25 October 2019

IRM Weekly Cybersecurity Roundup: Libra cryptocurrency and more

Facebook’s Zuckerberg grilled over Libra cryptocurrency plans

Facebook CEO Mark Zuckerberg has tried to reassure sceptics over the safety of the social network’s proposed Libra cryptocurrency plans.

Members of Congress in Washington heard attacks over the plans for the payment system, warning it could be abused by criminals and terrorists.

Regulators around the world continue to express concern with the G7 group of nations vowing to block it unless Facebook can prove it is safe and secure. There are concerns revolving around the possibilities that the currency could be used for money laundering, disrupt the global financial system, or give Facebook too much data control.

Zuckerberg said Facebook would leave the Libra Association if the consortium tried to launch a cryptocurrency without the permission of US regulators. Eight of the 28 founding members that set up the Libra Association have already pulled out, including MasterCard, Visa, eBay and PayPal. You can read more here.

Over-30s are better at cybersecurity 

According to a survey conducted by NTT’s cyber unit, Brits over the age of 30 tend to adopt best practice when it comes to cybersecurity when compared with their younger colleagues. However, the under-30s tend to be more anxious about security matters.

When compared with people in the other countries studied, which included Brazil, France, Hong Kong and the US, people in the UK tended to score higher regardless of age.

“It’s clear from our research that a multigenerational workforce leads to very different attitudes to cyber security. This is a challenge when organisations need to engage across all age groups, from the oldest employee to the youngest,” said NTT Security’s Vice President. You can read more here.

NCSC targets payment card fraud

Britain’s cyber defence centre, the National Cyber Security Centre (NCSC) has identified more than one million cases of suspected payment card fraud in the last year, its annual review reveals.

The National Cyber Security Centre (NCSC) said a dedicated anti-fraud effort stopped the cards being abused. It said it had stopped more than 1,800 cyber-attacks aimed at UK citizens and businesses in its first three years.

In an operation called ‘Haulster’, the centre aimed to uncover which payments and cards were being targeted by online fraudsters. The operation told banks about potential targets so they could prevent future attacks or spot when cards were being abused.

“The most immediate threats to UK citizens and businesses come from large-scale global cyber-crime,” said NCSC CEO Ciaran Martin in a statement. “Despite often being low in sophistication, these attacks threaten our social fabric, our way of life and our economic prosperity.” You can read more here.

9,000 cybercrime reports quarantined due to ‘security risk’

Thousands of reports of cybercrime were quarantined on a police database instead of being investigated due to software that was designed to protect the computer system labelled them a security risk.

Some of the backlogged reports dated back to October last year. The reports had been made to Action Fraud and handed to the National Fraud Intelligence Bureau (NFIB).

A representative said there had been a problem in the “processing and distribution” of the crimes to forces, and the computer systems were “not talking to each other”. The crime reports had “gone to a central hub for processing and gone no further”, he added.

The force has been told it must “with immediate effect” tackle the problem and stop it from happening again. They are now working with their suppliers, IBM, to “review the security protocols” that caused the problem, adding: “Reports which are a security risk will continue to be quarantined but are actively monitored, for example to ensure that reports from vulnerable victims are prioritised and acted on.” You can read more here.

Quick-fire Updates:

Internal White House memo speculates cyber-attack: A new internal memo has been uncovered from the computer network defence branch chief that warns “the White House is posturing itself to be electronically compromised once again.” The chief submitted the memo as a letter of resignation last Thursday. Read more here.

UK government reveals major cybersecurity investment: after announcing a £36m investment project to help protect the country’s businesses from cyber-attacks, partnering with firms as part of the next phase of the Government’s Digital Security by Design initiative. Read more here.

86% of enterprises will be impacted by AI in the next 5 years: Just one of the findings highlighted in IRM’s 2019 Risky Business Report. It uncovers some of the latest trends and opinions from cybersecurity and risk management decision-makers across the globe. Read more here.

If you have any questions about this week’s roundup, or want to understand how you can improve your cybersecurity strategy, get in touch with IRM.