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Quantum Dawn 2

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Over the Summer some Wall Street banks ran a crisis scenario in which “bank executives in charge of operations, technology and crisis planning were tasked with detecting how a massive cyber attack was unfolding in the markets – but each one only got to see a tiny red flag waving in a sea of information,” Reuters reports. For years we’ve been recommending Fidelity Investments as a custodian for investor money. For my money no financial institution does technology better than Fidelity Investments. And that would include preparations against cyber attacks. If you don’t already have an account with Fidelity then Quantum Dawn 2 should be all the help you need to beat inertia. In this case, size and scope, which Fidelity has, matters.

Banks are one of the biggest targets for cyber attacks, which have occurred more frequently over the past two years, security experts said.

The most visible attacks affect customers’ access to websites through a distributed denial of service – or “DDOS” – attack. But banks are also worried about more insidious attacks, in which hackers quietly infiltrate systems to swipe valuable data, or lie in wait to plow across the entire industry with a systemic attack – the doomsday scenario Quantum Dawn 2 participants want to avoid.

One key lesson from the drill was that the private sector and government authorities must share information more freely and quickly, said Ed Powers, the national managing principal of Deloitte & Touche LLP’s security and privacy practice, which was an independent observer of Quantum Dawn 2. While firms have detailed information about individual attacks, authorities can help prevent a crisis by sharing information about broader threats when appropriate, he said.

“Cyber attacks that manifest in different organizations can become a systemic issue,” said Powers.

Read more here.

E.J. Smith works with new investors that have $2 million or more to invest. He can be reached at:ejsmith@youngresearch.com.

 

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E.J. Smith

Editor-in-Chief
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com.

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