Collective Strength Initiative

Subject – Defence and Security

Context – 10 countries simulate cyberattack on global financial system

Concept –

Israel led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimize any potential damage to financial markets and banks.
The simulated “war game”, as Israel’s Finance Ministry called it and planned over the past year, evolved over 10 days, with sensitive data emerging on the Dark Web.
The simulation also used fake news reports that in the scenario caused chaos in global markets and a run on banks.
Participants in the initiative, called “Collective Strength”, included treasury officials from Israel, the United States, the United Kingdom, 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.