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Main Government and Public Sector Government Terror Warning for US Financial Institutions
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Terror Warning for US Financial Institutions

DateAug, 2004
Pages6
Price / format$1750 / Online Download
$1750 / Hard Copy Mail Delivery

$1 750 

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Abstract:
 On Sunday, August 1, 2004, the Department of Homeland Security and the White House warned of a threat of terrorism against specific buildings of specific financial institutions: the Citigroup building in Midtown Manhattan, the New York Stock Exchange, the Prudential Building in Newark, New Jersey, and the International Monetary Fund and World Bank in Washington, DC. Over the next two days, this warning was expanded to several other financial institutions, mainly in the New York area. Not since the World Trade Center attack in September 2001 has there been so much attention on the potential vulnerabilities of US financial institutions and the US financial system as a whole. Operational resilience plans are being invoked and every precaution being taken to ensure the physical security of the threatened locations.

What is the immediate response of the companies affected by such government warnings? Operational resilience teams respond by reviewing contingency plans and addressing potential vulnerabilities. This includes conducting testing of critical systems as appropriate and communicating with vendors of backup systems (e.g., SunGard, IBM) to ensure the availability of workspace and processing space. But remember: There was already very high awareness of the need for operational resilience in financial institutions and the financial industry prior to the latest warnings. Firms in the New York area were already preparing to boost security and resilience awareness in advance of possible terror attacks during the Republican National Convention at the end of August. Moreover, the FBI had placed high-profile financial institutions on high alert shortly after the World Trade Center disaster. Firms have heeded these warnings and learned from disaster.



Table of contents:
TowerGroup Take-Aways


Report Coverage


TowerGroup ViewPoint
Hard Lessons of the 9/11 Attacks
Geographic Concentration of the Securities Industry Remains High
IT Spending on Operational Resilience Will Increase
Exhibit 1: Global Estimated IT Spending on Operational Resilience in the Financial Services Industry (2000-07)
Exhibit 2: Breakdown of Operational Resilience Spending in Global Financial Services (2004)
Cyberterrorism Remains a Critical Vulnerability


Summary




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