Cyber Attack on Iran’s Banking System Sparks Ransom Deal

A massive cyber attack on Iran’s banking system last month forced the government to pay a ransom of at least $3 million to prevent the publication of sensitive data, US sources revealed. The attack, described as the worst in Iran’s history, was carried out by a group known as IRLeaks, which has a history of targeting Iranian companies.

The hackers initially demanded $10 million in cryptocurrency to prevent the release of personal account data and credit card information of millions of Iranians. However, they eventually settled for a smaller amount after negotiations with the Iranian government.

The attack, which occurred in mid-August, prompted banks across the country to shut down ATMs, causing widespread disruption. The government scrambled to contain the damage, pushing for a deal with the hackers to prevent further destabilization of the already fragile financial system.

The cyber attack comes at a time when Iran is facing severe pressure amid international sanctions. The country’s financial sector is considered a weak point, with underinvested banks weighed down by government debt.

While Iran’s leader blamed the US and Israel for the attack, sources familiar with the incident say IRLeaks is an independent group motivated by financial gain. However, the incident highlights the vulnerability of Iran’s financial sector to cyber threats.