The US Stock Market collapsed on Thursday, 6 May 2010, when the Dow Jones Index spiked down over 1000 points in a matter of a few minutes. The OEX (S&P 100) dropped from 508 to 499 in the same down-spike, or 9 points, before recovering to 513.8 at close Thursday. This sudden sell-off of the US markets was a shocking demonstration of what a Cyber Attack on the US and other world markets could be like. Even though the SEC is investigating what caused the almost instantaneous sell-off, it is not believed the sudden drop was caused by a Cyber Attack. It is the kind of thing a truly successful Cyber Attack could cause, not only on the US markets, but also on the European, Asian and Mideast markets.
I believe the almost instantaneous drop was most likely caused by many fund managers having stop-loss orders which made the sell-off begin when the market dropped to a level that initiated the stop-loss orders (probably 500 points) and then the cumulative effect was a rapid downward cascade before the recovery took place. For example, one popular stock dropped from over 44 dollars to 1.7 cents a share before recovering to over $40.
Such a world market sell-off, caused by a true Cyber Attack could destroy the wealth of billions of people around the globe.
This book will examine what Cyber Attacks could do to the civilized world, which grows more dependent on the Internet functioning properly to perform all of the complex tasks that need to be done every day.
I believe the almost instantaneous drop was most likely caused by many fund managers having stop-loss orders which made the sell-off begin when the market dropped to a level that initiated the stop-loss orders (probably 500 points) and then the cumulative effect was a rapid downward cascade before the recovery took place. For example, one popular stock dropped from over 44 dollars to 1.7 cents a share before recovering to over $40.
Such a world market sell-off, caused by a true Cyber Attack could destroy the wealth of billions of people around the globe.
This book will examine what Cyber Attacks could do to the civilized world, which grows more dependent on the Internet functioning properly to perform all of the complex tasks that need to be done every day.
