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Cyber attacks against US banks more severe than most realize

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The series of cyber attacks that repeatedly knocked major US banking websites offline in the past nine months has been more powerful than the general public realizes, government officials and security experts told the reporters at Cybersecurity Summit.


A self-described activist group, Cyber Fighters of Izz ad-din Al Qassam, has claimed credit for the distributed denial-of-service (DDoS) attacks that took down the websites of more than a dozen US banks for hours or even days at a time. Members of congressional intelligence committees say the attacks are sponsored by Iran and show its growing capability in cyberspace.US banks, Internet service providers and security companies "have had trouble keeping up with the recent DDoS attacks that have had the sophistication and the level of resources that a nation-state entity like Iran can devote to them," House Intelligence Committee Chairman Mike Rogers told reporters.

In three waves of attacks since September, consumers have reported inability to conduct online transactions at more than a dozen banks, including Wells Fargo & Co, Citigroup Inc , JPMorgan Chase & Co and Bank of America Corp . Banks have spent millions of dollars to fend off the hackers and restore service.In DDoS attacks, thousands of computers all try to contact a target website at the same time, overwhelming it with meaningless connections until it is rendered inaccessible.The banks have said little about their frantic efforts behind the scenes to restore websites, and industry groups have generally played down the impact and severity of the attacks.