NEW YORK — Later this month, Wall Street firms will prepare to battle a growing menace: cyber attacks.
The financial industry has weathered its share of such attacks in recent months as U.S. officials have become increasingly alarmed over computer-launched onslaughts by other states, terrorists and hackers. Top military and intelligence officials have said the cyber threat now outranks Al Qaeda.
“We’ve been under attack as a sector for the last nine months,” said Karl Schimmeck, vice president of financial services operations at the Securities Industry and Financial Markets Assn., a major industry group. “We know this is real. We know things are possible.”
So on July 18, SIFMA will coordinate a simulated cyber attack with about 50 firms in an exercise called Quantum Dawn 2. Exchanges, the U.S. Treasury and the Department of Homeland Security will also participate in the exercise, a sequel to a 2011 simulation.