(Reuters) – Cyber attacks on financial institutions are increasingly linked to citizens, leading to destructive and disturbing injuries rather than theft, according to a report by Carnegie Endowment for International Peace.
Of the 94 cases of cyber attack reported as financial crimes since 2007, the attacks behind 23 of them were considered state-sponsored, the majority coming from countries such as Iran, Russia, China and North Korea. The report was found.
The number of such cyber attacks linked to nations jumped to six in 2018 from two years 2017 and two in 2016, the report co-operated with British defense BAE Systems.
The report was shared with Reuters one day before the official release, emphasizing growing concern about the vulnerability of the financial system against threats to cybercrime.
US Federal Reserve chairman Jerome Powell and Japan's central bank governor Haruhiko Kuroda said earlier this year that cyber attacks are currently the biggest risk to financial institutions.
"Now banks must defend themselves against not only cybercrime and politically motivated disruptions, usually of a temporary nature, but large-scale theft that is being persecuted by a national country," said Tim Maurer, co-chairman of Carnegie Endowment for International Peace.
"This development of the threat has forced regulators and industry worldwide to shift its attention from mitigating specific specific risks to increasingly focusing on sector and systemic risks," Maurer said.
The report mentioned several examples of such attacks.
In January, state-backed hackers from North Korea infiltrated the bank of Chile's ATM network and siphoned by $ 1
In 2016, North Korean hackers conducted a $ 81 million heist by breaking Bangladesh Bank's system and using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network to send fraudulent transfer orders to the New York branch of the US central bank where the Dhaka bank have an account.
State-sponsored attacks relate to activities that include direct national activities and proxy activity is carried out by criminals and so-called hacktivists.