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."