Tag: nyse glitch
An Amazing State of Things All Over

An Amazing State of Things All Over

Amazing, amazing, amazing.

Have you noticed how absolutely everything fits that adjective in real life, on social media, and in the news?

Everything’s amazing except the Greek debt crisis. “It’s all Greek to me,” my father said over the morning newspapers. What’s clear over here, stateside, is that German chancellor Angela Merkel is now the de facto leader of Europe. Not us, and not our best buddies the Brits anymore. Our beautiful friendship, which we thought would never surrender, is now ready for Throwback Thursday. The Greek tragedy has a deadline closing in on Sunday. Austerity is a lot to ask of a beautiful country that has seen better days. What would Aristotle say?

Everything’s amazing except the New York Stock Exchange going dark for nearly four hours smack dab in the middle of a summer Wednesday. That’s like a lifetime, folks! The scary event reawakened shaken fears from the 2008 steep decline and downturn on Wall Street. This time, they said the shutdown on the trading floor was a computer system outage. And, of course, mighty Wall Street has so much street cred, who are we to question what’s up and down on the Dow Jones?

Everything’s amazing except United Airlines also cutting out Wednesday. The major carrier grounded 4,900 flights, creating severe cases of “O’Hare Despair” in Chicago’s otherwise amazing airport. This is all in a day, and oddly, it happened about the same time as the Stock Exchange darkness and despair. United blamed it on a computer glitch, too, in the reservations system. The Federal Aviation Administration approved the sweeping grounding of planes in the heart of America — which caused untold trouble for travelers.

OK, can the FAA make United pay for yesterday? Air travel has become so dreary since 9/11 and George W. Bush’s fear-mongering that we no longer get a kick out of it. He created a world full of strangers to each other. We no longer look forward to the romance or adventure of flying. United has helped to create this state of misery, with plenty of help. Travelers, unite! When we say goodbye now, we add, “Have a safe trip,” as if that’s the best we can hope for. That seems un-American to me.

Everything’s amazing except for the huge stock market fall in China. The Washington Post reported that spirits were getting giddy at the “ever-rising” stock market. We know how that goes. Now Chinese political leaders are watching like everybody else, not sure if there is anything they can do to stop Western-lite capitalism in a dire action. “No buyers, only sellers,” a market analyst told The New York Times. It’s not a pretty sight from any deck. But I’m sure President Obama will say the right thing. He always does.

Everything’s amazing except the Iran nuclear deal that is still being sweated and hammered out. It’s all happening in Vienna in an arduous negotiation. The deadline has passed and meanwhile, Iranian political fury is being stirred up at home — against the United States. Don’t worry, Secretary of State John Kerry will find a way, if there is one, across the table in Vienna. I believe that, but let’s remember the last time Iran was really, really mad at us. They took the whole American embassy hostage. We have big problems enough on the foreign policy front. Pakistan is enough to make the Pentagon tremble, swear and weep. But we’re sending in the Marines: Marine Corps General Joseph Dunford Jr. is Obama’s pick for chairman of the Joint Chiefs of Staff.

I hope you feel better now.

This just in: Everything’s amazing at the Smithsonian Institution. David J. Skorton the new secretary, was shown the treasures of the collection — known as America’s attic. For example, a baseball signed by Jackie Robinson. As he viewed American History museum piece after piece, Skorton, 66, said the same word over and over. “Amazing. ”

Truly.

To find out more about Jamie Stiehm and read features by other Creators writers and cartoonists, visit Creators.com

Photo: Brian via Flickr

Outages At NYSE, United Airlines, WSJ.com Expose Digital Vulnerabilities

Outages At NYSE, United Airlines, WSJ.com Expose Digital Vulnerabilities

By Andrea Chang and Tracey Lien, Los Angeles Times (TNS)

The cyberoutages came one after another: one of the nation’s biggest airlines, its largest financial news publication and its main stock exchange.

Wednesday morning’s spate of technological foul-ups grounded United Airlines flights, sidelined the Wall Street Journal‘s website and halted trading for hours on the New York Stock Exchange. Their successive timing ignited widespread speculation about hacking attacks and conspiracy theories about who might be responsible.

Government and company officials said the causes were more mundane and technical, but the shutdowns nonetheless raise concerns about the vulnerability of vital organizations that can be easily crippled by malfunctions or cyberattacks.

As the world becomes more connected, such events expose serious risks for countries, companies and individuals who depend so heavily on fragile technology — often a mash-up of neglected old-fashioned processes and cutting-edge systems. Electricity grids, credit cards, social media, email, public transportation and GPS all have become indispensable to everyday modern life.

“These are incredibly complicated systems. There are lots and lots of failure modes that are not thoroughly understood,” said Jeff Schmidt, chief executive and founder of JAS Global Advisors, a security consulting firm. “Because the systems act so quickly, you have this really increased potential for cascading failures.”

On most days, the Internet and the myriad systems it powers can be counted on to work well enough. But security experts say problems are inevitable, whether due to hacking, human error, broken cables, buggy code or other unforeseen issues.

Technology will evolve and improve over time, but it will never be foolproof. What’s more important, experts say, is for organizations and individuals to better protect themselves against issues that are bound to crop up — an often neglected task.

