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9 in 10 #Canadian Companies suffered at least one #cyber security #breach last #year

Source: National Cyber Security News

Canadian companies face almost constant cyber security threats, resulting in a rising number of incidents where sensitive data is stolen, according to the findings of a new study from Scalar Decisions Inc. of more than 420 Canadian IT and security workers.

Released today, the 2018 Scalar Security Study (commissioned by Scalar and conducted independently by IDC Canada) showed that Canadian organizations are attacked in varying degrees of severity more than 450 times per year, with 87% suffering at least one successful breach. Almost half (46%) are not confident in their ability to defend against attacks.

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“As cyber security breaches become the new normal, organizations can’t be complacent. Many companies are still reporting gaps in their defences despite hiring full-time security staff, which may point to a deficit in the availability of highly skilled IT workers,” said Theo Van Wyk, Chief Security Architect, Scalar Decisions. “The rising number of high-impact breaches coincides with the increasing costs of recovery.”

The study, examining the cyber security readiness of Canadian organizations and year-over-year trends in handling and managing growing cyber threats, also found:

  • Of the companies that suffered a security breach, 47% had sensitive data stolen.

    Read More….

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Open #banking holds #promise but #cybersecurity fears loom for #Canadian #banks

Source: National Cyber Security – Produced By Gregory Evans

As banks work to fortify their cybersecurity defences amidst a growing number of data breaches, they are also exploring the promise of so-called “open banking,” a concept that could finally disrupt the staid financial services industry.

Customers have increasingly moved away from physical branches towards online and mobile apps, but banking has yet to reach its “Uberization” moment, one that breaks down traditional models to usher in new innovations, as Uber has done for the taxi industry.

Open banking — granting third-parties like financial technology startups access to bank data to develop innovative apps — could be such a “game changer,” according to Toronto Dominion Bank’s chief information officer, Jeff Henderson.

All but one of 100 payment executives at major banks globally said they were planning major investments in open banking by 2020, according to an online survey by consulting firm Accenture released last month.

But even as Canadian financial institutions toy with the idea, they’re concerned about the looming risk to consumers’ personal information amid the growing threat of cyberattacks.

The Accenture survey also showed that 50 per cent of respondents said that implementing the emerging concept increases risk.

“There’s no question this is a trend,” TD’s Henderson said.

“(But) I want to make sure that any time we exchange information externally, that is done so in a very controlled and understood manner.”

In these early days, the exact nature of the innovation in the open banking landscape is unclear, said Bob Vokes, managing director of financial services at Accenture in Canada.

“What we’re trying to do in open banking is to create new sets of services off of the banking data, or alternatively, allow you to manipulate your banking information in a different way,” he said.

Open banking allows consumers to share their banking data, which proponents say will spur the creation of new apps and platforms that will make financial transactions easier or develop new use cases.

For example, a consumer could log into one app and see all their financial accounts, from various banks, to get a full picture of their net worth and move funds in real time. Or, geolocation data could be layered over payment data, allowing a consumer to analyze exactly where their money is being spent, while also allowing merchants to offer them location-based rewards.

The buzz around open banking is building just as concerns about cybersecurity mount.

Most recently, Uber announced earlier this month that hackers compromised some 57 million user accounts and Equifax Inc. disclosed in September a cyberattack that compromised the personal information of half of Americans and some 19,000 Canadians.

It also comes as the Bank of Canada once again listed cyber threats as a key vulnerability for the Canadian financial system in its semi-annual review released Tuesday.

“The high degree of financial and operational interconnectedness among financial institutions means that a successful cyber attack against a single institution or a key service provider could spread more widely within the financial system.”

Meanwhile, various jurisdictions are pushing ahead with legislation that would see financial institutions become even more interconnected.

By January 2018, banks in Europe will be required to share proprietary data, in a regulated and secure way, under the U.K.’s Open Banking Standard and Europe’s PSD2 legislations.

Canadian institutions are also jumping on board.

The Competition Bureau said in a report on fintech earlier this month that it is early days “but the potential impact on competition and innovation is promising.”

The Ministry of Finance said in August it is “examining the merits of open banking.”

“Open banking holds the potential to make it easier for consumers to interact with financial service providers and increase competition,” the ministry said in a consultation paper as part of a review of the federal Bank Act.

The Canadian Bankers Association responded to the ministry that while its members are proponents of innovation, they are also concerned about the potential impacts on safety, soundness and stability in Canada’s financial system.

“Canadian banks have devoted very significant resources to creating well-established information security and data warehouses that meet the highest standards worldwide, the CBA said.

“Any initiative that could undermine this trust would be very problematic for Canadian consumers, financial market participants and the broader economy.”

Vokes says these concerns — as well as questions about whether the bank or the third party is liable if something goes awry — will need to be addressed in legislation.

If additional layers of security protection are put in place, open banking should not raise the level of cybersecurity risk, he said, adding however, that cyberattackers are becoming more sophisticated as well.

“Innovation isn’t just the purview of fintechs,” he said.

“As we continue to innovate, fraud and criminal enterprises are also innovating.”

The post Open #banking holds #promise but #cybersecurity fears loom for #Canadian #banks appeared first on National Cyber Security Ventures.

