Nasdaq hack exposes cyber risks faced by world financial markets

07/26/2013 | New York Times (tiered subscription model), The

Days after a groundbreaking report revealed that 89% of the world's financial exchanges are at risk of a potentially disabling cyberattack, federal authorities indicted five computer programmers who they say hacked into American companies as well as the Nasdaq stock exchange -- with one suspect allegedly spending two years with limited access to the exchange's servers. Security analysts say the breach reflects a new trend among cybercriminals, who are broadening their reach away from targeting individual accounts to tapping directly into financial networks. "This is the beginning of the process through which you can imagine that some bad actors would find their way into much more sensitive infrastructure," said former FBI adviser Paul M. Tiao. "This is a significant cause for concern."

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