What happens when Wall Street decides to simulate a massive hacker attack on America's economy? We'll find out on July 18. SIFMA, an industry trade organization, is holding a massive cybersecurity preparation drill on July 18 called Quantum Dawn 2. According to Reuters' Lauren Tara LaCapra, participants will include Citigroup, Bank of America, the Department of Homeland Security, the Treasury Department, the Federal Reserve, the Securities and Exchange Commission, stock exchanges, and other financial entities. The idea behind the exercise is to see just how prepared participating firms and government agencies are for unforeseen and novel forms of digital attack besides the traditional DDoS takedown.
"We expect this exercise to improve the readiness of sector as a whole to respond to a street-wide cyber attack and allow each participating firm to test their internal coordination mechanisms and processes to maintain business resiliency," SIFMA said in a statement. The five and a half hour drill will test the participants' readiness in an imaginary scenario where hackers cripple the trading and money transfer platforms that make Wall Street tick. America's financial houses are a favorite target of both criminal and state-sponsored hackers.