Tag Archives: economic

Cyber crime, economic offences rose multiple-fold in 2017 | Pune …

(Attn Desk: Grfx to go with this copy filed separately. Filename: GrfxAnnualCrime) (Slug: Pune Crime 2017)

Pune: The city recorded a marginal 3% drop in overall crimes in 2017, barring incidences of vehicle theft, molestation and drug peddling, as compared to 2016. However, cyber crime complaints and economic offences registered an almost three- and four-fold increase respectively.

Serious crimes like murder, robbery and chain-snatching, among others, continued to show a declining trend over the four years since 2014. In fact, chain-snatchings dropped from a high of 512 cases in 2014 to under 100 cases in 2017.

While the crime detection rate went up by almost 100%, the conviction rate dropped noticeably for serious crimes as well as offences under special enactments.

“Our efforts are on to increase the conviction rate,” police commissioner Rashmi Shukla said while releasing Pune’s

Read more at: https://timesofindia.indiatimes.com/city/pune/cyber-crime-economic-offences-rose-multiple-fold-in-2017/articleshow/62480207.cms

Cyber crime, economic offences rose multiple-fold in 2017

(Attn Desk: Grfx to go with this copy filed separately. Filename: GrfxAnnualCrime) (Slug: Pune Crime 2017)

Pune: The city recorded a marginal 3% drop in overall crimes in 2017, barring incidences of vehicle theft, molestation and drug peddling, as compared to 2016. However, cyber crime complaints and economic offences registered an almost three- and four-fold increase respectively.

Serious crimes like murder, robbery and chain-snatching, among others, continued to show a declining trend over the four years since 2014. In fact, chain-snatchings dropped from a high of 512 cases in 2014 to under 100 cases in 2017.

While the crime detection rate went up by almost 100%, the conviction rate dropped noticeably for serious crimes as well as offences under special enactments.

“Our efforts are on to increase the conviction rate,” police commissioner Rashmi Shukla said while releasing Pune’s

Read more at: https://timesofindia.indiatimes.com/city/pune/cyber-crime-economic-offences-rose-multiple-fold-in-2017/articleshow/62480207.cms

City of London plans new economic and cyber crime court

The City of London Corporation has outlined plans for a new flagship court in the Square Mile that will focus on economic and cyber crime cases.

The new state-of-the-art court would replace the Mayor’s and City of London County Court and the City of London Magistrates’ Court, according to a statement today. It is being billed as a step that will help “cement the City’s position as a pre-eminent legal cluster and the leading global financial centre” — a status that is particularly important to the corporation in the…

Read more at: https://www.fnlondon.com/articles/city-of-london-plans-new-economic-and-cyber-crime-court-20171009

Did you Know that Cyber crime is one of the most Reported Economic Crimes in SA?

Cyber attackers lurk in the shadows wielding the ability to hit governments where it hurts the most. Shutterstock
Cyber attackers lurk in the shadows wielding the ability to hit governments where it hurts the most. Shutterstock

By Staff Writer

In this hyper-connected world, security attacks like WannaCry and Nyetya are a fact of life, a new report concluded.

South Africa is also negatively impacted by cyber crime.

“Cyber crime is now the fourth most reported economic crime in South Africa, with our economy reportedly losing R1 billion each year due to online criminal activities. Being breached is the new normal,” says Cathy Smith, MD of Cisco Southern Africa.

“We are also aware that security is a business priority, with many executives feeling overwhelmed by the defender environment and citing certification and talent as two of the biggest constraints to adopting advanced products and solutions.

Cisco today released

Read more at: https://techfinancials.co.za/2017/07/20/did-you-know-that-cyber-crime-is-one-of-the-most-reported-economic-crimes-in-sa/

Cyber crime is the fourth most reported economic crime in SA – Cisco

Cyber crime is the fourth most reported economic crime in South Africa, with the local economy reportedly losing as much as R1 billion annually due to online criminal activities, says Cathy Smith, managing director of Cisco Southern Africa.

Cisco on Thursday released its 2017 Midyear Cyber security Report warning that no industry is safe with attackers basing their campaigns on opportunity, and whatever industry presents the best return on investment.

The report found that the rapid evolution of threats and magnitude of attacks is leading researchers to forecast potential “destruction of service” attacks. These attacks eliminate organisations’ backup and safety nets, required to restore systems and data after an attack, Cisco said.

It said that recent cyber incidents such as WannaCry and Nyetya show the rapid spread and wide impact of attacks that look like traditional ransomware, but are much more destructive. “These events foreshadow what Cisco is calling destruction of  service attacks,

Read more at: https://businesstech.co.za/news/it-services/186895/cyber-crime-is-the-fourth-most-reported-economic-crime-in-sa-cisco/

ANALYSIS: WannaCry attack shows trend toward ‘economic’ cyber threats, rising regulatory risk


NEW YORK (Thomson Reuters Regulatory Intelligence) – The cyber attack last month known as the WannaCry ransomware incident did little damage to U.S. financial firms but it sent a warning shot for the securities industry and its regulators. The self-replicating worm infected over 200,000 computers in 150 countries, showing the potential harm fast-moving attacks can inflict and fueling new calls from regulators for firms to manage cyber risk.

The WannaCry attack set off predictable alarms from technology firms and cyber security experts. But it was more than hype and the incident was seen as one of the largest in recent history. Risk professionals at financial firms should not dismiss the chance it offers to assess the state of the art in cyber space’s dark side.

With a month’s hindsight, it’s clear that the WannaCry attack was not a

Read more at: http://www.reuters.com/article/bc-finreg-cyber-threats-wannacry-idUSKBN19C2RU

InfoSec 2017: Dark web and economic downturns fueling insider threats

Insiders can be a deadly threat to any organisation

Insider threat opportunities have ballooned in recent years with developments in technology and falls in living standards for many, David Pogemiller VP of strategy at RedOwl told a crowd during the waning hours of InfoSec Europe 2017.

Only a few years ago, Pogemiller reasoned, the job of stealing information from your employer and then selling it on for personal profit was a lot harder, and its rewards were less tempting.  

While data used to be stored on paper, in boxes and shoved somewhere in a cavernous warehouse, it is now held electronically and often at the fingertips of anyone who might need it. It’s that change which has revolutionised the modern workplace but, added, Pogemiller, “one of the biggest changes over the last 20 years has been the ability of insiders to take advantage of technology” too.  An

Read more at: https://www.scmagazineuk.com/cyber-crime/infosec-2017-dark-web-and-economic-downturns-fueling-insider-threats/article/667513/

Economic analysis reveals cyber-criminals make bad business people

Are ransomware users getting the most they could out of their victims?

Take a moment to pity the extortionists because apparently they aren’t very good at business, according to a new research paper. Though undoubtedly cyber-crime’s favorite scam and, according to the FBI, one that could have earned its purveyors  $US1 billion (£800 million) last year, ransomers are still failing to get the greatest value out of their illicit efforts.

The Economic Analysis of Ransomware was a collaborative effort between researchers from the University of Kent’s schools of computing and economics. The report not only undresses the economics of ransomware but even offers suggestions as to how it might be made more efficient.

As part of the European RAMSES (RAnsomware and banking Malware analySis for intErnet forenSic) project, the report aims to understand and predict the behaviour of ransomware users in the coming years. An early

Read more at: https://www.scmagazineuk.com/economic-analysis-reveals-cyber-criminals-make-bad-business-people/article/664843/