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

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

by: Bryon Turcotte  /  April 29, 2014

According to an article published on the Voice of Russia website, the United States government's planned sanctions against Russia have many financial institutions concerned about possible retaliation from hacker groups in that country. The article indicates that warnings concerning possible attacks against the "_computer networks of US banks and other companies_" come 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 of 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." However, 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 Smoker, 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 may happen in the future.

Written by Bryon Turcotte  /  April 29, 2014