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Canadian accused in Yahoo hack appeals decision to deny his bail

Source: National Cyber Security – Produced By Gregory Evans

Canadian accused in Yahoo hack appeals decision to deny his bail

Lawyers for the Ontario man accused in a international hack of Yahoo email accounts are going to court today to fight a judge’s decision to deny his bail. Karim Baratov is appealing an April ruling by Ontario Superior Court Justice Alan Whitten, who decided the 22-year-old was too much of…

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Canadian judge denies bail to alleged Yahoo hacker

Source: National Cyber Security – Produced By Gregory Evans

A judge denied bail Tuesday to a Canadian man accused in a massive hack of Yahoo emails. Karim Baratov, 22, has alleged ties to Russian agents and access to significant amounts of cash, making him a serious flight risk if …

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‘He’s not a criminal’: Parents of Canadian charged in massive Yahoo hack speak out

‘He’s not a criminal’: Parents of Canadian charged in massive Yahoo hack speak outSource: National Cyber Security – Produced By Gregory Evans The parents of Karim Baratov, the Canadian accused in a massive cyberattack of half a billion Yahoo accounts, say the charges against their son are unfounded and it will be proven in court that he is being used as a … The post ‘He’s not a […]

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NZ Expert selected to Canadian Cybersecurity Board

Source: National Cyber Security – Produced By Gregory Evans

NZ Expert selected to Canadian Cybersecurity Board

A leading New Zealand academic has been appointed to Canada’s largest network security research group board. Professor Hossein Sarrafzadeh, from Auckland’s Unitec Institute of Technology has been recruited to the Canadian Institute for Cybersecurity (CIC), part of the University of

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Canadian who pleaded guilty to teen ‘sextortion’ gets 30 years prison

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Source: National Cyber Security – Produced By Gregory Evans

Canadian who pleaded guilty to teen ‘sextortion’ gets 30 years prison

A Canadian man accused of blackmailing underage teens via the Internet and compelling them to send him images of themselves engaged in sex acts was sentenced to 30 years in prison Tuesday.
Antonio P. Fontana, 59, of Ontario, Canada, admitted

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Canadian Cops Have a New Plan of Attack Against ‘Political’ Cybercrime and Anonymous

Source: National Cyber Security – Produced By Gregory Evans

Canadian Cops Have a New Plan of Attack Against ‘Political’ Cybercrime and Anonymous

After several high-profile investigations into Anonymous failed to net results, the Royal Canadian Mounted Police are looking to set up a cyber crime team in Ottawa that will tackle online threats to Canada’s “political, economic, and social integrity.” The RCMP Action Plan to Combat Cybercrime was unveiled Wednesday, and lays out the federal police force’s plans for the next four years. In discussing the plan, the police force’s lead agent on cybercrimes insisted that while there may be no public movement on the investigation into Anonymous hackers, he suggested that work is ongoing. The action plan says the force will be acquiring new gear to house and analyze data, setting up better relationships with international policing agencies to catch cybercriminals worldwide, and improve its recruiting efforts to get more technology-minded recruits on the force. One of the goals under the plan is to set up a cybercrime team, based in Ottawa, tasked to “investigate the most significant threats to Canada’s political, economic, and social integrity that would negatively affect Canada’s reputation and economy.” The team “will have the capacity to target cyber-related criminal activity targeting the federal government, national critical infrastructure, and key business assets.” The government has had a […]

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Anonymous Declares War Against Canadian Police And Launches Attacks

Source: National Cyber Security – Produced By Gregory Evans

The notorious hacktivist group Anonymous has reportedly attacked national police websites in Canada, following vows of retaliation. The campaign was aimed at getting revenge for the unlawful shooting of a man in a “Guy Fawkes mask” in British Columbia on Thursday. The individual died as a result of his injuries. According to RT, the man was shot after having been mistaken for a suspect local police were searching for. In a video upload on YouTube, titled “Anonymous Operation AnonDown”, members affiliated with the hacktivist group declared war on Canadian police in British Columbia. The video, now gone viral, speaks of the group wanting to seek revenge for the shooting outside of the Fixx restaurant in Dawson Creek, in what Anonymous is calling “Operation Anondown.” The man was shot without probable cause or provocation, according to a statement made by Anonymous. Furthermore, the group is attacking “killer cops” who are shooting individuals without any cause, the Vancouver Sun reports. In the video, Anonymous makes the following statement about its new operation. “This RCMP [Royal Canadian Mounted Police] officer must be named, fired and charged for the murder of our brother. If we do not receive justice, rest assured there will be […]

For more information go to http://www.NationalCyberSecurity.com, http://www. GregoryDEvans.com, http://www.LocatePC.net or http://AmIHackerProof.com

The post Anonymous Declares War Against Canadian Police And Launches Attacks appeared first on National Cyber Security.

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Canadian government computers hackedNational Cyber Security

nationalcybersecurity.com – OTTAWA, Nov. 25 (UPI) – Government websites in Toronto and the Canadian capital of Ottawa have been disrupted by a string of cyber attacks. The websites of Canada’s Parliament and Supreme Court, th…

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