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#cyberfraud | #cybercriminals | FBI Publishes 2019 Internet Crimes Report Causing 3.5 Billion Dollars Loss

Source: National Cyber Security – Produced By Gregory Evans


As the internet has become an indispensable part of our lives, crimes committed on the internet have started to increase significantly. In the 2019 report of the FBI, it was emphasized that cybercrime cost $ 3.5 billion.

The Federal Bureau of Investigation (FBI) published the ‘2019 Internet Crimes Report’. According to the published report, the number of crimes complained during the year reached 467 thousand 361. The cost of the crimes complaining exceeds $ 3.5 billion.

Cybercrime increased in 2019
The Internet Crime Complaints Center (IC3), an FBI source that reports suspected cybercrime activities, was established in May 2020 and reached a total number of 4,883,231 complaints with 2019 reports.

While the number of complaints received in the last five years has reached 1.7 million, the total annual loss has increased from $ 1.1 billion (2015) to $ 3.5 billion (2019). The damage of cybercrime to individuals and businesses in the US has exceeded $ 10 billion in the past five years. 2019 was the worst year in this respect. During the year, the highest cyber crime complaints ever made, while the victims of cyber crime have also suffered their greatest losses. In the fight against cybercrime, an amount of $ 300 million was saved.

Company emails
In the fraudulent activities carried out via company e-mails, more than $ 1.7 billion was lost. A total of 23,775 complaints were made in this area in 2019. Business email scams have become the most dangerous group in cybercrime.

“Many organizations have been vulnerable to email attacks because criminals are developing their methods to compromise traditional email,” said Cencornet CEO Ed Macnair. The attackers targeted the most CEOs and staff working in the financial department in these areas.

Macnair said that cybercriminals trick employees and steal valuable information by using e-mail addresses similar to trusted companies’ e-mails. Macnair said this method is very difficult to catch by traditional defense systems and companies need to improve their security techniques.

Ransomware
The FBI warned about the magnitude of the ransomware’s impact on businesses and organizations. In the ransomware attack against the city of New Orleans in December 2019, it was revealed that the FBI’s warnings were not taken seriously.

In 2018, there were some reductions in complaints about ransomware attacks, but this number increased again in 2019 and reached the highest number of complaints after 2016. Ransomware attacks caused $ 2.4 million of damage in 2016, up from $ 8.9 million in 2019.

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#cybersecurity | #hackerspace | A Well-Equipped Security Team Could Save You Millions of Dollars a Year

Source: National Cyber Security – Produced By Gregory Evans

Data breaches are expensive. By now, most organizations are well aware of this fact. When it comes to resource planning, however, SecOps teams need concrete data to ensure adequate funding is available to handle a breach. 

Taking a look at recent breaches and industry analysis can help. 

The Financial Cost of a Data Breach Is Rising

IBM conducts an annual “Cost of a Data Breach” study as the basis for a global analysis of the cost impact of data breaches. According to the study, the average cost of a data breach in the U.S. is growing:

·  2017: $7.35 million

·  2018: $7.91 million

·  2019: $8.19 million

Between 2017 and 2019, the average financial impact of a data breach at a U.S. based company rose 10 percent. Companies that experience “mega breaches” involving millions of records can expect to pay anywhere from $40 million to $350 million to clean up the mess. 

IBM expects these figures to continue climbing in the coming year. 

What factors impact the cost of a data breach?

A data breach is not limited to a single incident to be mitigated in just a few days. IBM estimates that it takes companies an average of 280 days to fully recover from a breach. Responding to these breaches extends beyond addressing the root cause of the hack. 

Companies must satisfy notification requirements, preserve affected documents and logs, and address potential PR concerns. If the breach involved PHI (protected health information) or identifying information like Social Security Numbers, the response becomes even more complicated. Most companies will need to hire outside legal consultants to ensure a proper response has taken place.

Beyond these immediate issues, companies that experience a data breach will face “long-tail” costs, those occurring beyond a year year after a breach. These costs include class action lawsuits, regulatory fines, and the potential loss of customers who have lost trust in the company. IBM estimates that lost business accounts for 36 percent of the average total data breach cost.

Proactive Companies Fare Better

Not only will the cost of a data breach increase, so will the odds that a given company will experience a breach. 

Companies are more than 30 percent more likely to experience a breach in the coming years, according to IBM. The Herjavec Group estimates that a ransomware attack will affect a new business every 11 seconds by 2021. 

The risk of a data breach is not a vague threat intended to scare companies into investing more in backend security response. The risk is simply the reality companies must overcome to protect their clients’ data and their own future success. Bad actors are here to stay, unfortunately, and they are becoming savvier all the time. 

Still, companies can make proactive decisions to reduce the risk of a data breach. Key actions that can help include:

·  Establishing in-house incident response capabilities

·  Integrating advanced machine-learning AI into security platforms

·  Increased cybersecurity education for all employees

·  Creating DevSecOps teams who address data security from the start of the development process

IBM estimates that the presence of an in-house incident response team has a significant impact on reducing data breach costs. Using incident response teams can reduce the cost of a data breach by an average of 10.5 percent, a figure that can save companies hundreds of thousands of dollars. 

Next Steps

Don’t wait until you’re in response mode to come up with a data security strategy. MixMode’s third-wave, machine-learning AI detects vulnerabilities before they attract bad actors, giving our clients the upper hand when it comes to cybersecurity. 

