International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Thursday, September 4, 2014

Did Russian State Sponsored Hackers Attack 5 US Banks To Retaliate Against Sanctions?

Russian Hackers Said to Loot Gigabytes of Big Bank Data (By Michael Riley and Jordan Robertson of Bloomberg)

Russian hackers attacked JPMorgan Chase & Co. (JPM) and at least four other banks this month in a coordinated assault that resulted in the loss of gigabytes of customer data, according to two people familiar with the investigation.

At least one of the banks has linked the breach to Russian state-sponsored hackers, said one of the people. The FBI is investigating whether the attack could have been in retaliation for U.S.-imposed sanctions on Russia, said the second person, who also asked not to be identified, citing the continuing investigation.

Bloomberg reports that JP Morgan is now spending $250 million per year on cyber security.

Read previous Financial Law Prof Blog Post Son of Russian MP Captured and Arraigned for Distributing Credit Card Data of Thousands of Americans

And what about China state sponsored cybertage? 5 Chinese military indicted for cyber-stealing American nuclear power and other industrial secrets

Wall Street Journal Perspective 

Just to be contrarian: If the attack has to motivated by a cause other than greed, then what if - instead of the attack being motivated as a response to the most recent sanctions, the motivation was in response to the NSA hacking of Russian information systems (the Snowden affair)?   That the cyber-response to sanctions is yet to come...

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