Russian Hackers Make U.S. Banks Fearful After Planned Sanctions

The United States government’s planned sanctions against Russia have many financial institutions concerned about possible retaliation from hacker groups in that country, according to an article published on the Voice of Russia website. The article indicates that warnings concerning possible attacks against the “computer networks of US banks and other companies” come from from U.S. “authorities and security experts” who clarify that “Russian hackers previously attacked US servers more than once.

The article outlines information revealing the government’s review of a study which showcases the possibilities of a small group individuals with a “high level of expertise and knowledge” being “enough to cripple the US economy in a few days” but does not confirm if “the study explores the risk of cyber-counterattacks.” Experts in the cybersecurity field, according to the article, do confirm that Russian hackers are at “the top of world’s best at infiltrating networks” and “spreading malicious software” which when collecting data and evidence to reach a possible conclusion, banks, financial institutions and companies have a right to worry.

Paul Smocer, head of Citigroup and Bank of America’s technology policy division, was quoted in the article to say, “A cyber-attack is a real concern that we all need to have. Nation states’ ability to launch cyber-attacks is certainly real nowadays, and so in any conflict, I think that the possibility exists as we worry about escalation.” Russia’s “non-ending standoff with Ukraine” has prompted threats from the United States and its allies to “impose extra penalties” on the country and its “high-profile individuals with influence in banking” including close associates of President Putin himself, as the article states. As threats and sanctions escalate, experts huddled around these events agree that there are legitimate concerns considering the evidence at hand.

Read more about the possible repercussions from these events in the full article and what authorities feel what may happen in the future.

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