimTrak, helps organizations to monitor and protect a wide range of physical, network and virtual IT assets in real-time.

Digi International

Digi International

Digi is a leading global provider of mission-critical and business-critical machine-to-machine (M2M) and Internet of Things (IoT) connectivity products and services.

Beryllium InfoSec Collaborative

Beryllium InfoSec Collaborative

Beryllium InfoSec Collaborative is an information security and cyber security company with 40-plus years of experience across industry & government.

eXate

eXate

eXate provides pioneering technology that empowers organisations to protect, control and manage their sensitive data centrally, providing a complete data privacy solution.

FraudLabs Pro

FraudLabs Pro

FraudLabs Pro detects fraud and helps merchants to reduce e-commerce chargebacks by identifying high risk transactions.

Havoc Shield

Havoc Shield

Havoc Shield is an all-in-one information security platform that includes everything a growing team needs to secure their remote workforce.

Cyber Intelligence House (CIH)

Cyber Intelligence House (CIH)

Cyber Intelligence House provides risk exposure solutions for a wide range of audiences including companies, government agencies, regulators, investors, law enforcement and consumers.

Computacenter

Computacenter

Computacenter is a leading independent technology partner, trusted by large corporate and public sector organisations. We help our customers to source, transform and manage their IT infrastructure.

Keyrus

Keyrus

Keyrus is a global consultancy that develops data and digital solutions for performance management.

Lithuanian Cyber Command (LTCYBERCOM)

Lithuanian Cyber Command (LTCYBERCOM)

The Lithuanian Cyber Command is responsible for planning and execution of operations in cyberspace and installation of strategic and operational communications and information systems.

CRYPTIQ

CRYPTIQ

CRYPTIQ empowers businesses to navigate the ever-evolving cybersecurity landscape with confidence and clarity.