Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Germany issues fresh warning to banks of cyber attacks due to Ukraine war

Published 31/05/2022, 15:43
© Reuters. FILE PHOTO: The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside an office building of the BaFin in Bonn, Germany, April 15, 2019.  REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) -The German financial regulator BaFin issued a fresh cyber security warning on Tuesday to the nation's financial sector due to the war in Ukraine following a recent increase in cyber attacks.

BaFin has repeatedly warned about cyber attacks but Tuesday's security notice marks an escalation of its concerns.

"In recent days there have been repeated attacks on IT infrastructure," BaFin said.

BaFin said the recent events had especially taken the form of 'distributed denial-of-service (DDoS)' attacks, in which hackers attempt to flood a network with unusually high volumes of data traffic in order to paralyse it.

Russia's invasion of Ukraine, launched on Feb. 24, has caused a serious deterioration in its relations with the West. Moscow denies Western accusations of involvement in cyber attacks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.