Alexander Osipovich
speaker
528 appearances
11 recordings
1 series
first heard Dec 2017
last heard Feb 2025
Alexander Osipovich’s voice in public audio — every appearance, attributed to the second.
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Appearances
And most of the action happens in these big data centers that are not in the middle of a big city.
They're in sort of suburban verging onto rural areas of New Jersey, and they are sort of heavily fortified.
And so that made the financial industry much less of a target.
In addition, the other thing I would say is that the system was sort of redesigned in a way where there is less of a single point of failure.
So back in 2001, essentially, if the New York Stock Exchange shut down, you couldn't trade stocks that were listed on the New York Stock Exchange.
And it was a similar situation with NASDAQ.
Right now, there are a whole bunch of different exchanges and they effectively act as backups for each other.
If one exchange goes down, which can happen in the middle of the day, it might happen for an hour or two or just a few minutes, then basically stock orders just get routed to other marketplaces.
And it's all kind of baked into the system now, which has generally made the stock market much more resilient.
So the systems that underpin the US stock market have definitely become more resilient in the face of a physical attack like 9-11.
However, there's still some concern out there that they could be subject to a cyber attack, which is very hard to plan for and it's hard to foresee.
Potentially, a sophisticated adversary
could still take on the financial system and try to cripple it through different means and this is something that wall street and regulators try to test for but it's obviously very hard to plan for
Has the system faced any real-world tests since 9-11?
One of the biggest tests that the system faced took place in 2012 when Superstorm Sandy hit New York.
There were backup plans in place.
Exchanges had set up procedures for failing over to electronic marketplaces so that things wouldn't be dependent on the New York Stock Exchange's floor.
But in the rush to the storm and the day before it, as people were planning,
Basically, the biggest banks on Wall Street decided to shut down.
There was sort of concern that people weren't ready for the backup plan.
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