Amid a series of warnings and simulations in the past year regarding a massive cyber attack that could soon bring down the global financial system, the “information sharing group” of the largest banks and private financial organizations in the United States warned earlier this year that banks “will encounter growing danger” from “converging” nation-state and criminal hackers over the course of 2021 and in the years that follow.

The organization, called the Financial Services Information Sharing and Analysis Center (FS-ISAC), made the claim in its 2021 “Navigating Cyber” report, which assesses the events of 2020 and provides a forecast for the current year. That forecast, which casts a devastating cyber attack on the financial system through third parties as practically inevitable, also makes the case for a “global fincyber [financial-cyber] utility” as the main solution to the catastrophic scenarios it predicts.

Perhaps unsurprisingly, an organization close to top FS-ISAC members has recently been involved in laying the groundwork for that very “global fincyber utility” — the World Economic Forum, which recently produced the model for such a utility through its Partnership against Cybercrime (WEF-PAC) project. Not only are top individuals at FS-ISAC involved in WEF cybersecurity projects like Cyber Polygon, but FS-ISAC’s CEO was also an adviser to the WEF-Carnegie Endowment for International Peace report that warned that the global financial system was increasingly vulnerable to cyber attacks and was the subject of the first article in this 2-part series.

Another article, published earlier this year at Unlimited Hangout, also explored the WEF’s Cyber Polygon 2020 simulation of a cyber attack targeting the global financial system. Another iteration of Cyber Polygon is due to take place tomorrow July 9th and will focus on simulating a supply chain cyber attack.

A major theme in these efforts has not only been an emphasis on global cooperation, but also a merging of private banks and/or corporations with the State, specifically intelligence and law enforcement agencies. In addition, many of the banks, institutions and individuals involved in the creation of these reports and simulations are either actively involved in WEF-related efforts to usher in a new global economic model of “stakeholder capitalism” or are seeking to imminently introduce, or are actively developing, central bank-backed…

Continue reading: https://unlimitedhangout.com/2021/07/investigative-reports/ending-anonymity-why-the-wefs-partnership-against-cybercrime-threatens-the-future-of-privacy/

Source: unlimitedhangout.com