Wall Street to Face Cyber-Attack in Exercise

Wall Street to Face Cyber-Attack in Exercise

Can Wall Street survive an all-out cyber-attack? According to Reuters, that question will be answered on June 28. That is when SIFMA (Securities Industry and Financial Markets Association) plans to commence Quantum Dawn 2, an exercise that will simulate the confusion and turmoil that a successful hacker attack can cause.

The exercise will take place from 9 a.m. to 2:30 p.m. and participants will face viruses that will try to invade trading systems and induce latency in trades, all of which will necessitate active communication and teamwork to overcome.

“The drill involves not just big Wall Street firms like Citigroup and Bank of America, but the Department of Homeland Security, the Treasury Department, the Federal Reserve, [and] the Securities and Exchange Commission, according to SIFMA officials,” reports Reuters.

In Quantum Dawn 1, which took place in 2011, SIFMA members were given the opportunity to gather in one location to communicate and compare notes. In the upcoming Quantum Dawn 2, members will be located in their own offices so the simulation can more realistically portray how communications will work in the event of a real attack; through phone calls and email.

 

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About The Author


Felix Shipkevich

Felix Shipkevich

Mr. Shipkevich’s practice focuses on regulatory, transactional, and enforcement matters in the fields of futures, commodities, and derivatives. He works with Futures Commission Merchants (FCMs), Retail Forex Exchange Dealers (RFEDs), Introducing Brokers (IBs), Commodity Pool Operators (CPOs), Commodity Trading Advisors (CTAs), Swap Dealers (SDs), Swap Execution Facilities (SEFs), and domestic and offshore hedge funds. Mr. Shipkevich guides clients on procedures related to registration with the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), as well as domestic and international regulators in local jurisdictions. Mr. Shipkevich prepares and helps implement compliance, anti-money laundering (AML), and Electronic Trading Systems (ETS) procedures for clients in the commodities and derivatives fields.

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