Dick Pirozzolo
Dick Pirozzolo

DDoS attacks in FX – taking steps to protect your bandwidth and IT resources

Last year’s wave of DDoS attacks on financial institutions that targeted forex brokers and banks in particular, renewed worries over cyber security and whence the next attack will come. These attacks were particularly worrisome for the foreign exchange industry. As of last year, everyone has been on guard — especially trading infrastructure companies, software platform providers, forex brokers and traders who count on reliability and security to conduct their business.

First Published: e-Forex Magazine 71 / Security / March, 2016

DDos or Distributed Denial of Service attacks are crude assaults. Simply put, the hacker initiates a DDoS attack by overwhelming the target’s system—sending so much data so quickly that customers can no longer gain access to services. According to Jubin Pejman, Managing Director of FCM360 (www.fcm360.com), a managed services provider focusing on ecommerce and managed cloud hosting services: “Hackers do not have to destroy the victim’s servers and Internet operations. All they have to do is deny service for periods of time. Companies victimized by these attacks can range from major banks to retailers to information providers such as International Movie Database (IMDB). Imagine, for example, the cost to HSBC when it was unable to serve its customers due to massive DDoS attacks that resulted in multiple outages a few months ago. The attacks were not long lived, but the cost in lost revenue could have easily reached millions of dollars per attack—this is to say nothing of the...continued

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