Details are emerging that hackers have used malware to move the Ruble-Dollar rate by 15 percent in mere minutes.
This isn’t the first time which the cyber world and physical have collided, you may remember recently that over Christmas western Ukraine was left without power due to a cyberattack, now it seems that hackers have managed to manipulate trading markets.
Malware is a shortening of ‘Malicious Software’ and is generally installed by the user, coming in with a legitimate program like firefox, chrome or skype when downloaded from a unofficial source.
The hackers managed to penetrate the security of a Russian regional banks and move the ruble-dollar rate by more than 15%.
The hackers managed to use a trojan virus to infect the bank, then place more than $500 million in orders at non-market rates, the resulting alternation in rates prompted an official investigation into potential market manipulation.
The attack led to volatility in the market lasting for 14 minutes and causing the exchange rate to go between 55 and 66 rubles per dollar. This caused the bank losses of 244 million rubles (approx. $3.2 million).