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Rohini Tendulkar: Systemic Effects of Cyber Attacks Widespread

Survey Finds Many Securities Exchanges Take Hits

Systemic impacts resulting from cyber attacks on securities exchanges will rapidly grow because of the financial system's reliance on technology, Rohini Tendulkar of the International Organization of Securities Commissions' research department has told Reuters.

Tendulkar has authored a paper in partnership with the World Federation of Exchanges to examine how the interconnected nature of exchanges could extend impacts of attacks beyond the initial victim, John McCrank reports for Reuters.

Fifty-three percent of exchanges who responded to the survey said they suffered a cyber attack last year and most frequently were hit by denial of service attacks, according to the report.

The 58-page paper cites estimates of the costs of cyber crime to society as between $388 billion to $1 trillion, with exchanges saying direct and indirect costs of the attacks were less than $1 million each last year.

More Stories By Tim Watson

Tim Watson supervises all media production at Executive Mosaic, a digital media company that provides insight, information and analysis on several industries, including government contracting.

He previously produced byline coverage with the economics team at USA Today and evaluated lending proposals for the Overseas Private Investment Corporation.

Tim was born and raised in Washington, DC and holds a bachelor’s degree in Business-Journalism from Washington and Lee University and a certificate in budgeting and finance from Georgetown University's School of Continuing Professional Education.

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