September '11 exercise in Singapore
Exercise Raffles III
, Singapore's 2011 financial sector "industry-wide exercise" (IWE), will be an afternoon tabletop on Thursday, 15 September
, followed by a "practical" hands-on activity on Friday, 16 September (tentative), and a wrap-up and group hug on Friday, 21 October. The Association of Banks in Singapore
(ABS) has contracted PricewaterhouseCoopers
(PwC) to manage the exercise. The next ABS briefings on the IWE are Monday, 25 July and Tuesday, August 23.
Click on his name if you're wondering, 'Who was Tommy Raffles and why does Singapore name hotels, shopping centers, boulevards, public plazas and disaster exercises after him?'
The scenario will be "multiple events unfolding concurrently, including physical attacks with the possibility of a cyber-element." Earthquake would be a good scenario, wouldn't it? It's certainly topical in Asia at the moment, and Singapore has an outsized 'it-can't-happen-here' attitude, always a sure sign that it eventually will. Past IWE scenarios have been multiple IED's in the Marina District (after the 2005 London bombings), and pandemic influenza in 2008.
Cyber-attacks are pretty trendy, too. The Wall Street Journal asked rhetorically in March 2011, "Are We Ready for a Financial Cyber Attack?" Forbes magazine reported in February 2011 that NASDAQ's Directors Desk system was penetrated for over year before the breach was discovered. The London Stock Exchange was the target of a cyber-attack in June 2007, following threats against American exchanges in December, 2006. To say nothing of the tsunami of Nigerian 419 email scams...
There won't be a problem paying for Raffles III. Here is the Monetary Authority of Singapore
(MAS) list of financial institutions
(FI's) by category; click the category to see the institutions in it. They ante up
more or less according to their importance to Singapore's financial system; the three (3) local banks and SGX pay the most, then the multinational 'bulge bracket'
brigade, then the brokers, insurance companies and other mere mortals. It's not like any of them can't - or would refuse to - pay their IWE bills.