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Tuesday, July 22, 2014

Hackers could have taken down the Nasdaq in 2010

It's the stuff of nightmares. Investors and traders get up, complete their daily routine prep ahead of market open, only to find that a major exchange has been taken offline by a cyberattack. Now what?

In a terrifying turn of a events, investigators discovered a "digital bomb" (piece of destructive code) planted in the Nasdaq exchange by assumed elite Russian hackers. Four years on investigators have a better idea of the event timeline, exactly what happened, and theories on motivation- but hard answers haven't been found.

Even if the original hacker group had no intention of using the attack code on the Nasdaq (perhaps it was a proof of efficacy test), other hacker groups could have easily initiated the sequence, causing a financial disaster that didn't have any readily-identifiable culprit. The internet is a scary place. Possible takeaways? Keep your computer patched and maybe consider a cybersecurity company to invest in.

In-depth, comprehensive summary of both the hack and subsequent investigation can be found on Bloomberg: https://www.bloomberg.com/news/articles/2014-07-17/how-russian-hackers-stole-the-nasdaq