Browse Definitions :
Definition

cyberheist

Contributor(s): Matthew Haughn

A cyberheist is a large scale monetary theft conducted through computer hacking, the online equivalent of the real-world bank heist.

 Cybercriminals often target one organization and steal a large amount in a short period of time -- much like the classic bank heist in which a criminal or criminals demand on-hand cash or break into a safe. In a cyberheist, large known accounts or institutions are often the focus; at other times the target may be many customer accounts that collectively contain a large sum of money.

Online banking accounts are often the targets of cyberheists. The accounts may be found through hacking or phishing campaigns and cashed out in a single operation. The theft may involve a specific bank’s customers or a single large account.

Credit cards, debit cards and bank accounts are also targets in cyberheists. Cybercriminals might steal track 2 data credit card or debit card data and use card embossers and magnetic strip encoders to create card clones. Point-of-sale malware is often used to acquire massive numbers of cards. In either case, the cybercriminals might use cloned credit cards for cashing out at ATMs or sell them on underground online sites.

In December 2012, for example, cybercriminals stole $45 million from two Middle Eastern institutions, the Bank of Muscat and RAKBANK. Withdrawals where made from 27 different countries through over 36,000 transactions. Forty million was stolen within 10 hours from Bank of Muscat, the larger of the two.  In May 2013 seven members of the New York cell of the group were arrested, with an eighth having been murdered in the Dominican Republic.

Crimeware kits used for cyberheists include Zeus, SpyEye and the Butterfly Bot.

This was last updated in January 2015

Continue Reading About cyberheist

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

SearchSecurity

SearchHealthIT

SearchDisasterRecovery

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

SearchStorage

  • RAID 6 (redundant array of independent disks)

    RAID 6, also known as double-parity RAID, uses two parity stripes on each disk. It allows for two disk failures within the RAID ...

  • hard disk drive (HDD)

    A computer hard disk drive (HDD) is a non-volatile memory hardware device that controls the positioning, reading and writing of ...

  • byte

    In most computer systems, a byte is a unit of data that is eight binary digits long. Bytes are often used to represent a ...

Close