• Shivam Maurya
• March 26, 2024
• No Comments

The internet connects everything these days, even banks and money stuff. This makes banks an easy target for bad people called hackers who try to break in and steal money or data through computers. 

To help guard against these hackers, the group of 20 big countries called the G20 is running a big practice called the Cyber Security Exercise. But this practice is just for banks to help them get better at protecting their computer systems and information.

During the practice, the banks pretend that hackers are attacking them in different ways, like with ransomware that locks down data unless money is paid. Or through phishing scams that trick people into giving away passwords. By acting out these fake attacks, banks can check for holes in their defences that real hackers might use.

The drill has several main goals:

1. Help banks check for weak spots that hackers could use to break in.

2. Get banks working together to share information about hackers and how to stop them.  

3. Test out each bank’s plan for what to do if hackers do break in.

4. Make sure banks can properly communicate during an attack to tell employees what’s happening, notify customers, etc.

Another key goal is testing out each bank’s plan for when hackers do break in, how quickly they detect it, regain control of systems and limit the damage. The practice also makes sure banks know how to properly communicate during an incident, keeping employees, customers, regulators and the public informed.

By doing this practice drill, banks get better at:

• Securing their systems against hackers.
• Continuously improving security as hackers get trickie.
• Following security rules and laws.  
• Working together globally since hackers are everywhere.

They also find and seal entry points hackers could use. Their response plans get smoother through real practice. Their communication skills during crises improve. Maybe most importantly, banks learn which areas need more security investment and upgrades.

The G20 bank security drill helps make the whole banking system safer by catching weak spots before hackers can exploit them. It’s an important step to protect people’s money from getting stolen by bad hackers. If banks can stop hackers before any major damage, it protects people’s money and personal data. While hackers keep evolving their tactics, this practice helps banks constantly evolve their defences too.