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As cyber attacks detonate, banks gird for battle

July 16, 2013 • National News


A surveillance sign is posted outside a Bank of America branch on Peachtree Street, Tuesday, July 16, 2013, in Atlanta. Banks large and small are girding for an elaborate drill this week that will test how they’d fare if hackers unleashed a powerful and coordinated attack against them. The exercise is being called “Quantum Dawn 2,” and if the name sounds like a video game, it’s also meant to convey the seriousness of a big threat. (AP Photo/David Goldman)

It’s a war game, Wall Street style.

Banks large and small are girding for an elaborate drill this week that will test how they would fare if hackers unleashed a powerful and coordinated attack against them.

The exercise is being called “Quantum Dawn 2,” and if the name sounds like a video game, it’s also meant to convey the seriousness of the threat.

Cyberattacks on the banking industry are growing more frequent and sophisticated and the list of assailants is ever-changing: crime bosses who want money, “hacktivists” who want to make political statements, foreign governments that want to spy on U.S. companies. A successful, widespread attack on the industry would shake confidence in the banking system, and the possibility has banks and regulators on edge.

Jamie Dimon, CEO of the country’s biggest bank, JPMorgan Chase, acknowledged that attacks are becoming more complex and dangerous, no longer carried out by “fairly simplistic” hackers Login to read more

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