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Globix Launch On-Line Retail ‘Insurance’ Scheme for Christmas Publication date: Tuesday, 02 November 2004 Traffic Cleaning Service for ecommerce sites during Christmas trading Period as research shows 400% increase in attacks November 02, 2004, Globix announced today the immediate availability of a ‘Hacker Defence Service’ for all on-line retailers and e-commerce sites specifically in the run-up to Christmas. On-line retailers concerned about such hacker attacks, designed to bring down their sites, (DDOS, Syn Flood or other blended types of brute force attacks) are now able to dynamically re-route Internet traffic to Globix's traffic cleaning service. Offered as an initial 3-month package, corrupt traffic is ‘off-loaded’ and legitimate traffic is passed back to clients for processing, without the user’s knowledge. This service is launched against this backdrop of anticipated growth in on-line trading and the likely increase in assaults on the UK’s online retail sector during the Christmas period. Recent research by IMRG indicates that UK consumers are investing in PC’s and Internet connections to the tune of six billion pounds a year. Over 12.5 million households in the UK currently have on-line facilities, of which 5 million are equipped with Broadband. In addition to this, further research* reveals that for the first 6 months of 2004, ecommerce sites represented the single biggest market sector under attack from hackers, a more than fourfold increase from the last 6 months of 2003 (4% of attacks to 16% of attacks), and the trend continues. According to Mr Philip Cheek, MD at Globix UK, “Pure play on-line retailers see around 80% of their annual trade in the run-up to Christmas and it is during this period they are vulnerable to criminal gangs looking to extort money by bringing their sites down through brute force attacks. These gangs prey on sites that have the characteristics of time critical, high volume transactions.’ ‘Through-out the year these attacks have created mayhem in the on-line gaming sector and more recently, on-line payment portals like World Pay, have come under attack. With the start of the Christmas trade upon us, the most obvious targets are now on-line retailers. If a retail site is down or unavailable that business transaction could be lost as the buyer will simply go elsewhere.” The service provided by Globix offers an insurance against this type of threat with low entry-level premiums and volume-linked usage fees. The research by IMRG also revealed that on-line shopping has increased its market share this year to 6% of all retail sales and is set to rise to over 10% next year, a figure equivalent to twice the market-share gained by Catalogue and Mail-Order sales. Mr Cheek went on to say, “It’s clear that Internet shopping is finally coming of age. Regrettably though, with that has come the less desirable aspect of modern-day protection rackets. It is for these reasons that we feel this is an excellent time to launch this service and demonstrate that Globix is able to deliver dynamic security solutions to mitigate these threats and to respond to client needs.” The service uses brute force Intrusion Prevention Systems from Top Layer Networks, the company responsible for stopping many of the attacks experienced this year on the gaming and on-line payment sites. It can be fully functional within 24 hours of ordering, with no disruption to existing services. About Globix Globix Corporation (OTCBB:GBXX) is a leading provider of application, media and infrastructure management services. Globix provides flexible business solutions that combine skills, support, technology and experience to enable our customers to use the Internet as a way to provide business benefits and sustain a competitive advantage. By managing complex application, media and infrastructure environments, Globix help its clients protect Internet revenue streams, improve user satisfaction and reduce technology operating costs and risks. Globix clients include operating divisions of Fortune 100 companies as well as mid-sized enterprises in a number of vertical markets including media and publishing, technology, financial services, health care and government. Globix and its subsidiaries have operations in New York, NY; London, UK; Santa Clara, CA; Fairfield, NJ; Fairfax, VA; and Atlanta, GA. For more information, visit the Globix Website at http://www.globix.com. Contact: Barrie Desmond/Kira Hutchinson - Cohesive Communications – 7 Appendix Counting the cost Studies conducted by Globix illustrate that losses experienced by ecommerce sites when off-line in critical trading periods are a factor of: - • Average trades per hour, multiplied by • Average value per trade, multiplied by • Number of hours the site is down. This is compounded by a factor associated with losing the customer for good (e.g. this customer now goes elsewhere to trade) and brand erosion caused because of the bad press and word-of-mouth damage. These factors combine to cause an exponential impact: - • Low Impact – 1.2 x lost revenue • Medium – 1.33 x lost revenue • High – 1.5 x lost revenue Example – So if a company selling unusual gadgets was taken off line for a day (12 hours) with an average transaction value of £35.00 and completed 500 transactions an hour – They would lose £210,000 worth of revenue. Let’s assume the event had a low compounded effect (£210,000 X 1.2) the REAL cost would be over £250,000. Remember – this cost does not include added costs of IT remediation and increased customer service resource and the added cost for managing PR etc. And during the run-up to Christmas where e-traders generate around 80% of their revenue, the impact is exponential – e.g. 10 times the effect it would have on a normal day of trading. • Symantec Internet Security Threat Report, Jan – June 2004 |
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