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Information sharing key to cybersecurity - Sifma

September 17, 2015 - SIFMA today released the following statement from Kenneth E. Bentsen, Jr., president and CEO, upon completion of SIFMA's Quantum Dawn 3 cybersecurity exercise.

Over 650 participants from over 80 financial institutions and government agencies participated in today's simulation of a large-scale cyber attack. A fact sheet on Quantum Dawn 3 is available here.

"A large scale cyber attack that broadly impacts the financial services sector and the US economy is a low probability, high impact event that the industry prepares for along with other possible crisis events. Quantum Dawn 3 enabled financial institutions and key coordination entities like the Financial Services Information Sharing and Analysis Center (FS-ISAC) and other key government partners to communicate with each other and practice response processes to maintain equity market operations in the event of a systemic attack. Coordination was the key focus: specifically, how information flows and is used to make and implement strategic decisions in a crisis situation.

"Quantum Dawn 3 was carried out successfully with robust participation from over 80 entities across the financial sector and the government. The clear takeaway from this exercise is the critical importance of information sharing to mitigating cyber threats. This exercise highlights yet another reason why Congress should take action on information sharing legislation pending in the Senate that would make it easier for the industry and government to protect sensitive information and the broader marketplace.

"The industry continues to dedicate tremendous resources to protect the integrity of the markets and the millions of people who use financial services every day, and this job is never done. Cyber attacks are increasing in frequency and sophistication, making cybersecurity an area of risk that must be actively managed by firms similar to all other areas of risk. Over the next few weeks, we will work with Deloitte Cyber Risk Services to analyze participant feedback and produce a public after-action report with key observations and recommendations for enhancing the sector's ability to respond. Quantum Dawn 3 is just one component of how SIFMA and its members are working to enhance cybersecurity. "