This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wall Street Prepares for Quantum Dawn 2

By Hal M. Bundrick

NEW YORK ( MainStreet)--In what sounds like the latest Xbox near-future end-of-world title, Quantam Dawn 2 attacks Wall Street today. The cyber security exercise is designed to test response, resolution and coordination processes for the financial services industry and individual firms to a street-wide cyber attack, according to the Securities Industry and Financial Markets Association (SIFMA), which is sponsoring the drill.

"The financial industry takes the issue of cyber security very seriously and is proactively working to mitigate this threat," the association says in a release. "SIFMA is holding the Quantum Dawn 2 exercise to enable both individual firms and the sector as a whole to test their response plans in order to maintain effective and orderly markets and protect clients."

Participants are said to include financial firms of all sizes, as well as exchanges, the U.S. Treasury and the Department of Homeland Security. SIFMA says the number of expected participants is more than double that of the Quantum Dawn 1 exercise held in 2011. That event tested risk practices across equities clearing and trading processes in response to an infrastructure disruption, allowing firms to review the effectiveness of their coordinated incident response plans.

SIFMA organized today's sequel to address the "increasing threat posed to the sector by a coordinated, large scale cyber attack."

Apparently this series has legs. The association is planning yet another crisis simulation for November. That episode will simulate a pandemic influenza event, addressing the possibility of a large number of Wall Street employees being unable to work due to a widespread flu outbreak.

"We're trying to be proactive. It's something we haven't tested as a sector for a good amount of time," says Karl Schimmeck, SIFMA's vice president of financial-services operations. "For a lot of the banks, their footprints have changed dramatically over the past few years and so have their headcounts."

--Written by Hal M. Bundrick

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%
YHOO $42.51 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs