Hackers stole $1.2 billion from 7,000 businesses in 2 years
According to an announcement by the Federal Bureau of Investigation, hackers have funneled $1.2 billion out of companies’ accounts since October 2013 using a variety of scam methods. In business email compromise scams, for example, hackers pose as CEOs and ask company employees to provide confidential financial information; in other scams, they pose as company lawyers and ask employees for financial data. The losses from these attacks can be devastating to businesses. CNN Money discusses how these widespread scams have worked over the past two years.
The Business of Fraud
Over the past several years, the image of the hacker has changed as hackers have evolved to “collectively operate as both competing and collaborating global businesses supported by a full-blown cybercrime supply chain capable of generating billions of dollars annually.” The growing sophistication of the cybercrime community has allowed it to expand and carry out the massive data breaches that have dominated recent headlines. According to TeleSign CEO Steve Jillings, if we are to “dismantle this massive fraud network,” we must understand it first. Jillings breaks down the business of fraud by examining the product, the interaction between sellers and buyers, the supply chain and the future of the cybercrime business.
Ethical hackers offer to help with small firms’ cyber vulnerability
The Scottish Business Resilience Centre (SBRC) has brought on a team of ethical hackers to lead a fight against costly, damaging cyber attacks on businesses. These hackers will target small businesses to assess their potential risks and make suggestions for how they can guard against cyber breaches.
Hacker groups shifting to corporate cyberexspionage schemes
Financially motivated hacker groups are starting to engage in corporate espionage; the latest case involved sophisticated cyber attacks that stole confidential information in the New York Stock Exchange and Nasdaq. This attack involved the theft of 150,000 unpublished press releases about big companies like Align Technology Inc. and Home Depot. Olivia Eckerson of SearchSecurity discusses the recent attack and how hackers were able to carry it out.
Hack Brief: Mobile Manager’s Security Hole Would Let Hackers Wipe Phones
According to security researchers at ERPScan, a vulnerability in a popular mobile management system could allow attackers to remotely wipe executives’ phones, steal activity logs or determine user locations. Kim Zetter discusses who could be affected by the vulnerability and the severity and plans to patch the issue.
The rise of the chief information officer
The Washington Post
As the value of technical knowledge grows in everyday business operations, both the image and importance of the chief information officer (CIO) position are rising. CEOs and experts discuss the “evolution taking place with CIOs,” how it ties in with other business trends, including the growth of cybersecurity, mobile business and social media branding in every industry and the changing requirements for CIO job skills in the wake of this evolution.
CFO role expands in the age of heightened data security
According to a recent IBO-Financial Executives International Canada study of business continuity and cybersecurity, there is a growing need for chief financial officers (CFOs) to address cybersecurity in their efforts. As cyber threats and breaches – which can carry substantial costs for businesses impacted – grow in prevalence, it becomes more important for CFOs to understand the cybersecurity landscapes of their organizations and be prepared for cyber incidents.