Securities exchanges worry about major cyberattack as half report incidents
Cyberattacks now have the potential to 'down' one or more of the world's major financial securities exchanges, a survey of the sector by industry body International Organization of Securities Commissions (IOSCO) has found.
Just over half the 46 securities exchanges surveyed by IOSCO from across the globe reported that they'd been targeted by cyberattacks in 2012, overwhelmingly “disruptive” DDoS designed to interrupt business.
Nine of of ten of these exchanges employed organised defence but a few now worried that a large-scale and co-ordinated attack might succeed at some point on the basis that no business could possibly be invulnerable. Only 22 percent of exchanges reported having cyber-insurance in place with some of the others unable to use this mechanism because of a lack of choice and an under-developed market. Currently, most attacks cost less than $1,000,000 (£660,000) to remediate.
