Russian Cyber Attacks Towards US Banks Increasing

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Russia appears to have formally declared cyberwar on the US, taking what’s been described as preliminary steps at crippling its banking system and presumably different major industries, The Submit has learned.

The Biden administration has been working with financial institution executives for months about making ready for cyberattacks as retaliation over US sanctions.

The big US banks - JP Morgan, Citigroup, Financial institution of America, Goldman Sachs - are underneath constant assaults by cyber criminals seeking to disrupt operations and steal client data. The same old suspects are most frequently positioned in Iran, China and, of course, Russia.

Bank executives inform The Publish they’ve spent billions of dollars yearly to guard against cyber criminals, but they say the current wave of assaults is totally different. Sources describe them as a subtle however intensified assault on banks’ technological infrastructure that started after the sanctions over Ukraine had been introduced.

Executives declined to comment on the document, fearing that any feedback will embolden the cyber criminals and their proxies in the Russian authorities. They referred calls to the Monetary Providers Information Sharing and Evaluation Center, a cybersecurity banking business consortium.

A spokesman for the group mentioned in an announcement: “We are in shut communication with our member companies and relevant authorities world wide to observe cyber exercise against the financial sector. At this time, the sector is not seeing any significant threats attributable to any geographic origin. We continue to actively assess the state of affairs by means of enhanced monitoring and cross-border menace intelligence sharing across the financial providers sector.”

But one govt from an enormous bank who is authorized to speak to the press says the trade consensus is that the Russian authorities is behind latest assaults.


A minimum of thus far, there have been no real breaches, this govt instructed The Post.
Press officials from JP Morgan, Citigroup, Financial institution of America, Goldman Sachs and Morgan Stanley had no remark.


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Herb Lin, a senior research scholar at the middle for International Safety and Cooperation at Stanford University, informed The Submit that the monetary sector is probably the perfect protected of all industries because it has spent billions in stopping cyber fraud.

“Other industries definitely at risk from attack,” Lin said. “I suppose the water utility corporations could be a weak spot as they’re not known for their cybersecurity.”

Russian cyber criminals have been behind last year’s cyberattack in opposition to the nation’s largest meat producer, JBS, and the ransomware shutdown of the Colonial Pipeline, the nation’s largest fuel distributor.

Whereas the Kremlin usually denies ties to those groups, US intelligence officials imagine the hackers have at the least tacit assist from Russian dictator Vladimir Putin.

In email security , Bank of America CEO Brian Moynihan made some headlines when he informed the monetary network CNBC that his huge financial institution - the nation’s second-largest in accordance with belongings - spends $1 billion a 12 months on cyber protections, effectively up from the about $400 million it spent when he first turned CEO eleven years prior.

“Banks are attacked each day from a number of cybercriminals and the attacks could also be within the thousands over a year’s time frame,” said veteran financial institution analyst Dick Bove of Odeon Capital Group. “These companies have spent billions to ward off these attacks. Periodically one thing gets via.