A New 'Dawn' in Exchanges' War on Hackers

[InfoSec News <alerts () infosecnews org>]

http://online.wsj.com/article/SB10001424127887323455104579014951153139992.html

By Jacob Bunge
The Wall Street Journal
August 15, 2013

When prices on some U.S. stocks suddenly zoomed one day last month and 
others unexpectedly plunged, stock-market officials set out to detect a 
possible computer glitch or a trading algorithm run amok.

But after hastily comparing notes, exchange employees—who were 
participating in a test of market defenses along with bank technicians, 
regulators and law-enforcement officials—realized the price swings were 
the work of hackers wielding rogue computer code generating a torrent of 
erroneous buy and sell orders.

The July 18 drill, called "Quantum Dawn 2," didn't affect actual market 
prices. Even so, it sent exchange officials into a flurry of action and 
emergency planning.

The exercise underscored one of the greatest fears of exchange executives 
and some policy makers: That a well-funded terrorist organization or a 
rogue nation could pierce the financial system's defenses and mount an 
attack that unleashes waves of trading losses, compromises sensitive 
financial data or even forces the U.S. stock market to shut down.

[...]

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