09 November 2018

IRM Weekly Cybersecurity Roundup: Bitcoin scam, imminent category one cyber-attack and more

Each week, IRM gathers up (what we think) are the most interesting and important reads from the cybersecurity industry. The weekly roundup will include good and bad examples of cybersecurity practice and thought pieces from across the globe – all summarised in one handy place for your regular news top-up.

Matalan and Pathé hit by £120,000 bitcoin scam

After posing as Tesla’s Elon Musk on Matalan and Pathé UK’s Twitter accounts, hackers were able to convince followers to part with their Bitcoin. The unusual scam saw £120,000 stolen after followers were fooled into the fake cryptocurrency giveaway.

The hackers were able to take control of the official company Twitter accounts, changing the account names and posting their own content. The incident raises concerns over how seriously the targeted organisations are taking security of their social media accounts.

You can read more here.

Australian shipbuilder refuses to pay hack ransom

The largest defense exporter in Australia, Austal, has refused to pay ransom after a hacker stole their ship design schematics. The shipbuilder, who has built vessels for the US Navy, announced the breach on Thursday. They denied the compromised material was either sensitive or classified.

Despite the lack of impact to their business operations, the organisation has taken steps to secure its data systems. The Australian Cyber Security Center and Federal Police have also been informed.

You can read more here.

Security breach hits 22 Pakistani Banks

More information has been released this week about a hack on Pakistani banks. The details show that over 19,000 debit cards worth $2.6 million were sold on the Dark Web. The security breach, which targeted 22 banks in late October, is being called the biggest cybercrime incident in Pakistani’s banking system.

It is thought the security breach was due to skimming exercises at ATMs and POS keyboards. Six banks temporarily suspended cash withdrawals once they learnt of the compromised card details.

You can read more here.

Hong Kong becomes a target as cybercrime financial loss increases 680%

According to statistics from 2012-2016, the financial loss from cybercrime in Hong Kong has risen by 680%. This is thought to be due to the surge in fraudulent banking websites and the lack of detection and readiness to remediate cybercriminals.

With Hong Kong’s wealth and connectivity set to grow, it’s likely to remain a target for cybercriminals.

You can read more here.

Speculation of future “category one” cyber-attack for UK

According to the deputy director of the NCSC, Peter Yapp, the UK is likely to experience a “category one” cyber-attack soon. A category one cyber-attack is an incident that cripples critical national infrastructure, such as power grids or emergency services.

With the NCSC experiencing more than ten cyber incidents a week since its conception two years ago, Yapp stated at the Cyber Security Connect UK Conference that its unrealistic to “beat” cybercrime. Instead, we need to focus on making it more challenging, unprofitable and risky for perpetrators.

As well as this, he encouraged businesses to consider protecting themselves from common cyber threats. In turn, this will help protect the public’s confidence and prevent damage to UK business.

You can read more here.

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