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Five Charged In Hacking Of Financial Companies

Thursday, July 25, 2013 - 3:38 PM
From the New York Times
Federal prosecutors on Thursday brought what they called the largest hacking and data breach case in the country, charging five people with running an organization that hacked the computer networks of more than a dozen corporations, stealing and selling at least 160 million credit and debit card numbers.

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600
1. Thursday, July 25, 2013 - 6:58 PM
According to the Christian Science Monitor via Yahoo Finance:
After downloading card numbers and related data, the conspirators resold the data to theft wholesalers worldwide. Smilianets charged roughly $10 for each stolen American credit card number and its data, $50 for each European credit card number and data and $15 for each Canadian credit card number and its associated data. Discount pricing was given bulk and repeat customers.

...It’s unclear from the indictment just what Kalinin was doing on the NASDAQ server. But such direct attacks on financial exchanges are part of a growing trend, the World Federation of Exchanges (WFE) reported this month. Some 53 percent of group’s member exchanges reported that they had endured a cyberattack in the past year .In a few cases, denial of service cyberattacks – which flood the systems with fake requests in order to overload servers – forced trading to halt briefly, although trading platforms have not been directly breached, the WFE report said.

Cybersecurity experts worry that the trend could become a far worse threat than credit card thefts.

“The worst cyber threats that the financial sector will soon be facing may not be thefts of money,” wrote Scott Borg, director and chief economist of the US Cyber Consequences Unit, a think tank advising government, in a recent report.

Future cyberattacks could target the information that financial service corporations and their clients use “to create and capture value and to maintain market integrity,” he wrote. “Some of the new cyber attacks will simply aim to steal this information. Others will attempt to alter or manipulate it to create business and market effects.”

Law enforcement authorities echoed that view Thursday.

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Cyber criminals will soon be preying on the financial system itself and not limiting themselves to individual accounts.
pearlbrownpearlbrown1,465 posts since
Nov 2, 2010
Rep Points: 6,373