Cyber Attack on Canada FINTRAC and IBM Cyber Attack response training

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FINTRAC Canada targeted by a cyber attack

FINTRAC, Canada’s financial intelligence agency, has fallen victim to a cyber attack, prompting the shutdown of its computer networks. While the servers of the federal agency have been taken offline, assurances have been made by the financial transactions and report analysis center that no classified information was compromised. Further updates will be provided as investigations progress.

Responsible for monitoring unauthorized transactions and activities linked to cyber crimes, FINTRAC plays a crucial role in preventing payments to terrorist organizations and cybercriminal groups.

This incident comes shortly after the Royal Canadian Mounted Police experienced a digital assault by a state-sponsored cybercrime group. It remains unclear whether the same perpetrators targeted both entities.

IBM now trains federal agencies from AI enriched Cyber Attacks

In response to the escalating threat of AI-driven cyber attacks, IBM is stepping in to provide specialized training to federal agencies. These attacks, characterized by their innovation and sophistication, pose a significant challenge to cybersecurity professionals. Without proper preparation, they could pose a grave threat to global security.

IBM’s expertise aims to equip IT staff and their suppliers with the necessary skills to combat AI-driven cyber threats effectively. The establishment of the IBM X-Force Cyber Range in the District of Columbia (D.C) serves as a hub for technical expertise. This facility will offer critical support to legal and technology heads of organizations, including CIOs and CTOs.

The training program is designed to be rigorous, ensuring that participants are well-prepared to handle real-world cyber incidents. Activities such as cyber wargames, simulated attacks, and scenario-based exercises will be conducted to enhance participants’ understanding of cyber threats and their response mechanisms.

Aligned with the priorities outlined in the Biden administration’s Executive Order 14028, IBM is committed to enhancing national security capabilities. Alice Fakir, a managing partner at IBM Consulting, emphasized the firm’s dedication to supporting strategies aimed at strengthening the nation’s cybersecurity posture.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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