BaFin Website Remains Down for 4th Day after Cyberattack

BaFin Website Remains Down for 4th Day after Cyberattack

Time Stamp: September 4, 2023 5:38 AM
BaFin Website Remains Down for 4th Day after Cyberattack PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

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 Is It Down Right Now? service, which monitors activity in the network:

Source: isitdownrightnow.com/bafin.de.html

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 (CFD) 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, Mate 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 also 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 individuals are frequently targeted by phishing schemes and are prone to clicking on harmful links, mainly distributed via email and social platforms.

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.

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 Is It Down Right Now? service, which monitors activity in the network:

Source: isitdownrightnow.com/bafin.de.html

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 (CFD) 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, Mate 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 also 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 individuals are frequently targeted by phishing schemes and are prone to clicking on harmful links, mainly distributed via email and social platforms.

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