Cyber Attack on Hungary Banks and Telecom Services

A powerful cyber attack is reported to have targeted most of the banks and telecom services of Hungary. And Telecom firm Magyar Telekom disclosed that the attack was launched from servers located in Russia, Vietnam and China.

As per the sources reporting to Cybersecurity Insiders, the incident was of Distributed denial of service attack (DDoS) where hackers synchronize thousands of devices to send fake web traffic to servers, thus disrupting them to the core.

Magyar Telekom says that the attack was 10 times powerful than what is usually seen in normal DDoS attacks and it could be the biggest in the history of Hungary till date.

What’s surprising in the attack that the fake web traffic was mostly targeted at clients seeking network services of Magyar Telekom that serves many financial institutions with network connectivity.

The good news is that the proactive Cybersecurity measures employed by Magyar have saved its clients from severe downtime that could have eventually knocked them off business on a permanent note.

OTP Bank OTPB.BU based in Hungary has admitted that it was disrupted by services due to the DDoS attack on Magyar Telekom.

NOTE- According to a security released by Kaspersky Labs, Distributed Denial of Service attacks against educational institutes like K12 schools have increased by 350% when compared to the same time last year. On a global note, the said attacks increased by 80% in the 1Q of 2020 compared to the same time last year. The highlight of the study is that Kaspersky discovered 168,550 Denial of service attacks in June 2020 on learning platforms like Zoom, edX, Moodle, Coursera, Google Meet, Google Classroom and BlackBoard.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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