Cyber attack on Iran’s banking system exposes sensitive data
Iran was hit by a massive cyber attack last month that threatened the stability of its banking system. Iranian authorities reportedly paid an undisclosed ransom to an anonymous group of hackers to prevent the release of sensitive account and credit card information from a large number of domestic banks.
The attack was attributed to IRLeaks, a group known for hacking Iranian companies. Initially, the hackers demanded $10 million in cryptocurrency, but later settled for a smaller amount. Iranian officials feared the data breach would destabilize the already fragile financial system under international sanctions.
The attack forced Iranian banks to close ATMs across the country. Although the break-in was reported by an opposition news broadcast, neither the suspected hackers nor the ransom demands were made public.
In response to the attack, Iran’s supreme leader accused the United States and Israel of instilling fear among the population without acknowledging the attack on the banks. However, experts believe the attack was likely carried out by freelance hackers who were out for financial gain.
The hackers gained access to the banks’ servers through a company called Tosan, which provides digital services to Iran’s financial sector. The hackers used Tosan as a vulnerability and pulled in data from both private banks and the central bank.
Iran’s financial sector is plagued by undercapitalisation and loans to the government, posing significant risks to the stability of the banking system. Despite these concerns, Iranians continue to rely on digital payments because of inflation and convenience.
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