Iran’s Banking System Hit by Massive Cyber Attack

A recent cyber attack on Iran’s banking system has raised concerns about the country’s financial stability. According to reports, an Iranian company paid a multimillion-dollar ransom to prevent hackers from releasing sensitive data.

The attack, which affected at least 20 local banks, is believed to be the work of a group known as RLleaks. The hackers initially demanded $10 million in cryptocurrency in exchange for not releasing the stolen data, which included personal account information and credit card details of millions of Iranians.

The Attack’s Impact on Iran’s Financial System

The cyber attack has put a strain on Iran’s already volatile financial system, which is under pressure due to international sanctions. The country’s authoritarian regime pushed for a deal with the hackers, fearing that the data theft would destabilize the financial system.

The attack forced banks to close ATMs across the country, and Iran’s supreme leader blamed the US and Israel for “spreading fear among our people” without acknowledging the breach.

The Hackers’ Motives and Methods

People familiar with the Iranian banking hack say that RLleaks was not linked to the United States or Israel, suggesting that the attack may have been the work of independent hackers motivated by financial gain.

The group accessed bank servers through a company called Tosan, which provides data and other digital services to Iran’s financial sector. Using this access, hackers stole data from both private banks and Iran’s central bank.

Affected Banks and the Ransom Payment

More than 20 of the 29 credit institutions active in Iran were hacked, including Bank of Industry and Mines, Interest Free Mehr Bank, and Iranian Postal Bank. The government eventually forced Tosan to pay the ransom to RLleaks.

The ransom payment, which was at least $3 million, is believed to be one of the largest paid by an Iranian company to hackers.