Federal investigators are looking into reports of a cyber attack on US financial institutions.
Banks, including JPMorgan Chase & Co, appear regularly when looking at cyber events in Advisen’s Loss Insight database. JPMorgan was reportedly named a victim of this latest cyber attack–allegedly from Russia.
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Many of the events involving financial institutions are linked to distributed-denial-of-service attacks (DDoS) by a hacking group called the Izz ad-Din al-Qassam Cyber Fighters, utilizing a botnet named Brobot.
Additionally, banks registered an event in the database because they were involved in issuing new cards to customers following the late 2013 data breach at retailer Target.
In 2000 banks were not immune from the virus named I Love You, VBS or Love Bug, which also affected auto manufacturers, communication companies and even the Motion Picture Association of America. Government agencies were also hit by the virus.
Companies and government agencies reportedly suffered $15 billion in losses. Advisen divided the amount among all those affected.
Presumably due–at least in part–to the tactics used by the Cyber Fighters, system/network security violations (in dark red) have increased over the last two years for financial institutions. However, this industry is not an outlier. Network security disruptions are also accounting for more cyber cases for other industries.
