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Financial exchange operators worried about cyber security

Financial exchanges are dealing with an increased number of cyber attacks that they try to deal with.

Published Sun, Mar 16 2014 4:20 AM CDT   |   Updated Mon, Oct 19 2020 8:15 PM CDT

Financial exchange operators are increasingly worried about cyber threats while hackers are becoming more organized and launching sophisticated attacks.

Financial exchange operators worried about cyber security | TweakTown.com

At least half of the world's major financial exchanges faced cyberattacks during 2012, a report from the World Federation of Exchanges Office revealed. To counter this, exchanges and financial institutions are trying to reinforce security methods to keep attacks from easily compromising networks and stealing information.

"We are worried a lot and we are far more worried now than we were just a couple of years ago," said Magnus Bocker, Singapore Exchange CEO, during a recent panel discussion.

Nasdaq has turned to former military and government cyber security experts to help improve defenses, along with keeping communication with the FBI open. Even so, criminals were able to steal email usernames and passwords of community forum members in July 2013 - and exchanges are often vulnerable because they are connected to one another.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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