The National Bank of Blacksburg

The National Bank of Blacksburg is a financial institution headquartered in the United States of America. It operates as a Virginia-based bank providing services to customers in that region. The bank’s services include debit card issuance and associated transaction processing. It also offers account management capabilities for its customers. Automated teller machine access is part of its service offering.

In May and December 2016, the bank experienced two cyber intrusions that began with phishing emails. The intruders installed malware on systems that control debit card transactions and account management. They disabled fraud protections, altered withdrawal limits, and stole over $569,000 in the first incident by using ATMs during a holiday closure. In the second breach, they fraudulently credited accounts, withdrew approximately $1.8 million, and deleted transaction records. Forensic investigators linked both attacks to Russian-origin tools, suggesting a common threat actor group. The bank’s insurer denied full coverage under an $8 million cybercrime policy, applying a $50,000 debit card rider limit instead. This denial led to a lawsuit disputing whether the losses stemmed from system compromises rather than simple card misuse.