Banks and credit unions will have the chance to test their defense plans against cyber attacks in an annual simulated security exercise offered by the Financial Services Information Sharing and Analysis Center (FS-ISAC).

The two-day simulation will run Oct. 23-24. The exercise aims to help security, risk and IT professionals learn to defend payment processes from online threats by training and testing response practices. It will take place online and via conference call. The event comes a few months after the Securities Industry and Financial Markets Association's July mock cyberattack on banks, called Quantum Dawn 2, intended to prove the crisis response and communications plans of some of Wall Street's biggest banks.

"As the longest-running annual cyber security simulation run by and for financial services organizations, hundreds of firms and thousands of participants have benefited from this annual exercise," FS-ISAC president and chief executive Bill Nelson said in a statement. "The exercise is designed to test existing preparation and practices, promote cross-functional collaboration and quickly identify gaps. It also helps enable rapid information gathering and analysis that can be turned into actionable cyber security and incident response improvements."

FS-ISAC, founded in 1999, is a non-profit organization that focuses on providing the financial services industry with information on physical and cyber security.