The financial industry just finished its annual 'doomsday' cybersecurity exercise -- here's what they imagined would happen

[InfoSec News <alerts () infosecnews org>]

https://www.cnbc.com/2019/11/07/quantum-dawn-v-sifma-cyber-doomsday-exercise-adds-global-scope.html

By Kate Fazzini
CNBC.com
November 7, 2019

This week, the Securities Industry and Financial Markets Association (SIFMA) 
held the fifth in a series of exercises meant to simulate a catastrophic 
cybersecurity event in the banking sector, known as “Quantum Dawn.”

The exercise offers an important yearly insight into what the financial 
services industry sees as its biggest risks and how it envisions a major cyber 
disaster unfolding.

This year was the first Quantum Dawn exercise that incorporated participants 
from outside the U.S., including Europe and Asia. The scenario was a targeted 
ransomware attack with impacts on major banks across the globe, starting with 
the U.S. and moving across Asia and the UK.

Ransomware has caused significant issues to major corporations, notably with 
two major attacks in 2017 known as WannaCry and NotPetya The fictional scenario 
outlined by SIFMA highlights what would happen if such an incident targeted the 
biggest financial institutions, taking critical parts of the global financial 
system offline.

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