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Hackers Targeted Russian Central Bank to Steal 2 Billion Rubles

Hackers have stolen 2 billion Rubles – more than US$31 million – from correspondent bank accounts at Russia’s central bank. Central bank official Artyom Sychyov said that the cyber attackers had attempted to steal some 5 billion Rubles, but had not succeeded.

The hackers had broken into the corresponding accounts held at the bank by forging a client’s credentials as per the reports. The banking institute said that it was able to recover around US$26 million of the stolen funds, part of which was said to be frozen in other bank accounts the hackers had used to move the cash. It remains unclear who was behind the attack however, or when the incident occurred.

The theft is the latest in a string of major cyber-attacks experienced around the world, prompting financial regulators to urge banks to step up their security measures. Russia’s central bank has also sent out special recommendations to banks across the country as to how they should prepare for additional attacks. In January this year, hackers gained access to an Ecudorian bank’s codes using SWIFT, the worldwide interbank communication network. The following month, US$81 million was stolen from Bangladesh central bank’s account at the U.S. Federal Reserve Bank in New York. Hackers had attempted to steal US$951 million from the Bangladesh Bank’s account, but were stopped before completing the heist.

News Characteristics

Date : Dec 03, 2016
Region : Europe
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk