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Cision: With the digital economy continuing to grow rapidly, accelerated by the COVID-19 pandemic, cyber security is an ever-increasing concern for Canadians and businesses. A strong cyber security sector will cement Canadians' trust in the digital economy. That is why the Government of Canada is committed to ensuring Canada is a global leader in cyber security innovation and talent development.
Institutional Asset Manager: Freedom of Information data obtained by Kroll from the FCA shows that the number of reportable cyber incidents where company or personal data was potentially compromised or breached dropped 30 per cent to 76 in 2020, compared to 108 during the same time period in 2019.
Mergers & Acquisitions: CVC Capital Partners VII and other investors have provided $250 million in funding to Acronis, a cyber protection provider. Acronis will use the funds to accelerate growth by expanding its portfolio of natively integrated cyber protection products. A significant portion of the investment will also be used to expanding Acronis’ partner network, notably managed service providers.
Yahoo Finance: The company providing internet services for Belgium’s parliament, government agencies, universities and scientific institutions said Tuesday that its network was under cyberattack, with connections to several customers disrupted.
Help Net Security: A huge jump in new pandemic-related threats, alongside a rise in challenges caused by enforced work from home guidance, is leaving open and insecure gaps in FIs’ networks. The findings analyze the changing nature and impact of fraud, risk and cyber threats on UK and US FIs and consumers over the last 12 months.
The target: First Horizon Bank, a U.S based financial services company.
The take: An amount up to $1 million USD, and 200 online customer accounts with personally identifiable information.
The attack vector: The attacker used illicitly gained login credentials and exploited a vulnerability in third party security software, letting them access customer accounts and siphon funds. In additional to the funds stolen, the detailed personally identifiable data exposed is highly valuable for further phishing and fraud attacks.
This breach emphasizes the importance of controls around the authentication process – requirements for strong, unique credentials, and implementation of multiple factors of authentication wherever possible to mitigate stolen or brute-forced passwords. Third party software components in an authentication process must also be implemented properly, with security patches tested and applied in a timely manner to maintain a secure posture.
Financial Post: Cybersecurity experts, law enforcement agencies and governments urged the White House to root out safe havens for criminals engaging in ransomware and step up regulation of cryptocurrencies, the lifeblood of hackers, in the hopes of controlling a growing wave of attacks.
CTV: A new report released by cybersecurity company Emsisoft estimates that ransomware demands increased by more than 80 per cent globally in 2020, with hundreds of millions of dollars estimated to have been paid out in ransoms in Canada alone.
Private Equity Wire: Cybersecurity cannot be a onetime implementation exercise. It requires ongoing management, review and maintenance. And although there has been significant growth in private equity (PE) managers adopting cybersecurity software and solutions, there is still considerable progress to be made.
RBNZ: The guidance outlines the Reserve Bank’s expectations around cyber resilience, and draws heavily from leading international and national cybersecurity standards and guidelines. The guidance applies to all entities the Reserve Bank regulates, including registered banks, licensed non-bank deposit takers, licensed insurers and designated financial market infrastructures.
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