Sick and tired of going to your bank's website and finding it down? You may be in luck.
A hacktivist group claiming responsibility for a string of cyberattacks against bank websites has suspended its operations after YouTube took down a controversial movie about the life of the Muslim prophet Mohammed.
The group, which calls itself the Izz ad-Din al-Qassam Cyber Fighters, had targeted the websites of many of the nation's largest banks, including JPMorgan Chase & Co., Bank of America, Wells Fargo, Citibank and Capital One, with "distributed denial of service" attacks beginning in September.
DDoS attacks, as they're known, use a network of remotely controlled virus-infected computers to overwhelm a website with traffic, making it temporarily inaccessible, says Martin Lindner, principal engineer for CERT at Carnegie Mellon University's Software Engineering Institute.
"A DDoS is a traffic jam," Lindner says. "They are denying a legitimate user's ability to get to a service."
That task is made easier by the fact that bank websites are not set up to handle the massive amount of traffic launched in a DDoS attack, Lindner says. Unlike online retailers like Amazon who must stay online to do any type of business, banks may not necessarily want to spend the money required to boost capacity to the point where DDoS attacks are doomed to fail.
But while there's no evidence that customers' accounts were ever compromised, the attacks were costly for banks and customers, Lindner says. Considering the scale of the attacks, it's likely there were many bank customers with pressing business at their bank that ended up feeling the financial pain, he says.
"If you can't get to your bank to do that transaction, there will be ramifications," he says. "I'm sure there are people that were inconvenienced and it was painful."
Bank customers are increasingly dependent on the Web to access their accounts. A 2012 report by Javelin found that 83 percent of Internet-connected U.S. households use online banking.
Izz ad-Din al-Qassam claimed its attacks cost U.S. banks $30,000 for every minute their websites were down, but Lindner is skeptical of that number and most of the rest of the organization's claims.
"In the DDoS world, no one knows who's actually doing it," Linden says. "Anyone can claim they did it."
What do you think? Have you been inconvenienced by not being able to access your bank's website lately? Are you glad the attacks may be over?
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