Cyber News

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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.

Fortune Live | Video clip looking at the fallout from the Sony Cyber Breach

Interesting Video clip covering the consequences and fallout from the Sony Hack as featured on FortuneLive.

Video from Fortune Live looking at the fall out from the Sony Cyber Breach Robert Herjavec makes it clear that the cost and impact goes far beyond Sony and signposts the way to both major change in markets, particularly insurance. He predicts board level and government focus sharpening and that the frequency and severity is getting worse and worse.  

Government partners up with insurance sector against cyber threats

Francis Maude (Minister for the Cabinet Office) has held a meeting, hosted by Marsh Ltd, for CEOs from the insurance sector. 
Francis Maude - Cabinet Office- government urges partnership on cyber risk withthe insurance sectorThe aim of the discussions was to develop a collaborative approach between the insurance sector and the government to reduce the cyber risk dangers faced in the online business marketplace.  The rationale behind this was that insurers and insurance brokers can help promote the adoption of good practice, including Cyber Essentials that reduce the frequency and cost of breaches.

Third year progress report for UK Cyber Security Strategy

Third Anniversary of the UK Cyber Security Strategy

An event marking the third anniversary of the UK's Cyber Security Strategy is taking place in London today (12/12/2014).

Hosted by Cabinet Office Minister Francis Maude and held at the Institute for Chartered Accountants of England and Wales (ICAEW), it brings together industry, academia and government leaders to highlight how the UK is building skills to boost this country's growing cyber security sector.

It follows a report to parliament on progress and forward plans to make the UK one of the safest places to do business online.

Cyber attacks: Directors' Liability

Cyber Attacks and the liability on Directors and Officers
The risk of a cyber attack is material for the majority of businesses in the financial services industry today.
 
Such attacks are increasingly sophisticated, widespread and disruptive.  
 
The solitary teenager hacking out of a sense of curiosity has been replaced by criminal gangs seeking improper financial gain.  As a consequence, the financial consequences are increasingly significant.  
 

Learning from ShellShock

IBM Intelligence report of the Shellshock Bash bug

Research and Intelligence Report- IBM MSS Threat Research Group

IBM has published an intelligence report detailing their experience and insight following the reporting of a long standing vulnerability in the GNU Bash shell (widely used on Linux, Solaris and Mac OS systems).
 
This sparked the mobilization of attacks known as “shellshock” beginning in late September 2014. This is the IBM Analysis of the Shellshock Bug and how it was used. 
 

Free Government e-learning course for SME's on Information Security and Risk

Information assurance e-learning course for SMEs from UK Government Government boosts support for SME business with free Information Assurance e-learning course.

The course has been developed from governments own initiative on information security and the management of related risks across the public sector where over 200,000 people in local and central government have completed the modular course.

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.”