Cybersecurity
Wall Street Banks Quietly Test Cyber Defenses at Treasury’s Direction
- Banks, markets are seen being only as safe as weakest links
- Wall Street embraces cooperative ethos in cyber fight
Chase bank branch in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
With global tensions rising over Ukraine, the cutthroat competitiveness of the US financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks -- or a third-party service provider -- could imperil everyone in a highly connected system.
Some of the nation’s largest banks are now working with the Treasury Department, engaging in role play and sharing information they would have guarded closely in the past.