By Whitney Webb, the last American vagabond 11 July 2021
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.
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