Traders work at the New York Stock Exchange on October 2, 2019.
Johannes Eisele | AFP | Getty Images
This week, the Securities Industry and Financial Markets Association, or 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…