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SIFMA Sets New Date for Quantum Dawn 2

Heavy interest from financial industry participants forced the delay of simulated cyber security exercise.

The new date for Quantum Dawn 2, the Security Industry and Financial Markets Association's (SIFMA's) simulated cyber security exercise, has been set for July 18, according to a SIFMA spokesperson. The original date of June 28 was delayed due to increased interest from financial firms wishing to join the simulation.

At press time, approximately 50 financial organizations are planning to participate in the exercise. Nasdaq OMX, BATS Exchage, and Direct Edge are a few of the participating organizations, Wall Street & Technology has learned. S&P CUSIP told Wall Street & Technology it was too early to discuss the exercise. Bank of America and other firms declined to comment.

The simulation will include a simulated experience that begins with the participants receiving information about what appears to be a hacker attack on fake trading and information platforms, none of which connected to the actual markets.

Features of the simulated attack will include either slowness in trading or invasion of viruses into the systems.

The attack will pause so companies have time to communicate to each other to find out what is going on while making decisions on whether they should slow trading down or try to avoid the threat.

The program for the mock attack, Distributed Environment for Critical Infrastructure Decision-making Exercises -- Finance Sector (DECIDE-FS), has also been upgraded to simulate modern attacks, according to SIFMA. The DECIDE-FS project is part of the Department of Homeland Security's DECIDE program. Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

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Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
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