The U.S. securities industry carried out a successful cyber attack test Friday, the Securities Industry Financial Markets Association (SIFMA) said.
Known as Quantum Dawn 2, the cybersecurity exercise was carried out to enable individual firms, and the sector as a whole, to test their response plans, ability to maintain orderly markets, and protect clients, in the event of a systemic attack, the industry group notes.
SIFMA says that the exercise was completed successfully with the sector proving able to effectively communicate, address the crisis, and restore the markets to fair and orderly operation.
“Cybersecurity is a top priority for the financial industry. The Quantum Dawn 2 exercise was a success, with robust participation from over 500 individuals at approximately 50 entities from the financial services sector and the government,” said Karl Schimmeck, vice president, financial services operations at SIFMA.
“This exercise gave participants the opportunity to run through their crisis response procedures, practice information sharing and refine their protocols relating to a systemic cyber attack,” he said, adding that it will analyze the results of the exercise to identify areas for improvement and best practices to help the sector better prepare for cyber threats.
SIFMA CEO, Judd Gregg, noted that in addition to industry efforts, Congress must pass legislation that promotes information sharing, updates the criminal penalties associated with cyber-attacks, and provides protections for companies that share information and respond to malicious activity.