Back to General Resources

Quantum Dawn Cybersecurity Exercises

For over a decade, SIFMA’s Quantum Dawn exercises have brought together industry leaders, government agencies, and key stakeholders to simulate large-scale cyber incidents and test the operational resilience of the U.S. financial system.

Now in its eighth iteration, Quantum Dawn has become the premier crisis simulation series for financial institutions, helping firms bolster incident response protocols, improve coordination across the sector, and identify gaps before real-world threats emerge.

Why It Matters

Cyber threats to the financial sector are increasingly complex, global, and fast-moving. The ability to respond swiftly and collaboratively is critical to maintaining market confidence and protecting investor assets.

Each Quantum Dawn exercise pushes the envelope on preparedness, offering participants a unique opportunity to:

  • Simulate realistic, evolving cyberattack scenarios
  • Test decision-making under pressure
  • Strengthen communication and coordination between public and private entities
  • Enhance sector-wide response and recovery strategies

A Decade of Progress

Quantum Dawn traces its origins to the period following the 9/11 terrorist attacks, when the U.S. Department of Homeland Security (DHS) launched an initiative to help the financial sector prepare for systemic events that could impact the operation or integrity of global financial markets. The inaugural Quantum Dawn exercise was conducted under DHS leadership. Recognizing the importance of industry ownership and coordination, DHS later asked SIFMA to continue the program—building on its success and expanding participation across the financial ecosystem.

Since the inaugural Quantum Dawn exercise in 2011, SIFMA has led several large-scale simulations, each more sophisticated and comprehensive than the last. From ransomware to data integrity attacks to emerging threats like AI-enabled disruption, each scenario is designed to reflect current and future risks facing capital markets.

Past participants include:

  • Leading banks and asset managers
  • Market utilities and infrastructure providers
  • U.S. Treasury, Department of Homeland Security, FBI, and other key regulators

For information about past exercises, including detailed After-Action reports, visit:

The Power of Partnership

Quantum Dawn underscores a fundamental truth: no firm or agency can face cyber threats alone. These exercises are a cornerstone of SIFMA’s commitment to cross-sector collaboration, bringing the right people together—before a crisis occurs.

“Quantum Dawn gives us the opportunity to learn together, test our assumptions, and emerge more resilient.”
— Kenneth E. Bentsen, Jr., President & CEO, SIFMA

Looking Ahead

Planning is underway for future Quantum Dawn exercises, with continued focus on operational resilience, third-party risk, and evolving global cyber threats. Manage your SIFMA profile to stay informed and get involved as we prepare the financial system for whatever comes next.

Learn More