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Taiwan's financial sector has recently faced significant cyber threats, with a series of attacks targeting key institutions, including the Taiwan Stock Exchange and several major banks. On September 13, 2024, a Distributed Denial of Service (DDoS) attack overwhelmed the Taiwan Stock Exchange and Mega Financial Holding Co., causing disruptions that put the economy at risk of a major setback. The attack, which flooded the websites with excessive traffic, was attributed to a Russian hacking group that claimed responsibility via Telegram, as reported by Liberty Times. Despite the chaos, operations resumed normal function within about 30 minutes after the attack began.
This incident follows a pattern of increasing cyber aggression against Taiwanese organizations, particularly in light of ongoing geopolitical tensions. A cybersecurity report from Recorded Future highlighted that a suspected Chinese state-sponsored hacking group known as RedJuliett has intensified its attacks on Taiwanese organizations, particularly in the government, education, technology, and diplomacy sectors. The attacks occurred between November 2023 and April 2024, coinciding with Taiwan's presidential elections and subsequent change in administration. RedJuliett targeted 24 organizations, including government agencies in Laos, Kenya, Rwanda, and Taiwan, as well as various tech firms and universities. The hackers exploited vulnerabilities in enterprise VPN software to gain access to sensitive information, aiming to support Beijing's policy-making on cross-strait relations.
As Taiwan continues to navigate these cyber threats, the Digital Ministry has not commented on the origins of the recent DDoS attack. However, the implications for Taiwan's economy are significant, as the financial sector is crucial for its overall stability. Recorded Future advises Taiwanese organizations to prioritize patching vulnerabilities to enhance their cybersecurity measures in light of these escalating threats. The combination of attacks from both Chinese and Russian groups underscores the urgent need for robust defenses against cyber intrusions in Taiwan's critical infrastructure.
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