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

Decisions that Make Companies Vulnerable to Insider Attacks

With the steady rise in cyber-attacks, network defense has become a security team’s number one priority. Many organizations have responded by investing heavily in the best tools to protect their information and systems from outsiders. The hard truth is these technologies are not designed to identify, let alone prevent an insider—contractor, employee, or trusted business partner—from taking information or corrupting a system they are authorized to access.

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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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