US Banks Hit By Russian Cyber Attacks

The Russia-Ukraine war is being bitterly fought, both on the ground and online, with politicians and cyber security experts alike warning of potential attacks against the US financial industry in general as well as banking.  Now, as predicted at the outset of the attempted invasion of Ukraine, US banks are currently under advanced and sustained cyber attack from Russian connected hackers.

This comes after the western allies have implemented unprecedented, crushing sanctions against Russia since it invaded Ukraine. The impact on the Russian economy has been severe, and many experts believe the Kremlin has vigorously retaliated with cyber attacks.

The large US banks JP Morgan, Citigroup, Bank of America, Goldman Sachs, are often attacked by cyber criminals looking to disrupt operations and steal client information. The usual suspects are most often located in Iran, China and now more often Russia.

Cyber security experts are saying that  financial institutions face particular risks in a less well understood area of their business - the now ubiquitous artificial-intelligence (AI) technologies that handle everything from lending to automated trading are also at risk from attacks.

Attacks by Russia and its operatives are likely to intensify as sanctions and the associated economic toll increase,” said Dan Katz, cyber security and data privacy director at Mazars, a leading financial services consultancy. "Russian attacks on a wide variety of organisations continue to strongly target financial services organisations,” he commented.  This is not only due to the major role of the financial and payments industries play in the global critical infrastructure, and potential data and monetary profits to be had, but also because many US banks still rely on fairly complex or siloed core systems, which are often much trickier to protect.

The US Cybersecurity & Infrastructure Security Agency (CISA) says that their intelligence suggests that the Russian government is continuing to explore cyber attack opportunities 

“Evolving intelligence indicates that the Russian Government is exploring options for potential (new) cyber attacks. Every organisation, large and small, must be prepared to respond to disruptive cyber incidents... As the nation’s cyber defense agency, CISA stands ready to help organisations prepare for, respond to, and mitigate the impact of cyber attacks,”  CISA warned in a recent update.  

Experts are also saying that consumers should also be more concerned about small scale attacks, especially in relation to protecting their personal data. 

Knowing how cyber attacks work, and what you can do to prevent your data from being compromised, is key to preventing your personal information from being breached. But, it’s important to note that there is no perfect way to fully protect yourself from data breaches and continuous checking and staff training is required.

CISA:     Reuters:     WSJ:     SC Magazine:     SC Magazine:     Forbes:    American Banker:    NYPost:  

You Might Also Read: 

Cyber Attacks On Ukraine Step Up The Pressure:

 

« Fraud Online & On The Telephone
Can A Cybercrime Convention For All Be Achieved? »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Resecurity, Inc.

Resecurity, Inc.

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

CIRCL

CIRCL

CIRCL is the national Computer Incident Response Center of Luxembourg

Joe Security

Joe Security

Joe Security specializes in the development of automated malware analysis systems for malware detection and forensics.

IMS Networks

IMS Networks

IMS Networks specializes in the design and management of high criticality networks and telecoms services including network security and Managed Security Services.

Oceania Cyber Security Centre (OCSC)

Oceania Cyber Security Centre (OCSC)

OCSC engages with government and industry to conduct research, develop training opportunities and build capacity for responding to current and emerging cyber security issues.

At-Bay

At-Bay

At-Bay offer an end-to-end solution to cyber risk with comprehensive risk assessment, a tailored cyber insurance policy and year-long, active, risk-management service.

GrrCON

GrrCON

GrrCON is an information security and hacking conference that provides the Midwest InfoSec community with a fun atmosphere to come together and engage with like minded people.

Document Security Systems (DSS)

Document Security Systems (DSS)

DSS anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification.

oneclick

oneclick

oneclick is a central access and distribution platform in the cloud, enabling the management of the entire technology stack for application provisioning.

Swiss It Security Group

Swiss It Security Group

Swiss It Security Group offers clients complete IT security concepts based on innovative solutions and technology, with a focus on protection, detection and defence.

Verica

Verica

Verica uses chaos engineering to make systems more secure and less vulnerable to costly incidents.

Novacoast

Novacoast

Novacoast helps organizations find, create & implement solutions for a powerful security posture through advisory, engineering, development & managed services.

Pillar Technology Partners

Pillar Technology Partners

Pillar Technology Partners is an Information Security Company with a focus on improving Cyber Risk and optimizing the processes and technology that underpin the security of your information assets.

Crispmind

Crispmind

Crispmind creates innovative solutions to some of today’s most challenging technology problems.

Levio

Levio

Levio is a digital native business and technology consulting firm. As a true partner from start to finish, our goal is a long-lasting transformation that’s right for your business model.

Bitdefender Voyager Ventures (BVV)

Bitdefender Voyager Ventures (BVV)

Bitdefender Voyager Ventures is an early-stage investment vehicle focused on cybersecurity, data analytics and automation startups.

GlassHouse Technology

GlassHouse Technology

GlassHouse supports customers in their digitalization journey with our deep technical expertise in Managed Cloud and Security Services, SAP Infrastructure Service and Business Continuity Services.