Banking hack heist yields up to $1 billion

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Banking hack heist yields up to $1 billion

By Mike Snider and Kaja Whitehouse , USA TODAY. Source  usatoday.com

Capture An international hacking ring has stolen as much as $1 billion from more than 100 banks in 30 countries in what may be the biggest banking breach ever, a new report shows.

The scheme, which goes back as far as 2013, uses malware so sophisticated that hackers have used it to dispense cash from ATMs without any physical contact with the machines, according to the report by Moscow-based security firm Kaspersky Labs.

The hackers then sent mules to pick up the cash, according to the shocking report released Monday.

The malware used in the hacks, dubbed Carbanak, targets employees of banking institutions, rather than customers, and suggests a “new era in cybercrime” in which criminals go after institutions’ internal operations, the report said. Read More Here

About the Author
Basil Steele - After 36 years of service, he retired from Sandia National Laboratories as the Deputy Director for the Weapon and Force Protection Center in December 2011. At Sandia National Laboratories Basil served as a manager for video assessment technology in the security systems area and in 1986 was promoted to department manager of the Intrusion Detection Systems Technology division, which included exterior sensors, interior sensors, video technology, image processing, and control and display systems. In 1996, he became Program Manager for the Department of Energy Security Program. His business areas included the Department of Energy’s security programs, private industry, and other federal agencies. Four years later in 2000, he was promoted to a Sr. Manager. In 2001 Basil became the Sr. Manager for the Department of Defense Weapons Security Program Office which included all DoD physical security projects and DP funded R&D. He was promoted to Deputy Director in 2011.

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