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Published on November 24th, 2021 📆 | 5617 Views ⚑

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SIFMA Conducts Financial Sector Cybersecurity Exercise – Technology

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SIFMA Conducts Financial Sector Cybersecurity Exercise

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SIFMA conducted an industry-wide cybersecurity
exercise in which participants responded to and recovered from
simulated ransomware attacks targeting the financial sector.

SIFMA designed the “Quantum Dawn VI” exercise to (i)
test the industry’s ability to respond to and recover from a
ransomware attack, (ii) impress upon members the importance of
information sharing when managing global ransomware attacks, (iii)
provide a forum for firms to exercise and share their best
practices, and (iv) build upon prior exercises. This was the sixth
iteration of the Quantum Dawn Cybersecurity exercise. Over 900
participants from 240 public and private sector institutions took
part.

SIFMA concluded: “A clear takeaway from the
exercise is the importance of a robust partnership between the
industry and government grounded in information sharing. No single
actor – not the federal government, nor any individual firm – has
the resources to protect markets from cyber threats on their
own.” As a follow-up, SIFMA stated that it will “analyze
participant feedback and produce a public after-action report with
key observations and recommendations for enhancing the financial
services sector’s ability to respond to a ransomware
attack.”

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