| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

With simulated attack, Wall Street to prep for virtual threats

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Los Angeles Times
Wednesday, July 3, 2013, 12:01 a.m.

Wall Street firms are preparing to battle a growing menace: cyberattacks.

The Securities Industry and Financial Markets Association, a major financial industry group, will coordinate a July 18 simulated cyberattack with about 50 firms in an exercise called Quantum Dawn 2. Exchanges, the Treasury and the Department of Homeland Security will participate in the exercise, a sequel to a 2011 simulation.

“We've been under attack as a sector for the last nine months,” said Karl Schimmeck, the trade group's vice president of financial services operations. “... We know things are possible.”

The financial industry has weathered its share of such attacks in recent months as officials have become increasingly alarmed over computer-launched onslaughts by other nations, terrorists and hackers. Top military and intelligence officials have said the cyber threat now outranks al-Qaida.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Stocks finish weak before Thanksgiving holiday; energy firms give back some gains
  2. Union leaders warn Post-Gazette newsroom of possible layoffs
  3. Covestro leader MacCleary finds stability amid change
  4. Black Friday loosens its hold on the holiday season
  5. Pa. PUC looks to update safety rules for electric utilities
  6. German financial giant Allianz SE slashes coal investments
  7. Mall stores required to open for Thanksgiving
  8. Stocks shake off Middle East tensions, drop in consumer confidence
  9. Feds upgrade GDP’s growth
  10. Improving economy challenges retailers seeking to boost ranks for holidays
  11. ‘Word people’ could start careers as court reporters, medical scribes