Cyber Attack Test Finds Flaws in Equity Market

[InfoSec News <alerts () infosecnews org>]

http://online.wsj.com/news/articles/SB10001424052702303672404579147713406361036

By RYAN TRACY CONNECT
The Wall Street Journal
Oct. 21, 2013

WASHINGTON -- Hackers were able to force a shutdown of U.S. equity markets 
in a simulated cyber attack on the U.S. financial sector, suggesting 
industry and government could do more to harden the financial system 
against external threats.

The Securities Industry and Financial Markets Association, which 
represents the largest global financial players as well as smaller firms, 
is expected to release on Monday the results of its "Quantum Dawn 2" 
exercise, in which about 50 government and private-sector entities 
responded to a simulated financial system attack.

The July drill included cyber threats individual firms have experienced 
but that haven't been tried in a coordinated way on a grand scale, said 
Karl Schimmeck, Sifma's vice president for financial services operations.

First, participants posing as hackers executed an automatic selloff of 
targeted stocks with stolen passwords in a computer simulation. Then they 
engaged in a series of tactics designed to confuse market participants, 
including causing problems with telecommunications equipment and issuing 
fraudulent press releases written to substantiate the price drops. They 
shut down access to government websites, caused problems with the software 
many firms use to manage stock orders and spread a virus, degrading 
exchanges' ability to process trades.

[...]



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