U.S. military and intelligence agencies considered a cyber attack against Iraq prior to the 2003 invasion to freeze Saddam Hussein's bank accounts, and disable the country's financial and communication systems, but pulled back. 

CQ Politics reports that the plan was developed and could have been successfully carried out, but the Bush administration never gave the go-ahead for fear it would could create worldwide financial havoc and unleash unintended consequences.

The newspaper said the experience comes as the Obama administration has placed cybersecurity on the front-burner, and is not only seeking ways to protect the nation's computer networks, but looking to develop rules and tactics for carrying out war in cyberspace.

The debate is fascinating, and has broad implications, including potential collateral damage by virtual weapons and cyber war to innocent civilian third parties.

For more on virtual warfare:
- see this CQ Politics article