Group of Seven Nations shortly referred to as G7 countries are all set to simulate a cross border cyber attack on the financial sector of France early next month. The cyber attack will be in the form of a malware which will be reportedly infected onto the technical components of the financial sector.
“French Central Bank will exercising the cyber attack on behalf of the G7 nations,” said Nathalie Aufauvre, the Banking General Director of France. And she added that the simulation will be launched to check the financial stability.
Already such attacks have been conducted on a previous note such as in October last year launched by Financial Institutions such as European Central Bank and Bank of England. But the one launched in June this year will be the 1st of its kind launched by G7 Nations said Aufauvre at the cybersecurity conference of the French Central Bank.
“More cooperation is needed among countries to mitigate the risks associated to cyber threats and that can only be done with more multilateralism and cooperation between the nations,” said Bruno Le Maire, the French Finance Minister.
News is out that over 24 financial institutes from 7 countries comprising market authorities, finance ministries, and central banks will be involved in the demonstration of the 3- day exercise.
Representatives from Italy, Japan and Germany are expected to participate in the cyber attack simulation which might be launched on June 7th of next month.
According to a survey conducted by Technology Giant IBM, over 19% of cyber attacks from the total percentage take place in the financial sector. And so, France has taken the lead to test the defensive skills of the banking sector of the G7 nations early next month.