Wall Street Plans Simulated Cyber Attack

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Reuters reports that the Securities Industry and Financial Markets Association (SIFMA) is organizing a simulated cyber attack, Quantum Dawn 2, from 9am to 2:30pm on June 28, 2013 (h/t Help Net Security).

The exercise, to be run by Cyber Strategies, will involve approximately 40 Wall Street firms as well as the Department of Homeland Security, the Treasury Department, the Federal Reserve, and the Securities and Exchange Commission.

Each firm will pay a fee to participate, ranging from $1,000 to $10,000, depending on the size of their revenue, and will provide three executives -- one from business continuity, one from information security, and one from operations.

"We go through a pretty rigorous scenario where we look at multiple threats being thrown out at the U.S. equity markets," SIFMA vice president of financial services operations Karl Schimmeck told Reuters.

The exercise will provide participants with "blast of vague and confusing information" about a hacker attack on trading and information platforms, forcing participants to call and e-mail each other to determine what's happening.

"Our SIFMA command center at some point will run an escalation process," Schimmeck said. "Our members will say, 'We think we see a threat out there, this is something multiple firms are dealing with.' We will facilitate a conference call where we share what we know, have our regulators participate and see if we can understand a threat, deal with a threat and then do a shared analysis so that no one is working on their own."