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IMF hack opens door to global market fraud

In Tech on June 14, 2011 at 7:40 pm

By IB Times

The IMF security breach is bearing hallmarks of a sophisticated and targeted cyber-attack, putting sensitive global financial data at risk that may be used to manipulate markets.

The International Monetary Fund collects sensitive information about the financial systems of its 187 member nations.

If leaked, some data in IMF computer systems could be used to manipulate or profit from bonds and currencies around the world.

Tom Kellermann, a former cybersecurity specialist at the World Bank who has been tracking the incident, told the “Wall Street Journal” that the infiltration involved significant reconnaissance before the actual attack and code written specifically to penetrate the IMF.

“This isn’t malware you’ve seen before,” he said.

 It was much more difficult to detect and the concern was hackers intended to gather information…

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