Report shows Banks’ Cyber Attackers Are Sponsored by Iran, Using Cloud Computing

Grazed from American Banker. Author: Brian Browdie.

A string of cyberattacks that has bedeviled some of the nation’s biggest banks appears to have a state sponsor who is taking the battle to the cloud. The know-how required to mount the attacks, which have slowed the websites of at least six U.S. banks since December, has persuaded U.S. officials that the disruptions are the work of Iran, The New York Times reported Tuesday.

Though security experts have previously tied Iran to the onslaught, whoever is behind the attacks has showed an ability to shift tactics in ways that has left banks vulnerable, according to security experts. The experts also say that regardless of whether Iran is waging the attacks, cyber thieves from around the globe may be piggybacking on the onslaught to commit fraud…

In the attacks that some banks have endured since September, perpetrators have tapped protocols that render transactions secure via encryption, according to Carl Herberger, a vice president of security solutions at Radware, a security firm that has investigated the assaults on behalf of cloud computing providers and financial institutions…

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