New Zealand stock exchange targeted by two DDoS attacks in two days

By Jay Jay for teiss
Wednesday, August 26, 2020

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Commenting on the consecutive cyber attacks targeting the New Zealand Stock Exchange, Ilia Kolochenko, Founder & CEO of ImmuniWeb, told TEISS that the attacks may be a rehearsal of a major attack targeting NASDAQ or LSE amid the craziness going on the global stock markets.

"I don’t think that major cyber gangs have their own interest in, or were hired by someone to conduct a DDoS capable of repeatedly shutting down NZX. While even a daily outage of NYSE can lead to multibillion losses around the globe, and probably even some bankruptcies and countless lawsuits.

"Unfortunately, not much can be done to prevent large-scale and well-prepared DDoS attacks today. Worse, DDoS attacks are hardly investigable, and most of their authors enjoy skyrocketing profits in virtual impunity. During the pandemic, the average price of bots used for DDoS has fallen, and will probably become even more affordable.

"When millions of devices suddenly start a massive attack, it’s a question of network capacity not really network security. We witnessed many examples in the past, when even the largest DDoS protection companies ceased protecting some of their clients under exceptionally large DDoS and gave up. Web applications and APIs should, however, be regularly audited for business logic and architectural security flaws that may consume all CPU/RAM and greatly facilitate a DDoS attack,” he added. Read Full Article