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New Banking Malware Steals $4 Million From US Banks In 3 Days - expert comment
April 2016 by Fraser Kyne, regional SE director at Bromium
Yesterday, Forbes broke the news that researchers at IBM have discovered a new piece of malware that has stolen $4 million from more than 24 American and Canadian banks in just a few days. The hackers combined code from two malware types, known as Nymaim and Gozi, to create GozNym, a Trojan both persistent and powerful. Numerous credit unions and popular e-commerce platforms were also said to have been targeted.
Fraser Kyne, regional SE director at Bromium:
"This is *yet more* proof of the inadequacy of existing defences, and the futility of detection. These attacks will continue to grow, as they clearly work. Unless we move towards robust systems that can protect themselves by design, then we will continue to operate in a world where we are woefully ill-equipped to defend ourselves.
The only meaningful model of defence is hardware-isolation through virtualization. It’s not theoretical: it’s real and it’s already being used to provide robust protection for the enlightened organisations who realise that it’s the only practical way forwards. These businesses will see these types of attacks, and simply shrug and say “this won’t hurt us”."
