05 Feb 2014
Cyber criminals are using distributed denial of service (DDoS) attacks to tamper with market values and exchange platforms, according to Prolexic, a computer security company specialized in fending of such attacks.
While DDoS attacks are usually launched for revenge, extortion, blackmail or to make a point, they have recently posed a significant threat to financial and trading services, according to a Prolexic press release.
“As part of our DDoS attack forensics, we have uncovered a disturbing trend: Many of these malicious attacks appear to be intent on lowering the target’s stock price or currency values, or even temporarily preventing trades from taking place,” Stuart Scholly, president of Prolexic said.
The image of a financial businesses is increasingly associated with its cyber presence, so taking their services offline can be a major downfall to customers’ trust.
No cyber-criminal group has yet managed to take down an entire marketplace using DDoS “but DDoS attacks keep getting bigger, stronger, longer and more sophisticated, so we cannot be complacent,” Scholly added.