The official website of the institution is still unavailable.
A
Distributed Denial of Service (DDoS) attack is one of the simplest yet highly
effective forms of cyberattacks that can cripple even the most well-guarded
websites with the most efficient servers. This past weekend, the German
financial market regulator, BaFin, experienced this firsthand as its website
has been inaccessible since Friday. However, the institution assures its other
systems are functioning without issues.
BaFin Reports Cyberattack
The German
regulator announced on its official X channel (formerly Twitter) today (Monday)
that it fell victim to a DDoS attack on Friday. It decided to block access to
its website while implementing other security measures as a remedial measure.
"These
measures are currently causing the website to be temporarily unavailable. All
other BaFin systems are functioning without restriction," BaFin commented
in a social media post translated from German to English.
BaFin also
claims that its website is currently available to a limited extent. At the time
of writing this article, attempts to access bafin.de proved unsuccessful,
displaying a message that the site was unreachable. This information is confirmed by the website service called 'Is It Down Right Now?' which monitors websites activity:
According to Mate Ivanszky, the CEO and Founder of Matworks, a cybersecurity company, such a prolonged downtime, especially when discussing an important financial institution, is not normal. What is more, he believes the attack may have been more than a mere DDoS.
“The attack
went far beyond what they claim, with possibility of their website web
services being hacked, and it would be too risky for them to bring something that it is
infected back online. In such events, the downtime is expected to be much more
prolonged, as you may need much more than SOC (Security Operations Center) in this case, potentially
forensic investigation, assessment of IT resources, and perhaps, assess losses
and level of compromise (with the possibility of their backups being
compromised too),” Inanszky commented in an e-mail sent to Finance Magnates.
Financial Industry
Vulnerable to Hacker Attacks
The
financial industry is an extremely attractive target for hackers who try to
infiltrate the systems of public institutions and private companies. Finance
Magnates has repeatedly reported on attempts to impersonate employees of
financial regulators and their websites, as well as DDoS attacks in the retail
contracts for difference (CFDs) industry.
A few
months ago, we described a ransom attack that victimized FXStreet, a popular FX
market website. The team was generous and open enough to share their story,
shedding light on the decision-making process in such a delicate situation and
offering valuable tips to our readers.
In a
separate column, Ivanszky emphasized that by 2025, we can expect $10.5
trillion in costs resulting from cybercrime. He described how brokers can
protect themselves from DDoS attacks while saving a lot of money.
A fundamental weakness often found in many studies is simple human mistakes, which are usually the top reason for security issues online. A thorough investigation led by Stanford University disclosed that phishing schemes frequently target individuals and are prone to clicking on harmful links, mainly distributed via email and social platforms.
Although there are ways to defend against DDoS attacks, no solution will provide a 100% protection. According to Ivanszky, organizations can only do the best possible to be as close as possible to 100%.
"That is why a defense in depth strategy is needed, that is why an Incidence Response Plan is needed, and even if those fail, when all defenses fail, organizations must have adequate controls in place to ensure disaster recovery and business continuity is achievable within accepted time ranges (which are usually defined in a BCP plan). In the case of BaFin, if the incidence is limited to their website and web services without affecting core services, it might not be enough to trigger a DR/BCP event," Ivanszky concluded.
A
Distributed Denial of Service (DDoS) attack is one of the simplest yet highly
effective forms of cyberattacks that can cripple even the most well-guarded
websites with the most efficient servers. This past weekend, the German
financial market regulator, BaFin, experienced this firsthand as its website
has been inaccessible since Friday. However, the institution assures its other
systems are functioning without issues.
BaFin Reports Cyberattack
The German
regulator announced on its official X channel (formerly Twitter) today (Monday)
that it fell victim to a DDoS attack on Friday. It decided to block access to
its website while implementing other security measures as a remedial measure.
"These
measures are currently causing the website to be temporarily unavailable. All
other BaFin systems are functioning without restriction," BaFin commented
in a social media post translated from German to English.
BaFin also
claims that its website is currently available to a limited extent. At the time
of writing this article, attempts to access bafin.de proved unsuccessful,
displaying a message that the site was unreachable. This information is confirmed by the website service called 'Is It Down Right Now?' which monitors websites activity:
According to Mate Ivanszky, the CEO and Founder of Matworks, a cybersecurity company, such a prolonged downtime, especially when discussing an important financial institution, is not normal. What is more, he believes the attack may have been more than a mere DDoS.
“The attack
went far beyond what they claim, with possibility of their website web
services being hacked, and it would be too risky for them to bring something that it is
infected back online. In such events, the downtime is expected to be much more
prolonged, as you may need much more than SOC (Security Operations Center) in this case, potentially
forensic investigation, assessment of IT resources, and perhaps, assess losses
and level of compromise (with the possibility of their backups being
compromised too),” Inanszky commented in an e-mail sent to Finance Magnates.
Financial Industry
Vulnerable to Hacker Attacks
The
financial industry is an extremely attractive target for hackers who try to
infiltrate the systems of public institutions and private companies. Finance
Magnates has repeatedly reported on attempts to impersonate employees of
financial regulators and their websites, as well as DDoS attacks in the retail
contracts for difference (CFDs) industry.
A few
months ago, we described a ransom attack that victimized FXStreet, a popular FX
market website. The team was generous and open enough to share their story,
shedding light on the decision-making process in such a delicate situation and
offering valuable tips to our readers.
In a
separate column, Ivanszky emphasized that by 2025, we can expect $10.5
trillion in costs resulting from cybercrime. He described how brokers can
protect themselves from DDoS attacks while saving a lot of money.
A fundamental weakness often found in many studies is simple human mistakes, which are usually the top reason for security issues online. A thorough investigation led by Stanford University disclosed that phishing schemes frequently target individuals and are prone to clicking on harmful links, mainly distributed via email and social platforms.
Although there are ways to defend against DDoS attacks, no solution will provide a 100% protection. According to Ivanszky, organizations can only do the best possible to be as close as possible to 100%.
"That is why a defense in depth strategy is needed, that is why an Incidence Response Plan is needed, and even if those fail, when all defenses fail, organizations must have adequate controls in place to ensure disaster recovery and business continuity is achievable within accepted time ranges (which are usually defined in a BCP plan). In the case of BaFin, if the incidence is limited to their website and web services without affecting core services, it might not be enough to trigger a DR/BCP event," Ivanszky concluded.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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