Why is machine learning better?

Machine learning is a subset of AI that adds automation and intelligence to computer programs. A music platform that can predict which songs and artists a listener will likely enjoy is one example of machine learning at work.

MixMode takes the concept of machine-learning a few steps further. Not only could our context-aware AI make accurate song predictions, but it could also actually create original music compositions in the same vein. 

While today’s hackers and cybercriminals are often well-versed in typical machine-learning AI, MixMode’s unique context-aware AI is a world apart. 

Our platform takes a deep dive into your network to develop a baseline level of knowledge it will use to evaluate network anomalies. The result is at least a 12 percent reduction in the cost of detecting and responding to data breaches. That’s what happens when SecOps teams don’t have to wade through a mountain of false positives to address real issues. 

Learn how MixMode can ensure your organization won’t become the next company to make the news thanks to a data breach. Reach out to MixMode today to set up a demo. 

MixMode Articles You Might Like:

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The post #cybersecurity | #hackerspace |<p> A Well-Equipped Security Team Could Save You Millions of Dollars a Year <p> appeared first on National Cyber Security.

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Scarsdale Man Loses Thousands Of Dollars After Identity Theft, Police Say

more information on sonyhack from leading cyber security expertsSource: National Cyber Security – Produced By Gregory Evans Police are investigating an incident that saw a local resident’s identity stolen for thousands of dollars in Scarsdale. Over the weekend, a Marjory Lane resident reported to police that his identifying information was used to make several unauthorized bank transfers over the past two weeks. According […] View full post on AmIHackerProof.com | Can You Be Hacked?

Hackers Have Stolen Millions Of Dollars In Bitcoin — Using Only Phone Numbers

Source: National Cyber Security – Produced By Gregory Evans

Hackers Have Stolen Millions Of Dollars In Bitcoin — Using Only Phone Numbers

Just after midnight on August 11, self-professed night owl Jered Kenna was working at home in Medellin, Colombia, when he was notified the passwords had been reset on two of his email addresses.
He tried to set up new passwords

The post Hackers Have Stolen Millions Of Dollars In Bitcoin — Using Only Phone Numbers appeared first on National Cyber Security Ventures.

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9 charged for stealing millions of dollars with Zeus Malware

The Zeus malware is one of the most damaging pieces of financial malware that has helped the culprits to infect thousands of business computers and capture passwords, account numbers and other information necessary to log into online banking accounts.

U.S. Department of Justice unsealed charges against nine alleged cyber criminals for distributing notorious Zeus malware to steal millions of dollars from bank accounts.

Vyachesla V Igorevich Penchukov, Ivan Viktorvich Klepikov, Alexey Dmitrievich Bron, Alexey Tikonov, Yevhen Kulibaba, Yuriy Konov Alenko, And John Does are charged to devise and execute a scheme and artifice to defraud Bank Of America, First Federal Savings Bank, First National Bank Of Omaha, Key Bank, Salisbury Bank & Trust, Union Bank And Trust, And United Bankshares Corporation, all of which were depository institutions insured by the Federal Deposit Insurance Corporation.

They are also accused to use Zeus, or Zbot, computer intrusion, malicious software, and fraud to steal or attempt to steal millions of dollars from several bank accounts in the United States, and elsewhere.

It has also been reported that defendants and their co-conspirators infected thousands of business computers with software that captured passwords, account numbers, and other information necessary to log into online banking accounts, and then used the captured information to steal millions of dollars from account-holding victims’ bank accounts.

Account holding victims include Bullitt County Fiscal Court, Doll Distributing, Franciscan Sisters Of Chicago, Husker Ag, Llc, Parago, Inc., Town Of Egremont, And United Dairy…

They have also been given notice by the United States of America, that upon conviction of any defendant, a money judgment may be imposed on that defendant equal to the total value of the property subject to forfeiture, which is at least $70,000,000.00.

The United States of America has also requested that trial of the case be held at Lincoln, Nebraska, pursuant to the rules of this Court. The Metropolitan Police Service in the U.K., the National Police of the Netherlands’ National High Tech Crime Unit and the Security Service of Ukraine are assisting the investigation.

Source: http://whogothack.blogspot.co.uk/2014/04/9-charged-for-stealing-millions-of.html#.VleUZ1UrLIU

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RansomWeb: Crooks Start Encrypting Websites And Demanding Thousands Of Dollars From Businesses

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Source: National Cyber Security – Produced By Gregory Evans

In another startling development in the world of cyber crime, malicious hackers have started taking over website servers, encrypting the data on them and demanding payment to unlock the files. A large European financial services company, whose name was not disclosed, was the first known victim of this potentially business-destroying attack, according to Swiss security firm High-Tech Bridge, which investigated the breach in December 2014. The security firm labelled the attack RansomWeb. The brazen techniques used and the high ransom represent a more aggressive take on ransomware – malware which encrypted people’s PCs and asked for payment, typically between $100 and £1,000. Though only a handful of attacks have been seen, many expect such extortion to grow rapidly in 2015. The initial attack started six months’ prior to the victim’s website being shut down by the hackers, who were surreptitiously locking up the most critical data on the server using “on-the-fly” tweaks to the site’s PHP code functions. The criminals stored the key to decrypt the data on their own remote web server accessible only via HTTPS encrypted communications, supposed to guarantee no one with visibility on those connections could get access to the data but them. As soon as they pulled the […]

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