Thanks for sharing. This for me is just "business as usual" for the banking system as the cyber-threats are currently peaking and dangerous as never seen before. It will become worse as more devices are going to be linked when 5G arrive in full and spreads to homes, business, industries with a high data transfer and the ability to analyse but also enabling the attacks and enhancing the impacts that these may have.
What is more interesting for me is the idea of further "decoupling" of networks as there is currently and idea of economic decoupling. This is going backwards in markets, economies and wealth creation and will impact our daily lives
Topic: IMF, 10 countries simulate cyber attack on global financial system (Read 123 times)
December 29, 2021, 08:06:06 AM
December 27, 2021, 03:19:12 PM
This last part is interesting (see:bolded)
Much has been said about the US dollar being the world's reserve currency. "Coordinated delinking from major currencies" like the US dollar could be worthwhile measures to insulate global financial systems from inflation and attacks on any single nation's financial and economic sectors.
It could be considered the type of proactive meausres necessary to contain the 2008 economic crisis.
Quote
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
Much has been said about the US dollar being the world's reserve currency. "Coordinated delinking from major currencies" like the US dollar could be worthwhile measures to insulate global financial systems from inflation and attacks on any single nation's financial and economic sectors.
It could be considered the type of proactive meausres necessary to contain the 2008 economic crisis.
The preparations may be related to events like the attacks/hacks against SWIFT made by North Korea's army of hackers.
The thing is that North Korea needs badly more and more money, especially for the nuclear program, and the banking system tends to be one of the easy targets at hand.
I think that this is unrelated to Bitcoin and it's also not really something that should be taken as "bye-bye US Dollar". I don't know whether it's related or not with the economic crisis which will come sooner or later.
December 27, 2021, 03:01:50 PM
Much has been said about the US dollar being the world's reserve currency. "Coordinated delinking from major currencies" like the US dollar could be worthwhile measures to insulate global financial systems from inflation and attacks on any single nation's financial and economic sectors.
It could be considered the type of proactive meausres necessary to contain the 2008 economic crisis.
It could be considered the type of proactive meausres necessary to contain the 2008 economic crisis.
It's good to see them being proactive about these things, as the world is ever changing and new threats to stability are emerging all the time. The Russian and Chinese governments are acting more erratic lately for different reasons, so the threat of cyber attacks from such countries could increase if they feel threatened. I think the factor you highlight about "delinking from major currencies" is nothing to do with cryptocurrency and more the fact that these two big countries do not want to use the US dollar as a reserve currency any more because it gives the US a lot of power, plus they naturally want their own currency to be more successful. We little people can only hope that such reviews are conducted regularly for the benefit of everyone around the world.
December 27, 2021, 01:39:22 AM
Quote
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
That's quite interesting! But look at the list of the countries attended the meet,
Israel, United States, UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, Netherlands and Thailand.
United States and United Kingdom are the creators of the most widely used fiat currencies in the world that is USD and Sterling Pound.
Not sure what they mean by "Coordinated delinking from major currencies"! Sound like an oxymoron to me!
there is only 4 major afaik so Japan should have been part of that meeting. what do they mean by delinking?
Japan however also adopted BTC.
it would be clearer if they say cryptocurrencies instead as it's what they are afraid of and the people all over already knew it. IMF openly warns El Salvador already about its use of Bitcoin and they know they couldn't do anything that such a small country could get around sanctions.
December 27, 2021, 12:45:24 AM
Quote
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
That's quite interesting! But look at the list of the countries attended the meet,
Israel, United States, UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, Netherlands and Thailand.
United States and United Kingdom are the creators of the most widely used fiat currencies in the world that is USD and Sterling Pound.
Not sure what they mean by "Coordinated delinking from major currencies"! Sound like an oxymoron to me!
December 26, 2021, 04:35:33 PM
As long as I have Binance, there is really nothing else that I truly need to be honest. I have my metamask, I use some defi places as well, swaps are good because they provide something that Binance can't really provide, and that's a great return on my investment whenever I deal with them. Aside from that, I just hold coins for long term and Binance has all the coins I want so there is nothing worrying there.
