14 DAY TRIAL // The Securities Industry and Financial Markets Association (SIFMA) will perform a cyber-security drill whose purpose is to test the ability of major UK banks, exchanges and coordinating councils to deal with a major cyberattack.
Over 50 organizations have announced their participation, including Bank of New York Mellon, US Bank, Well Fargo and JP Morgan Chase, American Banker informs.
Dubbed “Quantum Dawn 2,” the cyber drill is meant to build on the lessons learned by financial institutions back in November 2011, when they took part in Quantum Dawn, an exercise hosted by the Financial Services Sector Coordinating Council (FSSCC).
According to SIFMA’s Karl Schimmeck, Quantum Dawn 2 will test how organizations respond to such incidents, and how they share information. Situational awareness will also be put to the test.
The drill will take place on June 28 and it will last for five and a half hours. Any company can take part, but it will have to pay a fee depending on its revenue.
Unlike the 2011 exercise, in Quantum Dawn 2, participants will not sit around a conference table. Instead, they will have to communicate with other participants from their own offices via phone, email and other channels.