The Securities Industry and Financial Markets Association has held its fifth exercise, in a series, simulating a catastrophic cybersecurity event in the banking sector, known as “Quantum Dawn.” The annual exercise provides valuable insight into what the financial services industry views as the most contemporary doomsday scenario and how major players are preparing for it. This year, in its first-ever global event, the industry focused on a fictional, widespread ransomware attack that takes out large financial institutions in Asia, the U.S. and U.K.
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