Security News > 2022 > January > Experts uncover Elephant Beetle, an organized financial-theft operation

Sygnia announced that it has released its comprehensive report uncovering an organized financial-theft operation it has termed Elephant Beetle.

For the past two years, the Incident Response team has been methodically tracking the Elephant Beetle threat group.

The impact of Elephant Beetle The threat group primarily targets legacy Java applications running on Linux-based machines as its initial means of entry.

From there, Elephant Beetle injects fraudulent transactions hidden among regular activity, ultimately stealing millions of dollars over time.

While chiefly focused in the Latin American market, Elephant Beetle has the potential to expand its attacks to organizations worldwide, with experts already discovering a breach in the Latin American operations of a U.S.-based company.

"Elephant Beetle is a significant threat due to its highly organized nature and the stealthy pattern with which it intelligently learns victims' internal financial systems and operations," said Arie Zilberstein, VP of Incident Response at Sygnia.

News URL

https://www.helpnetsecurity.com/2022/01/06/organized-financial-theft-operation/