Four Wealth Management Firms Suffer Cyber Security Attacks

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.