Back in 2011, a group of Iranian hackers launched a series of distributed denial-of-service (DDoS) attacks against nearly 50 U.S financial institutions. The attacks were alarming enough, disabling bank websites and preventing customers from accessing their online accounts. However, the situation became even more troubling when it was revealed that these attacks were sponsored and directed by the Iranian government.
Since then, nation-state cyberattacks have remained a top concern for cybersecurity professionals. Countries like Russia, China, and North Korea have joined Iran in being held responsible for these advanced persistent threats, commonly referred to as APTs. In a PaymentsJournal podcast, Stephanie Schneider, Cyber Threat Intelligence Analyst at LastPass, spoke with Tracy Kitten, Director of Fraud and Security at Javelin Strategy & Research, about what financial institutions can do to combat these threats from rogue nations.
The Big Four
The four nations carrying out these attacks are playing the long game. They’re patient, developing tools and tactics to achieve their objections, and essentially have an open checkbook to fund their operations. They’re also good at remaining undetected for as long as possible, allowing them to continuously siphon information or maintain access for future operations.
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