Cyber Attacks on U.S. Banks Expose Computer Vulnerability

Cyber attacks on the biggest U.S. banks, including JPMorgan Chase & Co. (JPM) and Wells Fargo & Co., have breached some of the nation’s most advanced computer defenses and exposed the vulnerability of its infrastructure, said cybersecurity specialists tracking the assaults.

The attack, which a U.S. official yesterday said was waged by a still-unidentified group outside the country, flooded bank websites with traffic, rendering them unavailable to consumers and disrupting transactions for hours at a time.

While the group is using a method known as distributed denial-of-service, or DDoS, to overwhelm financial-industry websites with traffic from hijacked computers, the attacks have taken control of commercial servers that have much more power, according to the specialists.

“The notable thing is the volume and the scale of the traffic that’s been directed at these sites, and that’s very rare,” Dmitri Alperovitch, co-founder and chief technology officer of Palo Alto, California-based security firm CrowdStrike Inc. (0192981D), said in a phone interview.

Full article: Cyber Attacks on U.S. Banks Expose Computer Vulnerability (Bloomberg Businessweek)