So, between Binance, Uniswap and Pancakeswap there is no other room for adding another exchange for me. Those three cover everything I want. I am planning on getting ledger as well soon, maybe in a few months, I may use Ledger Live at that time as well, and connect it to my metamask as well. I am not very much involved with NFT world, seeing that SOL and so forth all got into NFT world, so maybe I may use something like that in the future.
So, between Binance, Uniswap and Pancakeswap there is no other room for adding another exchange for me. Those three cover everything I want. I am planning on getting ledger as well soon, maybe in a few months, I may use Ledger Live at that time as well, and connect it to my metamask as well. I am not very much involved with NFT world, seeing that SOL and so forth all got into NFT world, so maybe I may use something like that in the future.
December 26, 2021, 03:29:01 AM
Am sorry to say this but a stimulation will never anticipate or calculate or the risks and exposures of a financial crash can bring onto the global markets! Today we have a dual system of cryptocurrencies and fiat which means others do not recognize these digital currencies which makes it difficult to really have a reliable stimulation of the impact of a cyber attack at a global level.
December 26, 2021, 02:14:06 AM
Quote
Coordinated bank holidays are a great time when security systems are implemented automatically
What are you trying to say?What security systems and what kind of automatic implementation?
Do you know what a coordinated bank holiday means?It means that all banks block their customers from withdrawing any money in a certain time frame.
Quote
"Coordinated delinking from major currencies" like the US dollar could be worthwhile measures to insulate global financial systems from inflation and attacks on any single nation's financial and economic sectors.
I don't think that any country,bank or payment system in the world would dare to "delink" the US dollar and stop sending and receiving USD transactions.
1.Nobody wants problems with the global superpower.
2.Most of the global transactions are in USD,so banning USD payments would isolate a country from the global economy and financial markets.This might have devastating effects over the economy of that country(if the economy of the country is open enough towards the global market).
December 25, 2021, 12:01:24 PM
Based on what I understand from the quote above, this simulation aims to minimize as well as prevent attacks carried out by world stakeholders out there who are always targeting world banks. Furthermore, the 10 countries include countries that have large sources of wealth and of course they want or cannot put forward a more up-to-date security system. The embezzlement of money that often flows is found to finance acts of terrorism in the Middle East. that was his alibi and it never went unnoticed by the global elite. In fact, of the 10 countries, only Israel has always stood as if it were the most elite of all, recognized by any country in terms of technological sophistication.
The global financial system seeks to strengthen all sectors of recklessness that are entry points for cybercriminals. As we know, no system is completely secure. Coordinated bank holidays are a great time when security systems are implemented automatically. For 10 days the real simulation causes mass chaos in every country. So the chances are minimal to continue until more than the allotted time.
In conclusion, everyone defends the US Dollar to keep it alive and we have more reserves than the Dollar. Bitcoin and other assets are the most anonymous reserves of the crowd of US officials in parliament trying to avoid inflation. Because during the 10 day trial did we in the crypto market experience the same thing that happened in 10 countries regarding the impact of the foreign exchange and bond markets? actually it doesn't matter at all.
The global financial system seeks to strengthen all sectors of recklessness that are entry points for cybercriminals. As we know, no system is completely secure. Coordinated bank holidays are a great time when security systems are implemented automatically. For 10 days the real simulation causes mass chaos in every country. So the chances are minimal to continue until more than the allotted time.
In conclusion, everyone defends the US Dollar to keep it alive and we have more reserves than the Dollar. Bitcoin and other assets are the most anonymous reserves of the crowd of US officials in parliament trying to avoid inflation. Because during the 10 day trial did we in the crypto market experience the same thing that happened in 10 countries regarding the impact of the foreign exchange and bond markets? actually it doesn't matter at all.
December 25, 2021, 11:38:42 AM
Quote
JERUSALEM, Dec 9 (Reuters) - Israel on Thursday led a 10-country simulation of a major cyber attack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks.
