Are banks ready for Project Blitzkrieg?

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Following a massive denial-of-service attack against big banks -- including Bank of America, Wells Fargo, Citigroup, JPMorgan Chase, PNC and others -- another threat has emerged.

CSO reports that a new attack, dubbed Project Blitzkrieg, is potentially in the offing, which could make the previous attack look small in comparison. The news comes at a time when yet more banks are continuing to grapple with denial of  service issues--regional banks have the most recently targeted--and as more government officials warns of massive infrastructure issue should a massive coordinated attack be mounted.

The source of the upcoming attack against banks apparently will not be Iran, which had been cited as the source in the earlier attack. The new source is expected to be Russia, and the motives might be different. One theory all along has been that the DOS attacks were part of some diversionary tactic masking an attempt to actually steal money. That idea has resurfaced, as the Russia-based criminals are apparently more interested in siphoning funds than making a political statement.

The real target may be less banks and rather bank customers. Criminals will attempt just about anything, from tricks to gain access to company accounts to ploys like adding many more names to a company's payroll. One of the experts who uncovered this new threat has blogged about it, writing: "If successfully launched, the full force of this mega heist may only be felt by targeted banks in a month or two. The spree's longevity, in turn, will depend on how fast banks and their security teams implement countermeasures against the heretofore-secret banking-Trojan." -Jim

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