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Security News

It was recently reported that the effects of a hack carried out in 2013 against the Internet giant, Yahoo, had ramifications for around 1 billion of its users, in 2016. Last year, the compromised data relating to 1 billion accounts – including passwords, security questions and usernames – was being sold on the Dark Web. However, Yahoo has taken to its blog to announce that the 2014 hack, which was reported in September, was ‘distinct’ in relation to the other one, suggesting it came from an entirely different source. Wherever it did originate, it would seem that Yahoo can add an extra 500 million compromised accounts to its unenviable tally.Read More

With Christmas on its way, many of us find ourselves distracted by the pressures of online shopping, sending Christmas cards and emails and trying to manage our money. It’s pressures like this that help to create the perfect conditions for festive phishing scams, designed to make your New Year much less than a happy one. Here are the top five to be on the look-out for.Read More

It’s hardly earth-shattering news, but a recent speech at the SWIFT Sibos conference, in Geneva, has highlighted this point and underlined it. With cyber attacks against financial institutions on the increase by more than 40% in the last year, it seems that some still haven’t got the message: cybercriminals are attracted to money, like wasps to picnics. However, in addition to increasing the frequency of their attacks, it appears that cybercriminals are also evolving the methods they use.Read More

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According to a study undertaken by leading research consultancy, ComRes, 70% of company directors believe that companies should face severe financial penalties, if they fail to adequately protect customers’ data. These statistics come in the wake of Yahoo revealing details of a hack, which has the dubious honour of being the biggest ever on a major company. Although the hack, which compromised over 500 million accounts took place in 2014, it has only recently been discovered.Read More

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A hacking collective, calling themselves ‘The Dark Overlord’, is in the process of trying to extort money from the WestPark Capital investment bank, in California. In a world where the more ‘traditional’ method is to simply use ransomware to charge monies for the release of data, The Dark Overlord seems to be taking a more unusual stance. Instead of using ransomware to achieve their aims, the hackers are instead threatening to release data files belonging to the bank, online, unless a ransom is paid.Read More

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A report by Financial Fraud Action UK (FFA) has found that, not only has online crime outstripped physical crime in the statistic stakes, it has also increased by 53% in the last 12 months. According to the report, there were over 1 million cases of online fraud in the first six months of 2016, alone. These included card, cheque, phone and online crime which, in 2015, accrued over £755 million in stolen money. In terms of financial reward, the big hitters were phishing and vishing.  Despite the FFA stating that £7 out of every £10 in attempted fraud cases had been stopped by the banks, this does mean that 30% of cyber attacks against the UK payments industry are successful.Read More

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The digital era has made banks and financial institutions more vulnerable than ever before. The same systems that offer convenience and efficiency to the customer are the ones that are waiting to be exploited through increasingly sophisticated cyber attacks. While the financial ramifications of a cyber heist are reason enough for CEOs to break a sweat, the damage to the brand’s reputation can be more far-reaching and significant: customers whose banks have been successfully attacked by cybercriminals have been found to have less trust in them and this can inhibit growth and tarnish their image.Read More

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Qadars Target British Banks

Mon 26 Sep 2016

Qadars is a banking Trojan that’s been active since around 2013. Unlike other forms of malware, it hasn’t hogged the headlines – primarily because its authors have targeted specific countries in a bid to keep their activities focussed and less visible. However, it has recently been revealed that an upgraded version of Qadars can found its way to British shores and, specifically, has been aimed at 18 British banks.Read More

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September 2008 saw the beginning of the worst panic in the global banking system, since the Great Depression of the 1930s. With the Lehman Brothers declaring bankruptcy, financial experts were preparing for the temporary collapse of society as we knew it: bad debt and financial mismanagement threatened to shut down ATMs, paralyse supplies to supermarkets, pharmacies and petrol stations and lead to a worldwide crisis. While politicians scrabbled together to throw billions of pounds at the banks and re-float the system, the 21st Century sees us facing a similar situation, but with a different root cause.Read More

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In recent months, the press has been awash with columns devoted to the fall from grace of companies who have been the victims of cybercrime. While industry giants, including Talk Talk, HSBC and popular sites, such as Ashley Madison, have reported hacks and scams, Apple appears to have remained steadfastly impenetrable. However, this has changed. In April, the FBI revealed that it had paid $1.3million to an unknown source, for a hacking tool that can compromise iPhones. In August, Apple itself was the victim of a text message scam that was purported to have been originated by an Israeli security company. While events like these might, in the 21st Century, seem commonplace and unsurprising, there is a hidden cost to any company affected.Read More

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