A staged assault conducted Thursday to test banks' ability to respond to cyber threats was a useful exercise, but banks still have a long way to go before they're fully prepared for cyberwar, observers say.

The Securities Industry and Financial Markets Association conducted the test, called Quantum Dawn 2, to prove the crisis response and communications plans of some of Wall Street's biggest banks. More than 500 people from 50 different financial services companies and government agencies participated.

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