banks as a smoke screen to divert attention while they executed an Ocean’s 11-style wire transfer fraud, according to Gartner banking security analyst Avivah Litan. Then in mid 2013, a copycat group of profit-minded hackers conducted denial of service attacks against certain U.S. sanctions on Iran intended to deter that nation’s nuclear program. Joe Lieberman, I-Conn., accused Iran of targeting the American financial system in retaliation for U.S.
Knocked off line at various times were Bank of America, Charles Schwab & Co., American Express, Wells Fargo, JP Morgan Chase, Citibank and SunTrust. Starting in September 2012 and continuing into early 2013, the Iranian hacking collective - Cyber Fighters of Izz ad-Din al-Qassam - carried out wave after wave of denial of service attacks that overwhelmed the expensive security systems of U.S. It has been speculated, but never confirmed, that those hackers must have grabbed insider information and probably used it to game the market. In February 2011, Nasdaq disclosed “suspicious files” were found lurking on a server supporting Nasdaq’s Directors Desk, a cloud-based collaboration service for company board members and senior executives. Was this a case of hacking for criminal profit, or was it more of a nation state, strategic warfare attack? And the core questions are sounding awfully familiar. JPMorgan’s 8K filing raises more questions than it answers. Not only are we getting numb, our collective memory is getting shorter. “People are becoming numb and conditioned to not even really notice anymore, and that's dangerous.” “The cyber security landscape is so fraught with apathy, incompetence and improper and incorrect implementations of a security posture that these breaches just continue to happen,” says Paul Ferguson, director of threat intelligence at network monitoring firm Internet Identity. The irony is that organized crime rings and nation state spies are proving more efficient and innovative at leveraging the Internet than the good guys. Our rush to leverage the Internet for legit commerce has spawned marginally ethical business ventures while also creating vast criminal opportunities. The Internet was never meant to handle secure transactions, nor preserve an individual’s privacy.
Why is this happening? In a larger sense, this is occurring because tech companies, telecoms, media giants, retailers, the banking sector and now even car makers and refrigerator makers continue to push more and more commerce into the Internet cloud and onto mobile devices. Meanwhile, cyber forensics firms Mandiant, Kroll, Stroz Friedberg and FTI Consulting find themselves booked solid with Wall Street clients, a source who works in the field recently told ThirdCertainty. Most breaches sooner or later get discovered and then get mitigated as quietly as possible. The result is that disclosures of major breaches, like the one JP Morgan was compelled to reveal in this terse SEC filing, occur only sporadically.
Wall Street is expending enormous resources just to keep the attackers mostly in check. This is not something the financial sector cares to discuss publicly.īut make no mistake. The motive: simple greed, but also ideological fervor – and sometimes both. These cyber attacks against America’s financial infrastructure are sophisticated, well-funded and highly-coordinated. And in this case, the most sophisticated, well-funded and determined cyber attackers have been relentlessly hammering on banks, fund managers, brokerage houses, stock exchanges and the like since at least 2011. financial services sector has endured for at least the past three years.Ĭriminals go where the money is. JPMorgan’s cryptic disclosure that hackers compromised the data of more than 76 million of its consumer patrons - and 7 million small business clients - may seem stunning.īut it reflects just a sliver of the withering bombardment the U.S. JPMorgan Breach Hints at Financial Sector Bombardmentīy Byron Acohido, ThirdCertainty, Oct.
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