Cyberattack: G7 and France organize a cyberattack simulation in the finance industry

Faced with the upsurge and the continually increasing strength of cyberattacks, a simulation exercise of a cyberattack in the finance industry will be organized by the members of the G7, the world’s major economic powers.

In the French presidency context, France will
be the one that will run this test in which 24 financial authorities of the 7
members of the G7 will participate during 3 days.

Today it is no secret that the banking sector is
one of the most targeted by cybercriminals [according to an IBM’s research, 19%
of the attacks would aim banking institutions].

Thus, for the first time, the G7 countries organize a cyberattack cross-border simulation in early June 2019. This test is organized by the Banque de France (the central bank of France) and proposes the following scenario: a malware will be injected in a technical component widely used in the financial sector.

As indicated by Bruno Le Maire, the Minister of
Economy and Finance of France “cyber threats are the proof that we need more
multilateralism and cooperation between our countries”.

According to this argument, this same exercise
will be conducted at the same time in the other countries, giving it a specific
dimension. If other exercises of this kind have indeed already been done
before, particularly by the Bank of England and the European Central Bank, none
of these tests was done simultaneously.

What are the results sought in this joint exercise?
Firmly establishing the risks of a cyberattack’s epidemic spread, in order to
be able to enhance the infrastructures security and to ensure the reactivity in
case of attack and prevent a wide contagion.

First published at nameshield blog