Cyber raids 'threaten British, US stock markets'

Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange (NYSE). Stock exchanges in Britain and the United States have enlisted the help of the security services after finding out they were the victims of cyber attacks, The Times newspaper reported Monday.

Stock exchanges in Britain and the United States have enlisted the help of the security services after finding out they were the victims of cyber attacks, The Times newspaper reported on Monday.

The London Stock Exchange (LSE) is investigating a terrorist on its headquarters last year while US officials have traced an attack on one of its exchanges to Russia, according to the British newspaper.

Officials suspect the attacks were designed to spread panic among markets and destabilise western .

Cyber attacks on governments and companies increased more than 500 percent over the last two years and a raid on the European Emissions Trading Scheme ten days ago shut down the carbon market.

A leading UK expert told the newspaper: "Make no mistake, the UK’s critical infrastructure is under attack. The threat is advanced and persistent."


Explore further

Cyber fraudsters attack EU's carbon trading system

(c) 2011 AFP

Citation: Cyber raids 'threaten British, US stock markets' (2011, January 31) retrieved 19 June 2019 from https://phys.org/news/2011-01-cyber-raids-threaten-british-stock.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

Jan 31, 2011
hmm, so that explains why the stock market crashed by 600 points then shot backup all in a couple hours a few months ago. I had my suspicions. They did a good job in keeping that one quite.

Jan 31, 2011
Pardon my ignorance and I mean that sincerely -- but could someone comment on the purposes -- the end goal behind these attacks be.

Jan 31, 2011
@mrcircumspect: cyber-terrorists could be shorting a particular stock or industry. By triggering a panic at the correct moment, they could make a windfall. They could also be targeting certain banks that are holding a position on the market and forcing them to cover their positions (or hedges) would cause them to lose a lot of money. That's just a theory however...

Jan 31, 2011
Any idea whether this is being done by some type of crime syndicate or by terrorists or by a "hostile" government? Are we defending against people trying to rob us or people trying to destroy us?

Jan 31, 2011
Casual hackers, crime syndicates, foreign governments, automated intrusion testing systems, false alarms, mis-configured switches/routers/DNS, the list is long.
I suspect the security services will be concentrating on educating them about best practise in the workplace, and leave the cyber-sleuthing to the network admins and engineers.

Feb 01, 2011
Any idea whether this is being done by some type of crime syndicate or by terrorists or by a "hostile" government? Are we defending against people trying to rob us or people trying to destroy us?

The bankers are trying to rob us. The cyberterrorists are trying to destroy us.

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more