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:

Follow Us

Join the ARN newsletter!

Error: Please check your email address.

Tags distributed denial of servicesecurityddoscyber attackProlexictradingFinancial Services



 IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)

IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)

The VeeamON tour showcased company's upcoming release of the Veeam Availability Suite v9. Veeam product strategist, Rick Vanover led the discussions in Sydney and Melbourne about the upcoming v9 and other Veeam innovations for the new year.​ VeeamON was held on September 23 at the Museum of Sydney, Warrane Theatre, and at Melbourne Museum in Melbourne on September 24.

IN PICTURES: VeeamON Tour in Sydney and Melbourne (+ 17 photos)
 IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS)

IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS)

As part of a regular strategic planning program for select Greentree A/NZ partners, they enjoyed a week in Japan combining strategic planning sessions with sightseeing. Principals and their partners from Star Business Solutions, Endeavour Solutions, Addax Business Solutions, GT Business Solutions, bizlinkIT and Verde Group joined Greentree chief executive, Peter Dickinson, channel director, Graham Hill, and R&D director, Stephen Sims in Tokyo and took in Hiroshima, Kyoto and Hakone, including travel on the famed bullet train which hit a top speed of 296 KPH.

IN PICTURES: Greentree A/NZ Partners Explore Japan (+ 13 PHOTOS) is a channel management ecosystem that automates all major aspects of the entire sales, marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.

Show Comments