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Malicious Life

Hacking Stock Markets, Part 2

Malicious Life

Malicious Life

Technology

4.81K Ratings

🗓️ 18 October 2022

⏱️ 30 minutes

🧾️ Download transcript

Summary

Hacking Stock Markets, Part 2



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Transcript

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0:00.0

Hi, I'm Ryan Levy.

0:01.0

Welcome to Cyber reasons Malicious Life. Broadly speaking, there are two good reasons why financial markets make good targets for criminals, cyber or otherwise.

0:37.0

Firstly, simply, it's where a lot of the money is. In the week this podcast episode was written, Daily Trading Volume on the New York Stock Exchange

0:47.5

average 2.3 billion dollars.

0:51.0

On the NASDAQ, 2 billion dollars. On the Chicago Board Options Exchange, 1.5 billion.

0:58.0

Altogether, then, the United States' three biggest stock markets combined for nearly six billion dollars worth of

1:05.5

trades every day. 30 billion in a week. And that's not even taking into account

1:11.3

the multi-billion dollar per day for an exchange market.

1:16.0

Finance isn't all about money, though.

1:19.0

It's our jobs and salaries.

1:21.0

The prices we pay for things, the quality of products and salaries. The prices we pay for things the quality of products and services we receive.

1:27.0

By nature, it is fast-moving and highly interconnected system, with companies relating to other companies and investors and banks in every corner of the world

1:37.4

every player forming one tiny nook in a giant web.

1:42.5

That's why even something seemingly insignificant can trigger a disruption to the entire world.

1:49.1

Like how something called a mortgage-backed security caused such a chaos in America that the effects were felt

1:57.0

even a decade later all the way in Asia. You'd have to say that short of electricity and running water, there are few systems so vital to modern society as financial markets.

2:12.0

Few systems so fragile with the potential for truly catastrophic consequences.

2:19.0

In the lower floors of an 11-story office building located in suburban Washington DC,

2:28.9

sit a cross-fit gem and a fondue restaurant.

2:33.0

If you go there, once you're finished working out and eating cheese,

2:38.0

you might take the elevator up to visit the National Cybersecurity and Communications Integration Center, assuming you have clearance, of course.

2:47.0

NCCIC is the home of cyber threat analysis and response for the United States government.

...

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