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World Economic Forum (WEF) Warns of Cyberattack that will Collapse Existing Financial System
GlobalRisk Community | Enrique Raul Suarez | Sep 3, 2021
A report published last year by the WEF-Carnegie Cyber Policy Initiative calls for the merging of Wall Street banks, their regulators and intelligence agencies as necessary to confront an allegedly imminent cyber attack that will collapse the existing financial system.
In November 2020, the World Economic Forum (WEF) and Carnegie Endowment for International Peace co-produced a report that warned that the global financial system was increasingly vulnerable to cyber attacks. Advisors to the group that produced the report included representatives from the Federal Reserve, the Bank of England, the International Monetary Fund, Wall Street giants likes JP Morgan Chase and Silicon Valley behemoths like Amazon.
The ominous report was published just months after the World Economic Forum had conducted a simulation of that very event – a cyber attack that brings the global financial system to its knees – in partnership with Russia’s largest bank, which is due to jumpstart that country’s economic “digital transformation” with the launch of its own central bank-backed digital currency.
See: ISED: Cyber Security and Policy Statements
More recently, last Tuesday, the largest information sharing organization of the financial industry, whose known members include Bank of America, Wells Fargo and CitiGroup, have again warned that nation-state hackers and cybercriminals were poised to work together to attack the global financial system in the short term. The CEO of this organization, known as the Financial Services Information Sharing and Analysis Center (FS-ISAC), had previously advised the WEF-Carnegie report that had warned much the same.
“Not a Question of If but When“
The Cyber Policy Initiative’s November 2020 report is officially titled “International Strategy to Better Protect the Financial System.” It begins by noting that the global financial system, like many other systems, are “going through unprecedented digital transformation, which is being accelerated by the coronavirus pandemic.”
“Reducing Fragmentation”: Merging Banks with their Regulators and Intelligence Agencies
Given the inevitability of this destructive event predicted by the report’s authors, it is important to focus in on the solutions proposed in the WEF-Carnegie report as they will become immediately relevant if this event, as predicted by the WEF and Carnegie Endowment, does come to pass.
Some of the solutions proposed are to be expected from a WEF-linked policy document, such as the calls for increased public-private partnerships and greater coordination among regional and international organizations as well as increased coordination between national governments.
See:
PwC Report: Canadian Digital Trust Insights 2021: Cybersecurity comes of age
Remote Working Cybersecurity Checklist
However, the main “solution” at the heart of this report, and also at the heart of the WEF-Carnegie initiative’s other endeavors, is a call to fuse corporate banks, the financial authorities that essentially oversee them, tech companies and the national security state.
“This requires countries not only to better organize themselves domestically but also to strengthen international cooperation to defend against, investigate, prosecute and ideally prevent future attacks. This implies that the financial sector and financial authorities must regularly interact with law enforcement and other national security agencies in unprecedented ways, both domestically and internationally.”
Continue to the full article --> here
Download the 242 page PDF report on 'International Strategy to Better Protect the Financial System Against Cyber Threats' --> here
Separate June 2020 report from WEF-Carnegie initiative on deepfakes and the Financial System --> here
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