French officials said on May 10 that the major industrial powers in the West will jointly simulate a cross-border cybersecurity attack against the financial industry for the first time in June.
Nathalie Aufauvre, the Bank of France’s director general for financial stability, said the exercise was organized by the French Central Bank during the French presidency of the G7 Group. The exercise will be conducted when the technical components widely used in the financial industry are infected by malware.
Aufauvre said at the bank’s cybersecurity conference that institutions such as the European Central Bank and the Bank of England have conducted such tests, but the June drill will be the first cross-country exercise at the G7 level. The three-day exercise will demonstrate the cross-border impact of such attacks, involving 24 financial sectors in seven countries, including central banks, market authorities and the Ministry of Finance. Private sector representatives from France, Italy, Germany, and Japan will also participate.
A recent IBM study showed that the cyber attacks on the financial industry accounted for 19% of the total number of cyber attacks. In recent years, many countries have strengthened their supervision of banks and insurance companies.