Igor Baikalov, former head of security intelligence for Bank of America, who is now chief scientist for Securonix, commented on the news of the arrest of several individuals in association with the JP Morgan Chase data breach.
Igor Baikalov, Chief Scientist for Securonix :
“There’s a clear trend of increasing complexity of digital crime. It’s no longer a simple hit-and-run, like account hijacking or indiscriminate spam. Now it’s an elaborate multi-layered, multi-stage fraud scheme that requires a team of criminal specialists to carry out.
Just like money, it evolved from barter trading exchange to global markets and around the clock bitcoin trading. With the fully functioning underground market for malware kits, botnet rental, money mules, and Exploit-As-A-Service offerings, bank robbers of digital age enjoy collaboration, component reuse, and division of labor. The latter makes already challenging attribution of the attack even more difficult: the fact that the network connections originated in one geographic locale or that financial transactions were traced to another one does not necessarily point to the perpetrators, but most likely to various parts of the distributed infrastructure whose legitimate owners might not be even aware of the attack.”