smartTrade Suffers Address Flooding, Procedures Prevent Data Breach

Finance Magnates can confirm that the LD4-located infrastructure of smartTrade was subjected to an attack. A document details the intrusion at 17:34 on the 9th of May when incoming and outgoing connections led to a disruption of services to some trading venues. The episode lasted a little over six hours.

Commenting to Finance Magnates, the CEO of smartTrade Technologies, David Vincent, said: “We can confirm that address flooding took place at 17:34 pm on May 9th which intermittently impacted our clients.”

“Our monitoring system immediately raised an alert and our protective firewalls behaved as expected, preventing any intrusion or data breach and the platform was not impacted or accessed in any way,” Vincent explained.

The company started notifying its clients about the issue a minute after the occurrence. After a brief period during which the problem was resolved by 18:49, the attack recurred a little after 20:02. By 02:07 on the next day the network issue was fixed and stabilized.

Elaborating on the issue further, Vincent stated: “Our teams were very reactive and fully restored our service which was only partially impacted. We have established a mitigation plan and implemented additional measures to safeguard our system against future network issues of this kind.”

The company’s infrastructure was overloaded by a broad range of IP addresses. With the instability affecting clients, the operations department of smartTrade got notified by client services. After the company identified that the attack was coming from a group of addresses with the same prefix, it notified its ISP, and the problem came to a final resolution.