Symantec released new research highlighting widespread “ransomware” scams in Europe, the U.S., and Canada. The research estimates cybercriminals are *extorting* millions each year from victims. The full research can be read here.
According to a recent study from Cisco:
“After the 2010 cybercrime turning point, when spam levels started to decline for the first time, this trend continued throughout 2011, a trend, according to analysts, can be explained mainly by several key botnet takedowns throughout the last two years. However, the number of vulnerabilities increased; there are fewer widespread attacks but greater numbers of smaller, more focused attacks.”
“A child can now be at greater risk sitting in a bedroom on a computer, than outside the school gates,” the Home Secretary has said.
Theresa May said cyber-crime was a serious problem which caused more losses than burglars stealing televisions and DVDs from homes.
The new National Crime Agency (NCA) would help tackle this and make people “feel safer”, she said.
Businesses large and small have to manage risk. They invest in measures to prevent risk, including fire sprinklers, alarm systems, security cameras, employee training, and insurance.
What is the single biggest risk businesses face? Fire – no. Break-ins, shoplifting, or other traditional crimes – no. Floods or other natural disasters – no.
For the past two years, the biggest risk faced by businesses is……..
These are US court cases, but it is an example of a battle that is, or will be, fought in every country. There is little in the way of case law to clearly determine who is liable when inadequate security results in fraudulent bank transactions. Who will pay when the money cannot be recovered? Until recently, many banks have chosen to cover the losses in order to avoid the publicity associated with these fraudulent transactions.
At least that’s the word from this banking industry report. The explosion of bogus antivirus “rogue” scams is largely responsible for the increase. Targeted phishing attacks (spear phishing) have also risen sharply. Corporate bank accounts are still the juiciest targets, but medium and even small businesses are also being attacked because they often have lower…