On Tuesday, the mobile app and the web site for ‘Charles Schwab & Co.’ were offline for more than an hour. According to the company, the problem occurred due to a denial of service attack.
A statement released by the company said that the problem occurred shortly before the closing of today’s stock market. The website experienced an unusually high volume of traffic that the company believed to be related to a DDoS or denial-of-service attack. The offline phage lasted for nearly one hour and forty minutes. The company apologized to their clients for the hassle.
The San Francisco discount brokerage company reported that their customers could place trades and call though call volumes were high for a short time just before the market close.
However, an unusual outage can cost highly to a pioneer in online brokerage like Schwab. The customers could be kept from making profitable trades due to such an online outage, as they have to rely on quick trade execution.