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Industry News: ESG5

Third of Charities Risk Internal Fraud Due to Bad Background Checks

2019-06-17

CharityUpdate: Over a third of charities risk exposing themselves to potential internal fraud due to “inconsistent background checks”, new research has found. The research, carried out by background and identity services firm Sterling, titled ‘Insider Fraud, Cyber-crime and Background Checks in the Charity Sector’, revealed that 37% of individuals responsible for hiring in the sector do not have a consistent employee background screening programme in place. The firm has urged charities to ensure they have “consistent and carefully applied” background screening programmes in place in order to avoid the “growing threat” of insider fraud. ...

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Crypto Developer Komodo ‘Hacks’ Wallet Users to Foil $13 Million Theft

2019-06-07

CoinDesk: Cryptocurrency wallet developer Komodo has effectively hacked its own customers to avert an attack that could have resulted in the theft of funds worth nearly $13 million. A blog post from the npm JavaScript package repository, first reported by ZDNet, indicated that its security system raised an alert about a backdoor on June 5 that could have been used by hackers to rob users of one of Komodo’s older wallets, Agama. An audit showed a malware threat with the potential to steal cryptocurrency wallet seeds and logins...

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Cybersecurity: The Number of Files Exposed on Misconfigured Servers, Storage and Cloud Services has Risen to 2.3 Billion

2019-05-30

Zdnet: Over 2.3 billion files -- including sensitive data like payroll information, credit card details, medical data and patents for intellectual property -- are exposed publicly online, putting both people and organisations at risk of data theft, cybercrime, espionage and other malicious activities. Analysis by researchers at cybersecurity company Digital Shadows found the highly sensitive information stored alongside other data in publicly exposed or misconfigured online storage and cloud services, including SMB file shares, rsync servers, and Amazon S3 buckets....

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Police Smash ‘GozNym’ Cybercrime Network that Stole $100 Million

2019-05-16

Reuters: Police in six countries have dismantled a complex cybercrime network that operated from Eastern Europe and fleeced victims - including small businesses and charities - of some $100 million, Europe’s police agency said on Thursday. The GozNym network, led by a man from Tbilisi, Georgia, used phishing emails to infect the computers of more than 41,000 victims with malware. Specialised members of the group in Bulgaria and Ukraine then seized control of victims’ online bank accounts and tranferred their funds to laundering accounts...

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WhatsApp Hack: Company Urges 1.5 Billion Users to Update App over Security Fears

2019-05-14

TheTelegraph: WhatsApp has urged users to update their messaging app after concerns were raised that hackers could inject spy software on to phones via the call function. The Facebook-owned company said the spyware was spread by an “advanced cyber actor”, and infected multiple mobile phones using a major vulnerability in the app. The spyware, developed by the secretive Israeli spyware company NSO Group, has the ability to give hackers full access to a phone remotely, allowing them to read messages, see contacts and activate the camera...

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Global Cyber Security in Healthcare Market Will Reach USD 12,311 Million By 2026

2019-05-16

Globe Newswire: The healthcare organizations are increasingly adopting cyber security solutions to keep cybercriminals at bay. The healthcare providers are taking more precautions in securing devices and connected networks, which, in turn, is increasing the popularity of healthcare cyber security tools and solutions. The key factors driving the cyber security in healthcare market is the increasing number of cyber-attack threats, as the medical records contain huge volumes of information that can be used to perform identity fraud...

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Hackers Steal Over $40 Million Worth of Bitcoin from one of the World’s Largest Cryptocurrency Exchanges

2019-05-08

CNBC: Hackers have stolen over $40 million worth of bitcoin from Binance, one of the world's largest cryptocurrency exchanges, the company said on Tuesday. Binance said the hackers ran off with over 7,000 bitcoin and used a variety of attack methods to carry out the "large scale security breach" which occurred on Tuesday...

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In The Face Of Growing Fraud Threats, Finance Firms Should Look At Managed Security

2019-05-07

Forbes: Financial institutions face a complex array of threats — from the immediate such as synthetic identities which have been used to defraud individual firms multiple times. But they also should be looking around and ahead, said Valerie Abend, managing director, Accenture Security and co-author with Howard Marshall, principal director at Accenture Security, of a report entitled “Extreme but Plausible Threat Scenarios In Financial Services.”...

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Cryptocurrency Thefts, Fraud Hit $1.2 billion in First Quarter

2019-04-29

Euronews: Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion (920.67 million pounds), or 70 percent of the level for all of 2018, cybersecurity firm CipherTrace said on Tuesday. The value of losses from crime in the digital currency sector in 2018 hit $1.7 billion. But cryptocurrency crime has ballooned as the market has slowed down, prices have plunged and business activity has stalled...

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Hedge Funds Besieged by Hackers on a Daily Basis

2019-05-01

BobsGuide: Hackers are exploiting inherent weaknesses in mature hedge funds on a daily basis, say a security vendor and the chief technology officer of an established fund, leading to huge boosts in cybersecurity spending. “Hedge funds are being targeted simply because of cash movements where frequent large transfers are normal at a small business that doesn’t necessarily have all the controls in place,” says Jason Elmer, managing partner at Drawbridge, the cybersecurity consultancy...

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