BUDAPEST (Reuters) – Some Hungarian banking and telecommunication services were briefly disrupted by a powerful cyber attack on Thursday launched from computer servers in Russia, China and Vietnam, telecoms firm Magyar Telekom
said on Saturday.
The event was a distributed-denial-of-service (DDoS) attack, a cyber attack in which hackers attempt to flood a network with unusually high volumes of data traffic in order to paralyse it.
The volume of data traffic in the attack was 10 times higher than the amount usually seen in DDoS events, the company said.
“That means that this was one of the biggest hacker attacks in Hungary ever, both in its size and complexity,” it said.
“Russian, Chinese and Vietnamese hackers tried to launch a DDoS attack against Hungarian financial institutions, but they tried to overwhelm the networks of Magyar Telekom as well,” the company added in a statement.
Financial services organizations consistently outspend most of their vertical sector peers in cybersecurity staff, tools and associated investments, but the cyber hits just keep coming. According to our recent report, the financial services industry received the highest number of business email compromise (BEC) attacks in 2019 and the second-most cyber incidents across all types, following the healthcare sector.
For years, financial services has led the pack in cybersecurity spending. In 2015, for example, a Homeland Security Research study concluded the U.S. financial services cybersecurity market was the largest and fastest-growing nongovernmental market in cybersecurity.
In 2019, financial services companies dedicated between 6% and 14% of their annual IT budgets to cybersecurity (an average of 10%), according to a Deloitte study. (Current recommendations are between 4% and 10%; however, most companies fall short). In light of increasing Covid-19-related threats, these institutions plan to