Global Finance Firms Take Part in NATO Cyber Attack Simulation
- Global finance firms take part in NATO cyber attack simulation
by Karl Flinders, Global financial services organisations take part in NATO annual event which simulates cyber attacks on critical infrastructure
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Global financial services businesses are taking part in an annual NATO cyber security exercise which tests the resilience of critical national infrastructures. A total of 29 financial services organisations, including Barclays, Santander and Mastercard, have been brought together by the not-for-profit member organisation, the Financial Services Information Sharing and Analysis Center (FS-ISAC) to participate in the NATO Cooperative Cyber Defence Centre of Excellence (CCDCOE), known as Locked Shields.
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Locked Shields is an annual live-fire exercise that generates cyber attacks on a fictional country to test the cyber defences of critical infrastructures including the global finance system, as well as energy, telecommunications and shipping.
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According to the FS-ISAC, it “designed the 2023 financial sector scenario in the strategic exercise, which simulates real-life payments system outages by a central bank and the cascading impacts on the financial system.”
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It added that the scenario is based on similar but far less severe outages experienced over the past several years. The three-day event ends on 21 April. “Exercises like Locked Shields strengthen the resilience of the global financial sector and encourage collaboration and coordination across all critical infrastructure and public sectors,” said Steven Silberstein, CEO at FS-ISAC.
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“Our participation will allow us to crowdsource exercise responses from our global membership to assess and mitigate threats as the scenario unfolds, building the muscle memory our members and the overarching sector can rely on when faced with real-time cyber warfare.”
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