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Wall Street Banks War-Game Cyber Defense at Treasury’s Direction

June 24, 2022, 8:43 PM

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.

“You’re only as good as your weakest link,” said Ron O’Hanley, chief executive officer of State Street Corp., one of the largest US money managers ...