Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Big Banks Planning Large-scale Simulated Cyberattack
MADISON, Wis. (6/24/13)--Quantum Dawn 2 is not a sequel to a summer blockbuster movie. It's a simulated cyberattack drill being conducted Friday by about 50 of the nation's largest banks to see how they well they can withstand an attack on the nation's financial system.

Planners of the attack--organized by the Securities Industry and Financial Markets Association (SIFMA)--say it will mimic a coordinated, large-scale assault on the financial industry's online sites and information systems ( June 17 and American Banker June 18). It will run most of the business day Friday, starting with seemingly random bursts of confusing information, followed by a pause for some executive decision making and then it will accelerate.

It will test participants' ability to coordinate internally and with one another, including decision-making with limited information in real time--and the resiliency of their processes.

Both publications said the simulation will involve major banks such as JPMorgan Chase, Wells Fargo, Bank of New York Mellon and U.S. Bancorp, but the exercise is open to any size company, even if they are not members of SIFMA.  Participating companies are paying $1,000, $5,000 or $10,000, depending on their revenue, to cover the cost of the simulation.

Also participating will be the Department of Homeland Security, Treasury, the Federal Reserve, and the Securities and Exchange Commission.

Quantum Dawn 1 in 2011 featured a scenario in which a group of "armed men ran around Manhattan trying to gain access to exchanges and attempting to blow up things." Participants in that exercise were in a single conference room comparing notes and making decisions. This time they will be working from theirr offices, said

From September through May the nation's biggest banks--as well as several credit unions--were hit by cyberattacks in the forms of distributed denial of service that stalled their online sites so legitimate members and customers could not access their online banking accounts.

RSS print
News Now LiveWire
HFSC Chairman @RepHensarling announces subcommittee chairs for #114th Congress:
4 hours ago
Don't Mullet Over: Check out @ECCU1's meme-rable campaign that brought in $8M in loans #NewsNow
7 hours ago
#FOMC minutes show committee members debated erasing 'considerable time' from forward guidance #NewsNow #Market
8 hours ago
NCUA votes 2 to 1 to approve 2015 budget: McWatters is dissenting vote.
10 hours ago
.@TheNCUA bd mmber McWatters at #NCUAbdmeeting invited specific, detailed comments on budget/budgetary process to be sent directly to him.
10 hours ago