$1 billion attack heralds new era of cyber risk

In what is being called the Ocean’s Eleven of cyber crime, a syndicate of international hackers have stolen over an estimated US$1 billion from more than 100 banks across the world.

Source: Insurance Business

The sophisticated attack has been running for over two years, and poses a continued threat for the financial services industry, and is said to usher in a “new and disturbing trend” in cyber crime and risk.
Kaspersky Lab, a global cyber security firm, detected the hack and produced a detailed report on the cyber activity of the hackers.
In a report produced by the company, they noted that while cyber attacks on banks are nothing new, they are “almost always” directed at customers, such as credit card fraud, never the institutions themselves.
“This time attackers are targeting financial entities directly in an unprecedented, determined, highly professional and coordinated attack, and using any means from the target to cash as much money out as possible, up to an apparently auto-imposed limit.”
Between one and nine IP addresses were attacked by the hackers in Australia, according to the detailed the report.

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