In the News / Legal Topics

$1billion stolen from world banks in systematic hack

The systematic theft of up to $10million a time has resulted in a reported 100 banks being stung across 30 countries worldwide.

Kaspersky Labs has said that a ‘professional’ hacking group has used basic phishing style techniques to infiltrate banks in Russia, the US, China and the UK, watching and waiting for months before taking action.  Online money transfers and programming ATMs to dispense large sums of cash have also been reported, raising concerns about just how far hackers are able to go.

With concerns about hacking in the news already, including the now infamous Sony hack last year, pressure is mounting on world powers to take action.

I joined the Arise business and world news team on 16 February 2015, to talk about what this means for consumers, privacy laws and government action.

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One thought on “$1billion stolen from world banks in systematic hack

  1. Pingback: TalkTalk reveals 157,000 affected by data breach | Kevin Poulter

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