US exchanges offer a rich potential target for hackers

Cybercriminals have long been a threat to financial markets, and financial exchanges that manage tens or hundreds of billions of dollars in daily transactions are increasingly attractive targets for hackers. This was reported by the AFP news agency.

The major stock exchanges understand the current situation but remain silent about what steps they are taking to protect their networks. For example, the Chicago Board Options Exchange “takes cybersecurity very seriously and does not discuss cybersecurity in public.”

New York Stock Exchange President Stacey Cunningham told CNBC that the exchange “is constantly working with its own teams, other market participants, regulators and other exchanges to ensure overall safety.”

The general concern among financial institutions also increased after the Colonial Pipeline hack. The company ended up paying the hackers about $ 5 million, but money isn’t the only motivation for cybercriminal groups. According to experts, hackers may want to make money, harm the victim’s business, steal confidential information, or simply ruin a firm’s reputation.

The motivation of the grouping also determines the nature of the attack. If they are guided by espionage or are simply interested in stealing data, attackers are likely to hide and move unnoticed across the network.

However, groups seeking a particularly large ransom may choose to inflict maximum damage on the company in a short time in order to apply strong pressure to obtain the ransom as quickly as possible.

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