IMF Reports Major Security Breach by Hackers

It’s been revealed by the International Monetary Fund (IMF) that it has been hit with a serious cyber attack. Some systems were compromised and used to get internal data during the attack. Cyber security expert Tom Kellerman, who serves on the International Cyber Security Protection Alliance and has worked for the IMF and World Bank, says that the hacking could have supplied a good amount of non-public economic data. The attack was targeted, as the code that the hacker(s) used was specifically developed for an attack on the group.

News about the cyber attack was revealed in a June 8 internal memo that Jonathan Palmer, the chief information officer for the IMF, issued to staff. He said that suspicious file transfers were detected and that they found a desktop computer had been compromised to get access to some Fund systems. He didn’t believe, however, that the attacker was seeking personal information for fraud purposes.

An investigation has found that the cyber attack was seeking to get more access into the institution’s computers, and experts have been reported saying that the systems were being attacked for several months. They say that it appears the source is a ‘nation state’ wanting to have a ‘digital insider presence’ into the group, which oversees the global financial system.

When the attack was discovered, the World Bank says it cut off its network connection with the group as a precaution - even though only non-sensitive information had been shared. The IMF also says that its operations are running normal without any issues, while an investigation is conducted by the FBI.