The World of Cryptocurrency - DDoS Attack

Many of the crypto platforms were experiencing Distributed Denial of Service attack or better known as a DDoS attack. Their page can't be accessed anymore and the users were all frustrated and some were nervous thinking it may be a scam they are invested in. The usual target of hackers to make an attack are those known cryptos and have so many investors in it. Some ICO's were also experiencing this kind of attack just hours before its launching and they were forced to postpone it just to solve this mess.

For us to have an insight what DDoS attack really is, we need to understand how they do the attack. The hackers developed a specialized malware program which they spread through websites, emails, or even in an organization network and when the unsuspected users made the malware to run in his PC, it will make his system into a bot and provides an access point for the attacker to his computer. Once a computer becomes a bot, it is then connected to the attacker's command and control servers and it can now be used whenever it is called to do an attack on a specific target. Every computer that turns into a bot will become a large network of remote PC's called a botnet and is capable to overwhelm another system connection or processor causing it to deny service to the legitimate traffic. Anytime the hacker wants to attack a specific site or system, he will just send a command instruction to all of the computers that were infected with the malware to do a simultaneous attack causing a huge traffic on the target. And the real client of the page can't be accessed anymore due to the pile-up of the bots in the doorstep and eventually, the site will go down. And there will be massive frustrations on the clients' side and a panic of the page owner.

The business impact of a successful DDoS attack is substantial and its potential cost vary depending on how long the site is crippled.

1. Financial Losses - In a business world, every minute counts and if its web page can't be accessed due to the ongoing attack, then the transactions will be cut off - and this means losing millions depending on how big is the business.

2. Reputation damage - In a web-based business or any businesses that have its web pages, security of their site is a primary concern. If their page has been breached by a hacker then their reputation will be affected. The safety of the clients' records or stocks will be put at risk and their trust rating will go down.

3. Customer Agitation - There will be a massive complains coming from the customers and their frustration may drive them away.

4. Legal Repercussions - Due to the losses of costumers money or even records, they may file a complaint and sue the business owners.

This is how serious if the site successfully attacked by a hacker. DDoS is just a common way for the hacker to attack a site but if it is not directly addressed properly, it would mean a huge loss of the business and a massive frustration on its clients.

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