By: LINETTE LOPEZ
United State Cyber Command U.S. Air Force/Technical Sgt. Cecilio Ricardo
Awesome story from Lauren LaCapra at Reuters.
At the end of this month, the Treasury, the Federal Reserve, The SEC, The Department of Homeland Security and major Wall Street Banks will simulate a cyber attack in a drill called Quantum Dawn 2.
Wall Street did something like this for the first time back in 2011, and to participate, around 40 firms paid from $1,000-$10,000 to participate, (depending on their size).
The first Quantum Dawn simulated armed gunmen running around lower Manhattan “trying to get access to exchanges and just try to blow things up,” said said Karl Schimmeck, vice president of financial services operations at SIFMA, the trade group that organizes the simulation.
However, this one will be different.
During the exercise, which runs from 9 a.m. to 2:30 p.m. in New York, participants will receive blasts of vague and confusing information about what appears to be a hacker attack on fake trading and information platforms that are not plugged into actual markets. The participants may see “latency,” or unusual slowness, in trading, or viruses trying to invade the systems. They will also have to call one another to figure out what’s going on.
Then the Quantum Dawn drill will pause to allow executives to make decisions: should they slow down trading? Use different routing mechanisms to exchanges to get orders filled but avoid threats? When the process begins again, it will fast forward in “warp speed” to a new situation later in the day where conditions have worsened or changed.
“Our SIFMA command center at some point will run an escalation process,” said Schimmeck, an ex-Marine. “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.”
And in case you’re wondering —no, Schimmeck does not know how the simulation got the name Quantum Dawn.