Organizations lost $2.7 billion to Internet-enabled theft, fraud and exploitation in 2018, with business e-mail compromise scams resulting in the highest of these financial losses, according to the FBI’s Internet Crime Complaint Center (IC3).
Two separate attacks on banks in the United States and Pakistan revealed this week highlight once again the inherent weakness of a security practice that relies on passwords or knowledge-based credentials to protect critical information.
Attacks against smart devices are surging, with both old and new threats targeting connected devices that remain largely unsecured, according to researchers at Kaspersky Lab.
In this industry perspective, Thomas Hofmann, the Vice President of Intelligence at the firm Flashpoint* warns that the effects of data breaches can often be felt months or years after the actual incident, as stolen data bubbles up in underground marketplaces. He has three pieces of advice for companies that want to develop an incident response plan that mitigates the damage of breaches in the short term and over the long term.
Cyber criminals are laundering billions of ill-gotten gain using crypto currencies like Bitcoin and Monero and in-game currencies for popular online games like World of Warcraft, FIFA Soccer and Grand Theft Auto.