Tag Archives: losses

Cyber crime ring responsible for $530m in global losses shut down

Law enforcement agencies around the world have shut down what they claim was one of the world’s biggest cyber crime rings, behind as much as $530 million in consumer losses across the world. 

Thirty-six people have been arrested by authorities in Australia, Britain, France, Italy, Kosovo and Serbia as part of the operation. 

The US Justice Department, which led the global operation, claim that the group operating within an online discussion forum that they called “infraud”.

In this scheme, the hackers stole and sold valuable personal information, including US social security numbers, passwords and other valuable data that could be used in identity fraud. The Department claimed that the group had launched attacks across the world.

It added that the group had tried to sell 795,000 HSBC bank details, credit card numbers and PayPal logins. They also distributed malware on their forum, claimed the Department. 

Read more at: https://www.computing.co.uk/ctg/news/3026260/cyber-crime-ring-responsible-for-usd530m-in-global-losses-shut-down

Total WannaCry losses pegged at $4 billion

Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro’s security and threats report.

2017s WannaCry and Petya attacks show that cybercriminals are upping their game and diversifying methods to exploit the increasing inter-connectivity of global businesses.

Trend Micro estimates that by 2018, over a million industrial robots will be employed in factories around the world; tests have shown how industrial robots can be compromised through exposed industrial routers or other vulnerabilities.

This year’s systemic ransomware attacks have demonstrated that cyber crime has already reached the same levels of catastrophic loss associated with natural catastrophes or some of the major risks re/insurers cover.

The capabilities of cybercrime to disrupt the value chain on all levels will continue to dramatically

Read more at: https://www.reinsurancene.ws/total-wannacry-losses-pegged-4-billion/

Total WannaCry losses pegged at $4 billion – Reinsurance News

Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro’s security and threats report.

2017s WannaCry and Petya attacks show that cybercriminals are upping their game and diversifying methods to exploit the increasing inter-connectivity of global businesses.

Trend Micro estimates that by 2018, over a million industrial robots will be employed in factories around the world; tests have shown how industrial robots can be compromised through exposed industrial routers or other vulnerabilities.

This year’s systemic ransomware attacks have demonstrated that cyber crime has already reached the same levels of catastrophic loss associated with natural catastrophes or some of the major risks re/insurers cover.

The capabilities of cybercrime to disrupt the value chain on all levels will continue to dramatically

Read more at: https://www.reinsurancene.ws/total-wannacry-losses-pegged-4-billion/

Global cyber attack could spur $68 billion in losses: Lloyd’s of London

A major, global cyber attack could trigger an average of $US53 billion ($68 billion) of economic losses, Lloyd’s of London said on Monday.

The figure is on par with a catastrophic natural disaster such as US Superstorm Sandy in 2012 and more than five times the cost recorded for the devastating 2011 Queensland floods. 

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Gains, losses in efforts to combat cyber crime in 2016: Trustwave

The fight against cyber crime showed both advances and retreats in 2016, with improvements on the intrusion detection and breach containment fronts matched by cyber crime increasingly being treated as a business, suggests a Trustwave report released Tuesday.

Findings in the 2017 Trustwave Global Security Report reflect, among other things, real-world data from hundreds of company breach investigations in 2016 across 21 countries, and security and compliance events logged at its security operations centres.

“Cyber security in 2016 had both highlights and lowlights,” suggests Robert McCullen, chief executive officer and president of Chicago-based Trustwave, which provides solutions for businesses to fight cyber crime, protect data and reduce security risk.

“Our data breach investigations and threat intelligence show attackers continue to evolve their tactics and focus on extreme paydays as cyber crime becomes more like genuine

Read more at: http://www.canadianunderwriter.ca/commercial-lines/gains-losses-efforts-combat-cyber-crime-2016-trustwave-1004115378/

Nigeria losses N127b annually to Cyber Crime – Buhari‎

Nigeria records about N127b loss annually to Cyber Crime, the Senator representing Oyo North Senatorial District, Dr. Abdulfatai Buhari has disclosed.

Buhari stated this on Tuesday during an annual lecture entitled ‘Legislative Commitment and Cyber Crime’, at the Faculty of Law, Lead City University, Ibadan.

Buhari said the figure would continue to grow unless the National Assembly acted fast and intensified its efforts in preventing the unwholesome act.

He declared that the figure represented 0.8% of the country’s GDP.

Quoting a report from the NSA office, Buhari said “Nigeria has been ranked third in global internet crimes, coming after United States of America and United Kingdom respectively.

“In the year 2015, the Information Security Society of Nigeria (ISSAN) revealed that 25% of the cybercrimes in Nigeria are unresolved and that 7.5% of the world’s hackers are

Read more at: http://dailypost.ng/2017/03/08/nigeria-losses-n127b-annually-cyber-crime-buhari%E2%80%8E/

UK cyber-crime exceeds £16 billion losses, with mobile malware a major threat

There is considerable under-reporting of targeted intrusion attacks in the UK, breaches are likely to increase significantly in scale and damage, then worsen once traditional crime groups exploit the availability of skills, while mobile malware will provide new criminal opportunities according to the latest National Crime Agency (NCA) report.

Cyber-crime and cyber-enabled crimes figure highly in the latest annual National Strategic Assessment (NSA), an analysis by the NCA of serious and organised crime threats affecting the UK.

The document ranges from metal theft to money laundering, but among the cyber-related themes highlighted in the 2015 assessment are an expectation that criminals will focus on mobile malware as the use of apps for financial transactions increases; that there is growing complexity in tracing online criminal activity as the next generation of IP addresses rolls out; and that child sexual exploitation and abuse live online is likely to become more widely available as

Read more at: http://www.scmagazineuk.com/uk-cyber-crime-exceeds-16-billion-losses-with-mobile-malware-a-major-threat/article/422510/