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LockBit claims to exfiltrate 33TB of data from US Federal Reserve

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Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#41

Post by boringg »

empath75 wrote: post #17
hiddencost wrote: post #6

Earlier quoted context omitted.

They're one of the most powerful, and one of the most scrutinized. Keeping them insulated from political pressure is incredibly important. Otherwise you end up with a monetary policy of "drastically cut rates right before the election to protect the incumbent".

> "drastically cut rates right before the election to protect the incumbent". They're not immune to political pressure. They really should be raising rates again (housing prices going up, stock market at all time highs, inflation still not under control) and aren't for exactly that reason.

OP said insulated which shouldn't be conflated with immunity.

That said they operate with very little political interference in recent years which is part of why the greenback has such strength. If that were to change the USD/Economy would be in a world of pain. All of a sudden those deficits would be much more crippling as people wouldn't trust the currency.

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#43

Post by JumpCrisscross »

Kye wrote: post #14
abeppu wrote: post #11

What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries wo…

This seems like the kind of data banks would hand over for FDIC insurance since it's on a per-account basis. I don't know if that makes its way to the federal reserve.

> kind of data banks would hand over for FDIC insurance since it's on a per-account basis

Banks don't systematically hand over account-level data to the FDIC, much less for insurance.

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#44

Post by ttrei »

lxgr wrote: post #24
abeppu wrote: post #11

What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries wo…

The Fed runs several RTGS and retail payment systems, including FedNow, FedACH, and Fedwire. FedACH processes roughly half of all ACH transfers, which include effectively all payroll direct deposit transactions in the US.

Does it process individual transactions? RTGS stands for Real Time Gross Settlement, and my understanding is that it lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions.

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#45

Post by lotsofpulp »

short_sells_poo wrote: post #31
empath75 wrote: post #17

Earlier quoted context omitted.

> "drastically cut rates right before the election to protect the incumbent". They're not immune to political pressure. They really should be raising rates again (housing prices going up, stock market at all time highs, inflation still not under control) and aren't for exactly that reason.

The shit that would be heaved on both the equity and bond markets if the Fed hiked rates at this point is quite possibly Biblical. I'm not disputing that the pain is better now than later - and it may be the case here as well (I don't know, I'm a trader not an economist). My view is that rate hikes aren't really warranted at this point. Inflation is still high but many of the core measures are finally starting to sho…

> Then if inflation starts coming off,

This is not an if, it has already been happening for many, many months.

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#46

Post by SV_BubbleTime »

mschuster91 wrote: post #40
SV_BubbleTime wrote: post #27

Earlier quoted context omitted.

And we can definitely rely on plurality of professionals. There were many (almost all) journalists and intelligence professionals that claimed the Hunter Laptop was not real… except of course it was and entered into evidence in his gun trail and conviction recently.

The "story" was that Joe Biden had pushed Ukraine to protect Hunter Biden [1], and there was no evidence found to support that claim at all , despite multiple investigations from the FBI as well as both chambers of Congress [2]. The only thing that turned out to be true and actually criminal was that Hunter Biden acquired a gun while forbidden from doing so, for which he was recently convicted. [1] https://en.wikiped…

[flagged]

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#47

Post by JumpCrisscross »

ttrei wrote: post #44
lxgr wrote: post #24

Earlier quoted context omitted.

The Fed runs several RTGS and retail payment systems, including FedNow, FedACH, and Fedwire. FedACH processes roughly half of all ACH transfers, which include effectively all payroll direct deposit transactions in the US.

Does it process individual transactions? RTGS stands for Real Time Gross Settlement, and my understanding is that it lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions.

> Does it process individual transactions?

Yes. FedNow and FedWire are real-time rails.

FedACH is net settled, but I believe the Fed would see the full contents of each ACH message.

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#48

Post by panarky »

lxgr wrote: post #24
abeppu wrote: post #11

What data does the Fed actually deal with? The article mentions "Americans' banking secrets" as if the risk is to individuals but ... to oversee banks, does it need the particulars of individual account holders? Or is this information about banks and their overnight borrowing (i.e. should be "American banks' secrets")? Or is this like, pending drafts of various policy reports and granular data from which summaries wo…

The Fed runs several RTGS and retail payment systems, including FedNow, FedACH, and Fedwire. FedACH processes roughly half of all ACH transfers, which include effectively all payroll direct deposit transactions in the US.

Lockbit primarily targets Microsoft Windows servers. Does the Fed run all this critical infrastructure on Windows?

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#49

Post by SV_BubbleTime »

sva_ wrote: post #36
SV_BubbleTime wrote: post #23

Earlier quoted context omitted.

Heart bleed, Log4J, triangulation, spectre, rowhammer, almost every single website hack, every single social engineer attack, only by chance xz… Yea. Windows sucks, but that is often off topic.

I think most of the things you listed weren't really used in the wild, at least not at scale?

I’m pretty sure every phishing attack almost ever was used in the wild and OS-agnostic.

The rest of the list was off the top of my head. Other than WannaCry and Stux, how many large scale windows malwares can you name without looking them up?

Re: LockBit claims to exfiltrate 33TB of data from US Federal Reserve

#50

Post by lmz »

ttrei wrote: post #44
lxgr wrote: post #24

Earlier quoted context omitted.

The Fed runs several RTGS and retail payment systems, including FedNow, FedACH, and Fedwire. FedACH processes roughly half of all ACH transfers, which include effectively all payroll direct deposit transactions in the US.

Does it process individual transactions? RTGS stands for Real Time Gross Settlement, and my understanding is that it lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions.

> lets banks settle the total amount of processed transactions, thus leaving out any details of particular transactions

This is the definition of a Net settlement scheme (multiple transactions are combined at end of a period, resulting in only the net changes being transferred), not a Gross settlement scheme.

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