It Was The Chinese Army That Hacked Equifax

US has charged four Chinese military officers for cyber-attacks on credit rating giant Equifax in 2017 and stealing the personal information of about 145 million Americans. Millions of Canadian and British customers were also affected by the cyber-attack, which has been described as one of the largest data breaches in history.

Between May and the end of July 2017, the hackers stole 145.5 million social security numbers and 209,000 payment card numbers and expiration dates as well as names and addresses and Equifax’s company secrets, according to US Law Enforcement officials.

The charges against the men include conspiracy to commit computer fraud, conspiracy to commit economic espionage and conspiracy to commit wire fraud.In an indictment handed up by a grand jury in Atlanta, the men face nine counts including conspiracy to commit computer fraud and conspiracy to commit economic espionage. 

Attorney General William Barr, who announced the charges, called it the latest example of what he said was a sweeping campaign by China's government to steal seemingly endless amounts of data from the United States. "Unfortunately, the Equifax hack fits a disturbing and unacceptable pattern of state-sponsored computer intrusions and thefts by China and its citizens that have targeted personally identifiable information, trade secrets and other confidential information," Barr said.

Equifax, which is based in Atlanta, compiles information on millions of Americans as part of the loan and finance system. Last year, it paid up to $700 million in fines and monetary relief to consumers.
The four men who have been charged are members of the 54th Research Institute of the People's Liberation Army, according to the indictment. 

Cyber Attack Access
The defendants illegally accessed Equifax's network through a vulnerability in the company's online dispute portal, prosecutors say. Once inside the system, they vacuumed up names, birth dates and social security numbers for 145 million Americans, nearly half of all Americans. They stole credit card numbers and other information for some 200,000 Americans as well as Equifax trade secrets, the indictment says."For years, we have witnessed China's voracious appetite for the personal data of Americans, including the theft of personnel records from the Office of Personnel Management, the intrusion into Marriott Hotels and Anthem health insurance companies, and now the wholesale theft of credit and other information from Equifax," Barr said.

"This data has economic value," he added, "and these thefts can feed China's development of artificial intelligence tools, as well as the creation of intelligence targeting packages."

The FBI's deputy director, David Bowdich, said there's no indication at this point that the stolen information has been used, including to target U.S. government officials. Prosecutors say the hackers tried to cover their tracks to avoid detection by routing their work through around 34 servers located in nearly 20 countries.

Cyber War 
The charges recently announced are the latest against Chinese or China-linked defendants in a string of Justice Department prosecutions, part of what Barr and other officials call a huge wave of espionage activity, including economic, directed at the US. 

Equifax CEO Mark Begor said in a statement on Monday that his company has tried to keep pace with cybersecurity but the sophistication of threats like that posed by China would test any company, or other targets. "Combating this challenge from well-financed nation-state actors that operate outside the rule of law is increasingly difficult," he said. "Fighting this cyberwar will require the type of open cooperation and partnership between government, law enforcement and private business that we have experienced firsthand."

Equifax was also fined £500,000 by the UK’s Information Commissioner’s Office for failing to protect the personal information of up to 15 million British consumers.

One year after the attacks Equifax reportedly spent more than £1 billion in clean-up costs and to overhaul its information security programme.As well as financial reimbursement, the company must also provide all of its US customers with six free credit reports every year for seven years.

NPR:     The Week:         DIGIT:      BBC:        Washington Examiner

You Might Also Read: 

The Financial Services Industry Just Does Not Get It:

Equifax: Insider Trading Charges:

 

 

« Cyber Attacks On Banks Could Trigger Financial Crisis
Labour Party Risks £15m Fine For Not protecting Members' Data »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 8,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

CloudDNA

CloudDNA

CloudDNA deliver solutions that enable users and devices to connect over high performance, secure, efficient, scalable cloud networks.

Interpol

Interpol

Interpol is the world’s largest international police organization. It is committed to the global fight against cybercrime, as well as tackling cyber-enabled crimes.

Jetico

Jetico

Jetico provides pure & simple data protection software for all sensitive information throughout the lifecycle. Solutions include data encryption and secure data erasure.

Authorize.Net

Authorize.Net

Authorize.Net is a Payment Gateway which provides the complex infrastructure and security necessary to ensure fast, reliable and secure transactions.

Protection Group International (PGI)

Protection Group International (PGI)

PGI helps organisations and governments to manage digital risk. From cyber security services to business intelligence, we help reduce the risks to your finances, reputation, assets and people.

Futurex

Futurex

Futurex is a globally recognized provider of enterprise-class data encryption solutions.

BankVault

BankVault

BankVault is a new type of cyber technology (called remote isolation) which sidesteps your local machine and any possible malware.

Anitian

Anitian

The Anitian Compliance Automation platform builds, configures, and monitors cloud environments to accelerate compliance for standards such as FedRAMP, PCI, ISO/GDPR and CJIS.

Accelerator Frankfurt

Accelerator Frankfurt

Accelerator Frankfurt is an independent go-to-market program focused on Fintech, Cybersecurity and Digital B2B startups.

Polaris Infosec

Polaris Infosec

Polaris Web Presence Protection (WPP) is powered by our proprietary artificial intelligence and machine learning engine to ensure that attacks are stopped before they affect your business.

Phoenix Cybersecurity

Phoenix Cybersecurity

Phoenix Cybersecurity Services and Managed Security Services help clients just like you take full advantage of leading cybersecurity technologies and industry best practices.

Point Predictive

Point Predictive

Point Predictive build Predictive Models using Artificial Intelligence and Machine Learning techniques that help our customers stop fraud and early payment default (EPD).

World Cyber Security Summit

World Cyber Security Summit

World Cyber Security Summit, by Trescon, is a thought-leadership driven platform for CISOs who are looking to explore new-age threats and the technologies/strategies that can help mitigate them.

Positka FSI Pte Ltd

Positka FSI Pte Ltd

Positka, being a Splunk Singapore partner, provides Splunk & Phantom Services, Cybersecurity & Risk Management, Analytics & Big Data, Lean Process Optimization, and Managed Security Services.

TIM Enterprise

TIM Enterprise

TIM Enterprise offers innovative, sustainable and secure 360-degree digital solutions to companies and public administrations.

NetSentries Technologies

NetSentries Technologies

NetSentries provide smart cybersecurity solutions and services to protect Governments, Enterprise and Individuals from threats through a comprehensive range of protocols, products and services.