Cybersecurity Blog: The Cyber Scene is evolving, are you?

Since January of this year, ransomware has emerged as a popular attack impacting large corporations, small businesses, schools, hospitals and home users. This malicious type of crimeware encrypts, locks, or obfuscates digital files, then demands a ransom to return the files. An ill-prepared user or organization can experience catastrophic damage if the data encrypted includes months of work or critical business information. Far worse is when the data encrypted includes financial, legal, or medical records for which retention is required by law. In some cases, these users have no choice but to pay the ransom and hope for the best. Some who pay have their files returned, while others are not as lucky.

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Misspelled word thwarts cyber-heist but not before $81 million is syphoned from Bangladesh Central Bank

This past February, hackers were able to steal $81 million from the systems of the Bangladesh Central Bank. Funds were moved from its account at the Federal Reserve Bank of New York to private accounts in the Philippines via wire transfers using the SWIFT payment network. Although this registered as one of the largest cyber heists in history, the damage could have been upwards of $1 billion if not for the attacker’s misspelled word in one of the fraudulent requests. The mistake tipped off an employee at Deutsche Bank and ultimately saved millions of dollars.

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Lessons Remembered

Early last year the US Internal Revenue Service (IRS) disclosed that cybercriminals had used their Get Transcript application, a web application for US taxpayers to request prior year tax returns, to gain access to 104,000 individual tax returns. Taxpayers’ personal identifiable information, such as birth date, mother’s maiden name and income, was then used to orchestrate a number of fraudulent acts—a calculated scheme that’s full impact is yet unknown.

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According to a recent Ponemon Institute survey, Intelligence Driven Cyber Defense, sponsored by Lockheed Martin, 46% of financial services stakeholders consider cyber threats the number one risk to the global economy.

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Organizations in the financial services sector have a lot on their plates these days. From dealing with smaller profit margins and challenging regulations, to grappling with higher customer expectations and evolving technologies, there is no shortage of challenges. This includes facing an increase in cyberattacks on the financial services industry.

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Everywhere you turn it seems as though there is another article or blog about ‘Big Data’.

Given the importance of data and the opportunities it provides to businesses—to fuel better business decisions, facilitate more meaningful customer interactions, and develop new products and services—the topic is worthy of much discussion.

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Technological advances notwithstanding, program security still comes down to one basic element: well written code.

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The US payment system provides one of the greater challenges within cybersecurity. When most people hear about the payment system within the banking industry, they often have varying degrees of understanding as to what that exactly it is.

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This blog will examine some of the pain points currently plaguing the retail space, and next week we’ll take a look at some of the possible solutions.

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Defining Cyber Concerns at 2014 ICS Cyber Security Conference

Joe Weiss has been beating the ICS Cyber Security drum for the past 12 years. Once again he summoned global critical infrastructure control systems engineers and asset owners working in operations management or in IT to join him for an annual conference. During the opening keynote Weiss articulated three challenges to achieving ICS cyber security in the context of collaborating with enterprise IT professionals.

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