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.
Reports are emerging of another credit card security breach this time concerning the Office supplies firm Staples.
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 again, here is one way a smaller businesses was impacted
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.
Wm. Morrison, one of the UK's largest supermarket chains, has had the details of more than 100,000 staff stolen. While far fewer people have been affected by this data theft than in others recently reported.
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 $200m according to figures provided by the Consumer Bankers Association and the Credit Union National Association.
Nobody likes to lose a fight. It’s a fundamental facet of human nature that, when it comes to trading blows, we like to be top dog. Not surprising, really, if you consider that evolution has armed us with the tools to survive and winning fights would have been pretty much a prerequisite for staying alive 20,000 years ago. So when an influential group of MPs announced recently that the UK is losing the fight against cyber crime, it’s natural for hackles to rise.
Cybercrime is the most prevalent form of criminal activity now surpassing the global drugs trade. “In the face of real threats to our [USA] security and our economy” President Obama has recently signed a Cybersecurity Order pledging US$ 4.7 Bn to secure the virtual defences of the USA.
However, it is not just nation states that face this emerging threat, individuals and organisations also have a real and present exposure, and we are not just talking about those businesses that process credit card information either.