Report: Citibank a Victim of Cybercrime

Although Citigroup denies it, the Wall Street Journal is reporting that the company's Citibank unit was robbed of tens of millions of dollars in a cyberattack by a Russian criminal gang.

"One of the tools allegedly used by the hackers to break into Citibank was Black Energy, says the Journal, a $40 piece of software that launches Distributed Denial of Service (DDoS) attacks to prevent access to a specific Web site," writes CNET News' Lance Whitney. "Designed by a Russian hacker, Black Energy is commonly sold on certain Russian language forums."

"But Black Energy is now being sold as part of a $700 kit called the YES Exploit System," Whitney notes. "The kit includes other crimeware that steals bank account credentials, making it an especially dangerous threat to firms like Citibank."

Click here to read the CNET News story.