Communicating During a Cyber Attack: The Role of an Internal Hoot Network

Introduction: The Rising Threat of Cyber Attacks

Worldwide, cybercrime cost companies an estimated $8 trillion in 2023, a staggering number that is expected to rise to nearly $24 trillion by 2027.

2024 saw a surge in ransomware attacks targeting investment banks. One recent attack occurred in London, where the cyber-criminal group Hunters International claimed to have stolen over 5.2 million files from the London branch of the Industrial and Commercial Bank of China (ICBC). This marked the second ransomware attack against ICBC, following a 2023 incident that disrupted the bank’s ability to settle U.S. Treasury and equity trades.

The financial and reputational costs of these breaches are difficult to quantify, but their impact is undeniable. As a result, cybersecurity has become a top priority for both corporate leaders and government decision-makers globally with firms committing between 4% and 20% of their IT budget to cybersecurity.

With the introduction of the Digital Operational Resilience Act (DORA) in early Jan 2025, organisations must now ensure they can withstand, respond to, and recover from cyber incidents. However, one critical area that often gets overlooked is how to effectively communicate internally during an attack.

Ask yourself: Could your teams still communicate, coordinate, and keep operations running if your cloud-based collaboration tools—such as e-Mail, Microsoft Teams, or Slack—go offline due to a cyber incident? Could your middle or back-office staff still pass critical market information to your front-office traders?

This is where an internal Hoot network, like that from Speakerbus, can serve as a crucial tool, ensuring teams remain connected - even when primary systems fail.

The Impact of Cyber Attacks on Team Collaboration

Cyber-attacks don’t just compromise data; they disrupt the very fabric of operational and trading efficiency.

Let's consider the impact:

• Ransomware Attacks: could lock businesses out of their networks, preventing employees from accessing email or collaboration tools.
• DDoS Attacks: can overwhelm servers, leading to widespread outages and communication blackouts.
• Data Breaches: may force IT teams to temporarily shut down critical systems to contain the spread.

When financial institutions rely solely on a primarily internet-based communication tools, a single attack could leave them in the dark. This lack of communication during a crisis can worsen the situation, delaying response times while increasing financial and reputational damage. DORA aims to highlight and minimise these risks by forcing businesses to review and test their systems and implement continuity plans, ensuring any disruptions are minimised. 

The Importance of an Internal, Resilient Communication Network

An internal Hoot-n-Holler network is a secure, isolated communication system that operates independently from the company’s primary IT infrastructure. Unlike typical cloud-based services, a Hoot network is designed to function even during major cyber incidents.

Here’s why Hoots matters:

• Resilience: Ensures continuous team communication, even if primary systems fail.
• Security: Operates independently from internet-based services, reducing vulnerabilities.
• Continuity: Helps teams coordinate real-time efforts to contain and mitigate cyber threats.
• Compliance: Aligns with DORA’s operational resilience and crisis response capabilities requirements.

How a Hoot Network Supports Communication During a Cyber Attack

When an organisation is hit by a cyber-attack, having an internal, independent communication system could mean the difference between rapid recovery and prolonged downtime.

A Hoot network ensures:

1. Immediate Crisis Response: Employees can receive leadership updates and instructions without relying on compromised systems.
2. Operational Coordination: IT and security teams can work together to assess and contain the threat.
3. Business Continuity: Critical departments can continue functioning with minimum disruption.
4. Reduced Confusion and Panic: Traders and support staff remain informed, reducing speculation and misinformation.

Implementing an Internal Hoot Network: Practical Steps

To integrate an internal Hoot network into your organisation’s resilience plan, consider the following steps:

1. 1. Assess Vulnerabilities – Identify potential weak points in your current communication infrastructure.
   2. Deploy an Isolated Network - Set up an internal system that does not rely on the business's core internet or external cloud providers.
   3. Train Employees – Conduct drills and simulations to ensure employees know how to access and use the Hoot network during a crisis.
   4. Monitor and Update – As per DORA requirements, regularly test and refine the system to keep it operational and secure.

The Trading Speaker - Additional Advantages

The Trading Speaker (also known as Hoot-n-Holler or Squawk box), in addition to providing fast internal communication, Speakers play a crucial role in ensuring seamless information flow within trading environments.

These devices facilitate rapid decision-making by providing instant access to market updates, internal teams, and external counterparties, reinforcing overall operational resilience.

Available as hard or soft endpoints, they offer flexibility as to how they are deployed.

The main difference to a Telephone or Turret/Dealerboard is that a Trading Speaker typically has no telephony call capability; these devices are more focused with fewer call types, usually supporting private wires, hoots and intercom and take up a smaller desktop footprint.

The following points highlight the benefits of these dedicated communication tools.

1. Collaboration in Shared Spaces: On trading floors or collaborative trading environments, traders use speakers to broadcast information to colleagues and counterparties. Traders rely on Hoot Speakers to disseminate market updates, news, or announcements to a broader audience within the trading workflow.
2. Monitoring Multiple Streams: Traders must monitor multiple information sources simultaneously, including market data feeds, news, and communication channels. Using speakers can provide an audible alert for essential updates, allowing traders to stay informed without relying on constantly monitoring multiple windows.
3. Extending Conference Calls and Morning Meetings: Traders engage in conference calls and meetings for strategy discussions, market analysis, and decision-making. Speakers can be used to ensure that everyone can hear the conversation from any location.
4. Alerts and Team Notifications: Traders may use speakers to receive audible shouts or notifications for specific events, such as price movements, macro/microeconomic changes, or system updates. Auditory cues can be an additional layer of awareness, especially in fast-paced trading environments.
5. Hands-Free Communication: Speakers allow traders to participate in calls or discussions without the need to wear a headset continuously. While not as common as headsets, some traders prefer using speakers for hands-free communication using headsets for specific tasks.
6. Environmental Awareness: In some trading environments, traders must maintain awareness of their surroundings. Using speakers can allow them to stay connected to market updates and communication channels while remaining attentive to the ambient noise and activities in the trading room.

Talk to the Experts: Secure Your Communication Resilience

Speakerbus has been designing, developing, and deploying Hoot platforms for over four decades, providing robust and resilient communication solutions for businesses worldwide. Our largest clients make over 500,000 calls a month using their inter-office Intercom and Hoot network.

We offer cutting-edge collaborative Trader Voice platforms designed to keep your teams connected.

Our solutions provide real-time, secure, and independent communication channels that ensure operational continuity even when primary systems fail. With a proven track record in financial markets and mission-critical environments such as Command and Control (C2), Speakerbus is the trusted choice for organisations looking to enhance their resilience under new DORA regulations.

Conclusion: Future-Proofing Your Communication Strategy

With DORA now being enforced, resilience isn’t just about cybersecurity but operational continuity too. Businesses must ensure they can maintain secure, uninterrupted communication during cyber incidents. Implementing an internal Hoot network as part of your cyber resilience strategy and operational continuity will safeguard your teams from an attack's chaos and financial loss.

Don’t wait for a crisis to test your communication readiness. Evaluate your internal network resilience today and ensure your key teams stay connected, no matter what challenges arise.

Let's Talk

Contact one of our local centres of excellence to arrange a personalised demonstration today and learn how our trader voice solutions can enhance operational resilience and keep your teams connected during critical situations.