TribLIVE

| Business


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

With simulated attack, Wall Street to prep for virtual threats

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Consumer, core prices inch up
  2. Highmark seeks double-digit increase for more benefits, heavy use
  3. Air-bag deaths draw scrutiny of Congress as recalls widen
  4. SEC approves looser mortgage lending guidelines
  5. FedEx investing another $1.2B in growth projects at FedEx Ground in Moon
  6. Calgon Carbon poised for explosive growth
  7. Natrona Bottling Co. keeps soda pop operation focused on craft, taste
  8. Large-scale batteries are integral in shift to renewable energy
  9. Augmented reality frees gaming from TV
  10. Amid struggles, top fiscal executive to leave EDMC
  11. Rural communities can’t shake effects of subprime crisis
Subscribe today! Click here for our subscription offers.