Carl Wright, general manager of TrapX, a security-through-deception defense company, said much of the rapid deployment of new technology comes with little forethought about security.

“If we take a look historically at security budgets for most enterprises, most are about 10 percent of the whole IT spend of an organization. Sometimes, it’s as low as 6 percent,” he said. “Not a lot of the money an organization spends on tech to create capability for their business goes to securing it. What we need to see is a major shift.”

One problem: The best security systems can be costly. In other cases, the technology is still struggling to catch up to plug the holes.

But organizations can play defense. Business continuity plans and relationships with regulators and law enforcement can lead to faster response times when problems arise. Building in redundancies — using two Internet service providers, for instance — can serve as a backstop when one system crashes.

Training programs get employees up to speed on how to better handle failures. At the higher levels, nimble management teams can quickly identify an issue and respond to it — difficult in large corporations and heavily regulated businesses.

One strategy growing in popularity is for businesses to invite hackers to look for security vulnerabilities and reward them with so-called bug bounties.

Many organizations rely on third-party vendors to help them prepare for outages. A slew of security companies have cropped up, introducing new technology that replaces standard character-based passwords with images and even emojis.

Wednesday morning’s series of outages was an unusual occurrence, immediately prompting questions about a cyberattack.

Homeland Security Secretary Jeh Johnson said in a statement that “the malfunctions at United and the NYSE were not the result of any nefarious actor. Both organizations cited technical issues for their downtime, which totaled 3 { hours for the NYSE and about 1 { hours for United.

A spokeswoman for the Wall Street Journal said its website’s outage was still being investigated.

Cybersecurity and the massive dependence on technology have also concerned lawmakers. On Wednesday, three of the nation’s top federal law enforcement officials strongly urged Congress and Silicon Valley to allow government authorities immediate, instant access to encrypted cellphones and other Internet devices.

The coincidental timing of that pitch — on the same day that the outages occurred — might bolster officials’ case that more stringent measures are needed to protect American computers and national infrastructure from cyberattacks, despite objections from Silicon Valley.

On Tuesday, the nation’s top cryptographers criticized Washington demands for companies to alter their technology and allow law enforcement to secretly see and read what is being sent and received on cellphones and computers.

“Lawmakers,” the scientists warned, “should not risk the real economic, geopolitical and strategic benefits of an open and secure Internet for law enforcement gains that are at best minor and tactical.”

(Times staff writer Christine Mai-Duc contributed to this report.)

(c)2015 Los Angeles Times. Distributed by Tribune Content Agency, LLC.

Photo: A United Airlines employee, center on phone, works with passengers at the economy check-in area of O’Hare International Airport as flights were delayed due to a stoppage on Wednesday, July 8, 2015. United grounded all U.S. flights because of “automation issues.” Planes at O’Hare were not leaving the gates, and some passengers said they were unable to book flights. (Jose M. Osorio/Chicago Tribune/TNS)

White House Says No Indication Of Malice In NYSE Shutdown

White House Says No Indication Of Malice In NYSE Shutdown

“There is no indication that malicious actors were involved” in the glitch that shut down the New York Stock Exchange on Wednesday, according to White House press secretary Josh Earnest.

Earnest said that President Obama had been briefed, and that “effective communication” between private sector officials and public officials in charge of cybersecurity was taking place.

Although the current situation is not due to a cyberattack, Earnest asserted that the federal government’s “security posture is continually evolving to reflect the current threat environment.”

NYSE Suspends Trading Of All Securities Due To Technical Problems (Updated)

NYSE Suspends Trading Of All Securities Due To Technical Problems (Updated)

NEW YORK (Reuters) – The NYSE Group, which includes the New York Stock Exchange, has suspended trading in all securities due to technical difficulties, the unit of Intercontinental Exchange Inc said on Wednesday.

“We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market reopen,” a spokeswoman for the exchange operator said in a statement.

The stocks continue to trade on other exchanges, such as those run by Nasdaq OMX Group and BATS Global Markets.

“It’s under control,” Mark Otto of market maker J. Streicher & Co in New York said on the NYSE floor. “We’re just waiting for word. There’s no sign of panic at all.”

The issues at NYSE came on the same day that computer problems led United Airlines to ground all its flights for about two hours.

The U.S. Department of Homeland Security said there were no signs” that the problems at NYSE and United Airlines stemmed from “malicious activity,” CNN reported.

The New York Stock Exchange accounted for about 13.4 percent of all equities volume last month and 12.5 percent Tuesday according to BATS Global Markets data.

Update: Trading on the New York Stock Exchange resumed late Wednesday afternoon, more than three hours after a technical outage halted activity on its own venues.

Investors had been able to continue trading in NYSE-listed stocks throughout the outage as orders were routed to other exchanges.

(Reporting by John McCrank; Additional reporting by Rodrigo Campos and Caroline Valetkevitch; Editing by Lisa Von Ahn)

Photo: Traders, governors, and members of the New York Stock Exchange discuss what is happening following a halt in trading on the floor of the exchange in New York, July 8, 2015. Reuters/Lucas Jackson