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Alternative Market Briefing

Financial firms face significant spike in DDoS attacks, cybersecurity threats

Friday, April 13, 2012

Bailey McCann, Opalesque New York:

Financial firms including funds, banks, exchanges and financial information providers are increasingly under attack from hackers according to new research released this week from Prolexic Technologies, the leading global Distributed Denial of Service (DDoS) protection firm. The firm monitors the internet and cyber networks gathering data on DDoS attacks including location, target and frequency. DDoS attacks are designed to make specific computers or networks unavailable to their users.

Recently, many large firms and some government websites have fallen victim to high profile DDoS attacks. Paypal and Mastercard saw their sites shut down by the attacks which rely on either forcing the target computers or networks to reset, rendering them unusable or flooding the target with waves of fake user requests until the resource overloads and shuts down. DDoS attacks can render their targets inaccessible temporarily or permanently depending on the severity of the attack. Attacks can extend beyond front facing websites, effecting applications and production.

Cyber attacks have risen over the years as more and more sensitive data moves online, creating a variety of high value targets for thieves, activists and benign hackers that thrive on the thrill of getting into areas they aren’t supposed to be in. Financial firms have always been on the target list, but ......................

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