Menu
Financial services under threat from DDoS

Financial services under threat from DDoS

No major victims yet, but Prolexic warns against complacency

The financial services industry is under threat from distributed denial of services (DDoS) attacks, and while none have been successful in downing a major marketplace, Prolexic president, Stuart Scholly, warns against complacency.

Forensics carried out by the Prolexic Security and Engineering Team (PLXsert) have identified a trend towards market manipulation whereby DDoS attacks appear intent on lowering the target’s stock price or currency values, or temporarily preventing trades from occurring.

Scholly said this symbolises a shift in the nature of DDoS attacks which have been typically launched to fuel public discourse, or for revenge, extortion and blackmail.

“A few specific cyber-terrorist groups are responsible for most of these attacks,” Scholly said. “So far they have not been successful in bringing down an entire major marketplace.”

“DDoS attacks keep getting bigger, stronger, longer and more sophisticated, so we cannot be complacent. What’s more, the risk goes beyond the actual outage; social media chatter and media coverage can amplify the perceived effect, disruption and damage caused by a cyber-attack campaign.”

As the public image of a global business is associated with its cyber presence, taking a publicly-traded firm or exchange platform offline can create false or misleading appearances; the core of market manipulation.

In its DDoS Attacks Against Global Markets report, PLXsert claims that since 2011, and growing in 2012 and 2013, DDoS campaigns targeted at financial services have gained traction. Key attacks which have affected stock and currency valuations or interfered with trading include:

Subscribe here for up-to-date channel news

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags distributed denial of servicesecurityddoscyber attackProlexictradingFinancial Services

Featured

Slideshows

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

Revealed at a glitzy bash in Sydney at the Ivy Penthouse, the first StorageCraft Partner Awards locally saw the vendor honour its top-performing partners with ASI Solutions, SMBiT Pro, Webroot, ACA Pacific and Soft Solutions New Zealand taking home the top awards. Photos by Maria Stefina.

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards
Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

​Synnex and Lenovo hosted 18 resellers for an action-packed weekend adventure in RotoVegas, taking in white water rafting on the Kaituna River, as well as quad biking and dinner at Stratosfare​, overlooking Lake Rotorua at the top of Mount Ngongotaha​. Photos by Synnex.

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip
Show Comments