Four Wealth Management Firms Suffer Cyber Security Attacks

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Luxembourg Government Systems Hit By Cyber Security Attack

Four separate cyber attacks on wealth management firms were reported to the Financial Conduct Authority (FCA) in 2016.

Following a Freedom of Information Request to the FCA, the regulator told Wealth Manager that two were ransomware attacks. Ransomware attacks are basically ‘cyber blackmail’ which force the victim to pay a ransom to decrypt their data and regain access to their systems.

One of these attacks hit the Argyle Financial Group, according to FCA records

Another financial organisation was hit by a distributed denial-of-service (DDoS) attack which make websites inaccessible by overwhelming them with bursts of messages and requests.