The International Monetary Fund, the inter-governmental group that oversees the global financial system and brings together 187 member nations, has become the latest known target of a significant cyber attack.
A cyber security expert, who has worked for both the Washington-headquartered IMF and the World Bank, its sister institution, said the intruders' goal had been to install software that would give a nation state a "digital insider presence" on the IMF network. Such a presence could yield a trove of non-public economic data used by the Fund to promote exchange rate stability, support balanced international trade and provide resources to remedy members' balance-of-payments crises.
"It was a targeted attack," said Tom Kellerman, who has worked for both international financial institutions and who serves on the board of a group known as the International Cyber Security Protection Alliance. The code used in the IMF incident was developed specifically for the attack on the institution, said Kellerman, formerly responsible for cyber-intelligence within the World Bank's treasury team and now chief technology officer at Air Patrol, a cyber consultancy.
The attack on the IMF was the latest to become known in a rash of cyber break-ins that have targeted high-profile companies and institutions, often to steal secrets with potentially far-reaching economic implications. The list of victims includes Lockheed Martin Corp, Sony Corp and Citigroup Inc.
IMF spokesman David Hawley said Saturday the Fund was "fully functional," despite the attack. "I can confirm that we are investigating an incident," he said, adding that he was not in a position to elaborate on the extent of it. He declined to respond to requests for comment on Kellerman's conclusion about the intruders' goal.
The U.S. Federal Bureau of Investigation is helping to investigate the attack on the IMF, according to a U.S. Defense Department spokeswoman.
A cyber security expert, who has worked for both the Washington-headquartered IMF and the World Bank, its sister institution, said the intruders' goal had been to install software that would give a nation state a "digital insider presence" on the IMF network. Such a presence could yield a trove of non-public economic data used by the Fund to promote exchange rate stability, support balanced international trade and provide resources to remedy members' balance-of-payments crises.
"It was a targeted attack," said Tom Kellerman, who has worked for both international financial institutions and who serves on the board of a group known as the International Cyber Security Protection Alliance. The code used in the IMF incident was developed specifically for the attack on the institution, said Kellerman, formerly responsible for cyber-intelligence within the World Bank's treasury team and now chief technology officer at Air Patrol, a cyber consultancy.
The attack on the IMF was the latest to become known in a rash of cyber break-ins that have targeted high-profile companies and institutions, often to steal secrets with potentially far-reaching economic implications. The list of victims includes Lockheed Martin Corp, Sony Corp and Citigroup Inc.
IMF spokesman David Hawley said Saturday the Fund was "fully functional," despite the attack. "I can confirm that we are investigating an incident," he said, adding that he was not in a position to elaborate on the extent of it. He declined to respond to requests for comment on Kellerman's conclusion about the intruders' goal.
The U.S. Federal Bureau of Investigation is helping to investigate the attack on the IMF, according to a U.S. Defense Department spokeswoman.
