In a new report issued this week, security firm Prolexic warns that hackers are deploying distributed denial-of-service (DDoS) attacks in an attempt to manipulate stock prices or even cause market mayhem.
“We have uncovered a disturbing trend: Many of these malicious attacks appear to be intent on lowering the target’s stock price or currency values, or even temporarily preventing trades from taking place,” Stuart Scholly, president of Prolexic, said in a statement.
The complex and evolving intentions of modern hackers underscore the difficult challenge facing corporate America in combating this rising threat.
It’s clear that hackers want to take advantage of the fact that in today’s digital world, major companies need to stay online to maintain services with clients and secure their legitimacy.
The public image of a financial-services firm is “intricately associated with its cyber presence,” the Prolexic report said. Therefore, it stands to reason that a wobbly cyber presence can hurt that public image or even market value of a company.