World Wide Cyber Attack on Banks Reported

About $75 million has been stolen from bank accounts in a massive cyber bank heist after fraudsters raided dozens of financial institutions around the world.

According to a joint report by software security firm McAfee and Guardian Analytics, more than 60 firms have suffered from what it has called an “insider level of understanding.”

“The fraudsters’ objective in these attacks is to siphon large amounts from high balance accounts, hence the name chosen for this research — Operation High Roller,” the report said. “The total attempted fraud could be as high as €2 billion.”

The automated malicious software program was discovered to use servers to process thousands of attempted thefts from both commercial firms and private individuals. Credit unions, large multinational banks and regional banks have all been attacked.

The details of the global fraud come just a day after the boss of UK security service MI5 warned of the new cyber security threat to UK business.

Earlier this month U.S. Defense Secretary Leon Panetta warned a Senate panel that America faces “the potential for another Pearl Harbor” launched by enemies who have the capability to wield a cyberattack that would “paralyze this country.” Panetta made his remarks under questioning by Sen. Lindsey Graham (R-SC).

Earlier in the hearing, Panetta fielded questions on a potential cyberattack against the United States from Sen. Barbara Mikulski (D-MD), who asked him to elaborate on what he meant by a “digital Pearl Harbor,” whether the Defense Department has enough resources to deal with such a problem, and whether a sense of urgency was necessary.

“I think there has to be a greater sense of urgency with regards to the cyber potential not only now, but in the future,” said Panetta. “Obviously it’s a rapidly developing area. The reality is we are the target of literally hundreds of thousands of attacks every day. It’s not only aimed at government, it’s aimed at the private sector.”

We believe data security is a problem all companies need to take very seriously, with everything from internal data to electronic funds transfers at local banks.

Our Association will address steps needed to keep bank accounts secure with a special session during our Fall Convention in Jacksonville, FL.