Quantum Dawm 2, a cybersecurity drill/exercise was originally scheduled for June 28, 2013 has been rescheduled for July 18, 2013.
No, it’s not a video game or a bad zombie movie; it’s a simulated cyber attack to prepare banks, brokerages and exchanges for what has become an ever-bigger risk to their earnings and operations.
Organized by the trade group SIFMA, Quantum Dawn 2 will take place on June 28 — a summer Friday that, with any luck, will be a relatively quiet day in the real markets.The drill involves not just big Wall Street firms like Citigroup and Bank of America, but the Department of Homeland Security, the Treasury Department, the Federal Reserve, the Securities and Exchange Commission, according to SIFMA officials. Reuters
The financial industry takes the issue of cyber security very seriously and is proactively working to mitigate this threat. SIFMA is holding the Quantum Dawn 2 exercise to enable both individual firms and the sector as a whole to test their response plans in order to maintain effective and orderly markets and protect clients.
Broad participation is essential to maximizing the potential of the Quantum Dawn 2 program to inform best practices moving forward. Confirmed participants include financial firms of all sizes, as well as exchanges, the U.S. Treasury and the Department of Homeland Security. The number of participants to date is already more than double that of the Quantum Dawn 1 exercise that was held in 2011. SIFMA.org
— SIFMA (@SIFMA) July 1, 2013
Additionally, SIFMA.org lists Karl Schimmeck as a contact for articipation inquiries. Karl Schimmeck is vice president for financial services operations at the Securities Industry and Financial Markets Association. Prior to joining SIFMA, Mr. Schimmeck held finance and operations risk positions at Goldman Sachs specifically in the areas of Derivative Operations and Shared Services.
— Jana (@janamurray) July 1, 2013
It’s Going To Cost Millions For Brokers To Upgrade Their Compliance Systems For Dodd-Frank
As part of Dodd Frank, the SEC has the power to require anyone giving investment advice to meet the fiduciary standard that investment advisors are held up to. The Securities Industry and Financial Markets Association (SIFMA) told the SEC that raising investment advice standards for brokers would be extremely expensive for individual firms.