HANK HUANG, HONDA CHEN, AND JOHN WHITLEY,
As China conducts military exercises around Taiwan, it is important not to forget about less visible methods of attack.
In addition to military threats, Taiwan must prepare for the risk of electronic and financial attacks. Indeed, the weaponization of cyber and finance has already occurred.
Russia used cyberattacks to gain an advantage during its invasion of Georgia in 2008. The Russians expanded the scale of attacks before invading Ukraine. For example, they first launched cyberattacks against Ukraine’s Ministry of Defense and its banks, and then sent false text messages to Ukrainians claiming that ATMs were out of cash. The intention was to create bank runs and social unrest, and to undermine public confidence in financial institutions and the government.
Before the formal invasion, the scope of the attack was expanded to all of Europe. In the opening days of the invasion, key infrastructure such as networks, government data centers, and power grids became the main targets of missile strikes. Russia also used Wiper malware to destroy Ukraine’s official websites and infrastructure.
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