The simulated cyber attack evolved over 10 days, with sensitive data emerging on the Dark Web along with fake news reports that ultimately caused chaos in global markets and a run on banks.
The simulation featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters.
"These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters.
Israeli government officials said that such threats are possible in the wake of the many high profile cyber attacks on large companies, and that the only way to contain any damage is through global cooperation since current cyber security is not always strong enough.
"Attackers are 10 steps ahead of the defender," Micha Weis, financial cyber manager at Israel's Finance Ministry, told Reuters.
Participants in the initiative, called "Collective Strength", included treasury officials from Israel, the United States, the UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives from the International Monetary Fund, World Bank and Bank of International Settlements.
The narrator of the film in the simulation said governments were under pressure to clarify the impact of the attack, which was paralysing the global financial system.
"The banks are appealing for emergency liquidity assistance in a multitude of currencies to put a halt to the chaos as counterparties withdraw their funds and limit access to liquidity leaving the banks in disarray and ruin," the narrator said.
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
Rahav Shalom-Revivo, another Israeli financial cyber official, said such a wide-ranging attack on the global financial system would need to be done by sophisticated attackers.
The simulation was originally scheduled to take place at the Dubai World Expo but it was moved to Jerusalem due to the Omicron variant of COVID-19, with officials participating over video conference.
Some of the participants said in a real cyber attack situation governments would take action more quickly than in the simulation.
One European financial official said that in the case of such of an attack, his country would not wait 10 days to act.
"As soon as the supply of money were hampered, at least in the European Union, we would probably have an emergency meeting on the same day," he said, adding that he would immediately reach out to counterparts across Europe and the United States.
https://www.nasdaq.com/articles/exclusive-imf-10-countries-simulate-cyber-attack-on-global-financial-system
The simulated cyber attack evolved over 10 days, with sensitive data emerging on the Dark Web along with fake news reports that ultimately caused chaos in global markets and a run on banks.
The simulation featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters.
"These events are creating havoc in the financial markets," said a narrator of a film shown to the participants as part of the simulation and seen by Reuters.
Israeli government officials said that such threats are possible in the wake of the many high profile cyber attacks on large companies, and that the only way to contain any damage is through global cooperation since current cyber security is not always strong enough.
"Attackers are 10 steps ahead of the defender," Micha Weis, financial cyber manager at Israel's Finance Ministry, told Reuters.
Participants in the initiative, called "Collective Strength", included treasury officials from Israel, the United States, the UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives from the International Monetary Fund, World Bank and Bank of International Settlements.
The narrator of the film in the simulation said governments were under pressure to clarify the impact of the attack, which was paralysing the global financial system.
"The banks are appealing for emergency liquidity assistance in a multitude of currencies to put a halt to the chaos as counterparties withdraw their funds and limit access to liquidity leaving the banks in disarray and ruin," the narrator said.
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
Rahav Shalom-Revivo, another Israeli financial cyber official, said such a wide-ranging attack on the global financial system would need to be done by sophisticated attackers.
The simulation was originally scheduled to take place at the Dubai World Expo but it was moved to Jerusalem due to the Omicron variant of COVID-19, with officials participating over video conference.
Some of the participants said in a real cyber attack situation governments would take action more quickly than in the simulation.
One European financial official said that in the case of such of an attack, his country would not wait 10 days to act.
"As soon as the supply of money were hampered, at least in the European Union, we would probably have an emergency meeting on the same day," he said, adding that he would immediately reach out to counterparts across Europe and the United States.
https://www.nasdaq.com/articles/exclusive-imf-10-countries-simulate-cyber-attack-on-global-financial-system
....
This last part is interesting (see:bolded)
Quote
The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies.
Much has been said about the US dollar being the world's reserve currency. "Coordinated delinking from major currencies" like the US dollar could be worthwhile measures to insulate global financial systems from inflation and attacks on any single nation's financial and economic sectors.
It could be considered the type of proactive meausres necessary to contain the 2008 economic crisis.
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