Wall Street prepares for Cyber attacks in new simulation

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Wall Street Prepares for Cyber Attacks in New SimulationBy Jennifer Calonia • Posted in Banking , Financial News • July 1, 2013

Home > Banking > Wall Street Prepares for Cyber Attacks in New Simulation

 

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In response to ongoing threats of cyber attacks, Wall Street firms will undergo drills to test their resistance against potential stock market crashes. The simulations will hit financial markets on July 18 without advanced notice in an effort to assess the security measures of various firms.

Quantum Dawn 2 to Test Financial Markets

 

While average gamers dodge national threats via video games like “Call of Duty: Modern Warfare 2,” financial markets will have to protect themselves from cyber threats through a test conducted by the Securities Industry and Financial Markets Association (SIFMA) called “Quantum Dawn 2.”

The initiative was put into motion after U.S. financial markets were plagued with recent cyber attacks.

In a Los Angeles Times report, Karl Schimmeck, vice president of financial services operations at SIFMA says, “We’ve been under attack as a sector for the last nine months. We know this is real. We know things are possible.”

Cyber Attacks Evaluates Market’s Ability to Preserve Trust

In the first Quantum Dawn test of 2011 participants included the New York Stock Exchange, Federal Reserve and NASDAQ. This time around, 50 firms on Wall Street are expected to participate in the exercise, and work with New York state cyber-security officials as well as the U.S. government during the series of simulated attacks. According to Doug Johnson, the American Bankers Association’s vice president of risk management policy, the primary goal is to maintain the trust of traders and prevent them from cashing in their stocks.

Currently, coordinators of the test are looking to expand Quantum Dawn 2 beyond the state of New York. If the simulation is a success, it may expand to other major cities.

Read more: Wall Street Firms to Practice Cyber Attack Drills in July
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http://biztechreport.co.uk/2013/07/wall-streets-mock-cyber-attack-a-success/

 

 

 

Wall Street’s mock cyber attack ‘a success’

19 July 2013 • By Matt Smith

A mock cyber attack to test Wall Street firms’ reactions to threats has been declared a success by the Securities Industry and Financial Markets Association.

Photo Credit: Emmanuel Huybrechts (Flickr)

500 people from 50 financial services companies and government organisations took part in the operation, which was named Quantum Dawn 2.

This is the second such drill to have taken place on Wall Street, with 30 companies putting their defences to the test in Quantum Dawn in November 2011.

SIFMA vice president of financial services Karl Schimmeck said that such operations are ‘part of the game of staying ahead of your adversary‘ ahead of the test.

He said: “This exercise gave participants the opportunity to run through their crisis response procedures, practice information sharing and refine their protocols relating to a systemic cyber attack.”

Now he says that companies will use the data collected from the drill to strengthen their defences against real cyber attacks.

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