Sygnia Uncovers “Elephant Beetle,” an Organized, Significant Financial-Theft Operation Threatening Global Enterprises

The global cyber security consulting company publishes its comprehensive report detailing its latest threat group discovery, which insidiously penetrates victims’ financial systems and siphons off millions of dollars in fraudulent transactions incrementally over time

TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)--Sygnia, a leading incident response and cyber security consulting company that protects organizations worldwide, announced today that it has released its comprehensive report uncovering an organized financial-theft operation it has termed “Elephant Beetle.”

For the past two years, Sygnia’s Incident Response (IR) team has been methodically tracking the Elephant Beetle threat group.

• The threat group primarily targets legacy Java applications running on Linux-based machines as its initial means of entry.
• Over a period of several months, the threat group then uses an arsenal of more than 80 unique tools and scripts to patiently and discreetly expand its foothold and study the compromised organization’s internal financial systems.
• From there, Elephant Beetle injects fraudulent transactions hidden among regular activity, ultimately stealing millions of dollars over time. The relatively small amounts of money stolen in each incremental instance allows the threat group to avert suspicion and operate virtually undetected.

While chiefly focused in the Latin American market, Elephant Beetle has the potential to expand its attacks to organizations worldwide, with Sygnia’s 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. “Even after initial detection, our experts have found that “Elephant Beetle” is able to lay low, but remain deeply embedded in a compromised organization’s infrastructures, enabling it to reactivate and continue stealing funds at any moment. Particularly in the wake of widespread vulnerabilities like Log4j that are dominating the industry conversation, organizations need to be apprised of this latest threat group and ensure their systems are prepared to prevent an attack.”

To learn more about the actions businesses should be actively taking to remain vigilant against emerging adversaries like Elephant Beetle, visit Sygnia’s blog at https://resources.sygnia.co/.

To learn more about Sygnia and its cybersecurity expertise, visit: https://www.sygnia.co/

About Sygnia

Sygnia is a Team8 and Temasek company, part of the ISTARI Collective. Sygnia provides incident response and cyber security consulting services, helping organizations worldwide to quickly contain and remediate attacks and proactively enhance their cyber resilience. The proven track record, commitment, and discretion have earned Sygnia the trust of security teams, senior executives, and management boards at leading organizations worldwide including many of the Fortune 500 companies. For more about Sygnia please visit www.sygnia.co.