Russian cyber attacks against US banks increasing


Russia seems to have formally declared cyberwar on the US, taking what’s been described as preliminary steps at crippling its banking system and presumably different main industries, the Post has discovered.

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

The massive US banks — JP Morgan, Citigroup, Bank of America, Goldman Sachs — are beneath fixed attacks by cyber criminals seeking to disrupt operations and steal consumer info. The regular suspects are most frequently positioned in Iran, China and naturally Russia.

Bank executives inform the Post they’ve spent billions of {dollars} yearly to guard against cyber criminals, however they are saying the current wave of attacks is completely different. Sources describe them as a delicate however intensified assault on banks’ technological infrastructure that started after the sanctions over Ukraine had been introduced.

Executives declined to touch upon the report, fearing that any feedback will embolden the cyber criminals and their proxies within the Russian authorities. They referred calls to Financial Services Information Sharing and Analysis Center, a cyber-security banking business consortium.

A spokesman for the group mentioned in a press release: “We are in close communication with our member firms and relevant authorities around the world to monitor cyber activity 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 situation through enhanced monitoring and cross-border threat intelligence sharing across the financial services sector.”

Citigroup is likely one of the establishments to notice a rise in cyberattacks since sanctions had been positioned on Russia.
Mark Lennihan

But one govt from an enormous financial institution who is permitted to talk to the press says the business consensus is that the Russia authorities is behind current attacks.

At least to date there have been no actual breaches this govt advised the Post.

Press officers from JP Morgan, Citigroup, Banks of America and Goldman Sachs and Morgan Stanley had no remark.

Get the newest updates within the Russia-Ukraine battle with the Post’s stay protection.

Herb Lin, a Senior Research Scholar on the Center for International Security and Cooperation at Stanford University, advised the Post that monetary sector might be one of the best protected of all industries as a result of it has spent billions in stopping cyber fraud.

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

Russian cyber criminals had been behind final year’s cyberattack against the nation’s largest meat producer, JBS, and the ransomware shutdown of the Colonial Pipeline, the nation’s largest gas distributor.

The US just lately imposed sanctions on Russia, in addition to blocking some Russian banks from SWIFT, the worldwide cost community.
Mark Baker

While the Kremlin typically denies ties to those teams, US intelligence officers imagine the hackers have at the least tacit help from Russian dictator Vladimir Putin.

In 2021, Bank of American CEO Brian Moynihan made some headlines when he advised the monetary community CNBC that his massive financial institution — the nation’s second largest in accordance with property — spends $1 billion a year on cyber protections, effectively up from about $400 million it spend when he first turned CEO 11 years prior.“

Banks are attacked day by day from a number of cybercriminals and the attacks could also be within the 1000’s over a year’s time-frame,” mentioned veteran financial institution analyst Dick Bove of Odeon Capital Group. “These companies have spent billions to ward off these attacks. Periodically something gets through. However, they have not destabilized the financial system.”