Fiducia & GAD IT’s cooperative bank clients face cyber attack

Fiducia & GAD IT AG, a German company that operates technology for the nation’s cooperative banks, has experienced distributed denial-of-service (DDoS) attacks on Friday.
cybersecurity issues from Russia
In such attacks, hackers attempt to flood a network with unusually high volumes of data traffic in order to paralyse it.

The company said the attacks began on Thursday morning, shutting down or hindering the websites of some cooperative banks in parts of the country.

The issue stabilized by the afternoon, but picked up again in the evening with further major attacks into the night.

“Fiducia & GAD’s crisis team continues to monitor the systems closely in order to be able to react quickly to any new attacks,” the company said in a statement.

The company noted that such attacks weren’t uncommon in the industry.

A spokeswoman for Fiducia & GAD IT AG couldn’t immediately say how many banks were affected.