Wall Street Organizes Simulated Cyber Attack

According to our sources an artificial cyber attack on about 40 Wall street companies will be carried out from 9am to 2:30pm on June 28, 2013. This exercise is organized by Securities Industry and Financial Markets Association (better known as SIFMA), while the executors will be Cyber Strategies. The participants list includes not only the previously mentioned firms from Wall Street but also The Securities and Exchange Commission, The Department of Homeland Security, The Federal Reserve and finally the Treasury Department.

The participation price will vary from $1000 to $10,000, which will be calculated referring to the budget of the firm. Moreover, each company has to have at least three executives, which are responsible for business continuity, operations and information security.

Speaking to the media Karl Schimmeck, SIFMA vice president of financial services operations, described the upcoming training as very hard because the companies will be facing multiple threats at the same time.

During this exercise, the organizations will face great amount of misleading information simulating an attack on trading and information platforms. Due to this, participants will have to communicate with each other via email or telephone lines in order to discover what is happening.

The purpose of this exercise is to determine whether different companies can cooperate, find the threat and successfully deal with it. This will be achieved by making a virtual conference, using which the whole operation will be coordinated. According to Schimmeck the most important aspect of this training is to make sure that no companies are left working on their own.

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