The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) points out to German citizens, companies and authorities that there is an increased risk of cyber attacks. The financial sector, but also other industries can be the target of hackers. It has everything to do with the war in Ukraine.
The financial regulator writes this in a short press statement on its website.
German financial sector hit by DDoS attacks
“Given the war in Ukraine, BaFin also currently sees an increased risk of cyber-attacks on the German financial sector,” the watchdog warned on Twitter. In the last few days, there have been repeated cyber attacks on the IT infrastructure in Germany. In particular, it concerns DDoS attacks.
A Distributed Denial of Service or DDoS attack is a digital attack by which hackers attempt to paralyze a computer network or server by flooding it with large numbers of connection requests and data requests. Sooner or later the server gets overloaded, with the result that it does not respond or responds very slowly. Not even on legitimate visitors seeking information.
You can think of a DDoS attack as a traffic jam. If everything is in order, all cars on the highway will continue to drive smoothly. When a DDoS attack takes place, the number of cars on the highway increases rapidly. At some point there are so many cars that it no longer drives. Then there is a traffic jam on the highway. The traffic then comes to a standstill or drives very slowly.
Stability of the financial system is at stake
BaFin is not sure who is