Cyber Crime and Coverage Issues

Cyber Fraud - Insurance Coverage and Financail Crime Financial cyber-crimes are becoming such a frequent feature in the media that one might be forgiven for feeling a little "cyber-fatigued."

However, the scale of the thefts from financial institutions, as reported by Kaspersky Labs recently, are arguably unique in their scale and audacity. Kaspersky describes hooded "money mules" waiting at ATMs, controlled remotely to dispense cash at a particular time without the need for a bank card.

Staples are the latest in a long line of US retailers breached

Staples PoS cyber breach adds impetus to the Chip and Pin driveReports are emerging of another credit card security breach this time concerning the Office supplies firm Staples.

They are the latest in a growing list of familiar retail names to have had their security breached.  The breach came to light following the detection of fraud patterns across the North Eastern United States.
A statement issued by the company has confirmed reports in a statement saying “Staples is in the process of investigating a potential issue involving credit card data and has contacted law enforcement.”

4.5 billion records stolen by cyber criminals

Reports have been confirmed that over four billion records from 500 million addresses have been stolen by by a Russian group.  From buying a set of stolen details on a Dark Web Site the gang was able to install malware on systems using both social media and email exploits. These infected systems were then used to expand the theft as their botnet grew through SQL injection attacks and other vulnerabilities enabling them to steal more data from more websites. 

Think Cyber Risk is only a big business issue?

Think again, here is one way a smaller businesses was impacted Small business hits by cyber fraud fined for non compliance with PCI DSS

In the early 2000’s a husband and wife had the idea to set up a specialist Ironmongery business to meet the needs of the trade and homeowners.    
Over the next few years, the business grew outstripping the first warehouse and by 2010 they had moved into larger premises and had built a professional website that added reach and customers.   

CSIS Report - cost of Cyber Crime affecting economies & costing jobs

CSIS Report cost of Cyber Crime The global cost of Cyber Crime is estimated by the Center for Strategic and International Studies to be up to $575bn in it’s report entitled “Net Losses:Estimating the Global Cost of Cybercrime, sponsored by McAfee.


The report tries to assess the impact on the global economy by looking at the range of costs and losses associated with Cyber Crime a create an approximate total. 


US retailers generate over $200 million in costs from Data breaches

Discount retailer Target loses 70 million customer records in data breach

In a just over two weeks in the run up to Christmas Target Corp (TGT) had a major Cyber Theft where up to 70 million Customer Credit Card details were stolen.  

The Minneapolis based retailer, the second largest discount chain in the US, has generated costs already estimated to exceed $200m according to figures provided by the Consumer Bankers Association and the Credit Union National Association.


Are we losing the battle against cyber crime?

Cybercrime and information security

Nobody likes to lose a fight. It’s a fundamental facet of human nature that, when it comes to trading blows, we like to be top dog. Not surprising, really, if you consider that evolution has armed us with the tools to survive and winning fights would have been pretty much a prerequisite for staying alive 20,000 years ago. So when an influential group of MPs announced recently that the UK is losing the fight against cyber crime, it’s natural for hackles to rise. 

IT and Cyber Risk - ACE European Risk Briefing 2012

Ace European Risk BriefingAlmost every company today depends on communication, service or commerce delivered over the internet and other information networks. The scale of this reliance seems to be steadily growing.
Companies store ever-increasing quantities of sensitive personal and commercial information online, while developments such as cloud computing mean that their data is often no longer stored within the company’s own networks, but remotely.