Researchers warn of a sophisticated cybercriminal group that has been stealing millions of dollars from finance and commerce organizations over the past year by breaking into networks via legacy Java applications and then laying low to learn internal financial processes. The group, which researchers from incident response firm Sygnia have dubbed Elephant Beetle, uses a large collection of custom and open-source tools in its operations, including Java backdoors, and is good at blending in with the target's environment and network traffic flows to remain undetected for months.
Its behavior is reminiscent of groups like Carbanak that have stolen hundreds of millions of dollars from financial institutions, including central banks. While Elephant Beetle's target selection seems to favor Latin America, it has hit the local branches of international companies and its activities could easily expand to other regions in the future.
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