Dive Brief:
- ATM maker Hyosung Americas is raising the alarm about a cybersecurity threat that has impacted multiple ATM networks, according to a press release.
- Threat actors have targeted remote management software (RMS) systems, enabling them to gain unauthorized control over ATM communications. While the attacks were first spotted last September, and the company has released a security patch, some ATMs remain unprotected because the owners haven’t updated their software, the Friday release said.
- The Irving, Texas-based company noted that a large-scale cyberattack was reported to the National ATM Council and the ATM Industry Association. The threat has been concentrated in the Northeast and the West Coast, according to the press release.
Dive Insight:
Last week, the National ATM Council also alerted members to the “jackpotting” attacks against ATMs nationwide. A second ATM manufacturer, Dallas-based Genmega, has also issued a software update to prevent this type of remote attack, according to the ATM Council’s alert.
As the remaining ATM providers work to secure the remaining supply of ATMs, the tool has been on the decline in recent years. A Euromonitor International report found that the number of U.S. ATMs dipped 4% year-over-year in 2022.
Alongside the disappearance of ATMs, Americans have also been using less cash in recent years. On average, U.S. consumers used cash for seven transactions in 2023, down from 14 in 2016, according to a 2024 Federal Reserve Financial Services report. By contrast, consumers paid for 15 purchases using credit cards and 14 using debit cards, the report found.
Keeping ATMs secure remains crucial as Americans continue to use cash. Cyberattacks against ATMs are a “persistent threat across all brands and manufacturing,” Nancy Gail Daniels, Hyosung Americas’ chief operating officer, said in the statement.
“We’ve been actively communicating with our partners, reinforcing the necessity to implement the steps in security advisories updates and address ATM vulnerabilities since last year. Despite these previous warnings and advisories, the industry is seeing many machines remain unprotected,” Daniels said in a statement. “We strongly urge all ATM operators to implement necessary critical security measures to safeguard their assets.
