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Wednesday, July 30, 2014

How the Stock Market Almost Crashed

And of course, if the Stock Market did collapse, even from a Cyber Attack, it could be the catalyst for the general economic- societal collapse that would plunge this country into chaos.

How elite hackers (almost) stole the NASDAQ

In 2010, elite hackers, most likely from Russia, used at least two zero-day vulnerabilities to penetrate the computer network operated by Nasdaq Stock Market, a hack that allowed them to roam unmolested for months and plant destructive malware 
designed to cause disruptions, according to a media report published Thursday.

The intrusion initially caught the attention of officials inside the National Security Agency, the Central Intelligence Agency, and departments of Defense, Treasury, and Homeland Security for two reasons, Bloomberg Businessweek journalist Michael Riley
reported in an article headlined How Russian Hackers Stole the Nasdaq. 

One, it appeared to be the work of hackers sponsored by Russia or another powerful nation state.

Two, far from the typical espionage campaigns that merely siphon out secret data, the malware involved in the attack contained what early on appeared to be a digital bomb that could cause serious damage.

Riley's 3,100-word cover article traces the resulting federal investigation, which also involved the FBI, Secret Service, the National Cyber security and Communications Integration Center, and on at least three occasions, briefings provided to President
Barack Obama.

Ultimately, analysis of the malware showed its capabilities were less destructive than earlier believed, but there was still cause for concern. As ARS reported last year, it came around the same time that five eastern European men allegedly breached networks belonging to Nasdaq and at least seven other financial institutions.

According to federal prosecutors, one of the suspects, upon gaining persistent control over the world's second biggest stock exchange, proclaimed "NASDAQ is owned."

"While the hack was successfully disrupted, it revealed how vulnerable financial exchanges—as well as banks, chemical refineries, water plants, and electric utilities— are to digital assault," Riley wrote of the 2010 campaign. "One official who experienced the event firsthand says he thought the attack would change everything, that it would force the US to get serious about preparing for a new era of conflict by computer. He was wrong."

UrbanMan's comment: What would a cyber initiated attack on the stock market mean? It would certainly cause a panic on the banks. A shutdown of banking transactions, including ATM's and debit card purchases, even credit cards. This means that there would be 40 -100 million people hungry, pissed off and likely armed rosaming around on Day Two, maybe Day Three. Even if the cyber attack damage is fixed within a short time,....3 to 7 days, there would be chaos and anarchy on our streets and in our neighborhoods. I hope you have cash on hand, at least some silver rounds and coins stored, firearms for protection and water-food for sustanence.


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