How Sophisticated Was Hack Attack on U.S. Banks?

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Aug. 28 (Bloomberg) –- Rand Corporation Researcher Lillian Ablon discusses the cyber market and the hack attack on U.S. banks. She speaks on “Bloomberg West.” (Source: Bloomberg)

Who focuses on computer crime and cyber warfare.

You are an expert on the black and gray cyber market.

What do you make of the attack?

How sophisticated it was?

Reports are talking about how the attackers used phone abilities emerge to -- in order to breach the banks.

These are software vulnerabilities for which no patch or fix exists in which the affected software vendor is not aware of it.

Having the knowledge is very exclusive and very important.

To develop an ex for -- for it, -- it is fairly amazing to me that of all companies, really the only bank out there that i know who had talked about fighting off hackers, talking about how much money they're spending in that effort, and how serious the problem is for them.

Jamie dimon actually talked about the specific amount.

Let me read the quote.

He said by the end of 2014, we will have spent $200 million annually with a profit -- with possibly 5 -- -- is anyone going to be safe by this attack?

The fact that the banks have been breached should serve as a cautionary tale for all companies in all businesses.

We need to be rethinking our security posture.

What do you mean?

Are they doing it wrong?

The way we think about businesses and have our economy, is to get that product out the door, to make money, to have our economy booming with products.

We really have functionality in mind first, rather than security very we do not necessarily a insecurity from the start.

Thanks think about security have a lease of the fact that banks can be breached like this should be a cause for all of us.

As far as we know, they have taken sensitive data, including files and customer information.

What happens to the information?

What are they planning to do with this information?

It depends.

To be clear, i am not sure if these are folks working for the black markets or if they are

This text has been automatically generated. It may not be 100% accurate.

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