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The Wall Street Journal: The cybersecurity-vendor sector is set to trim some of its fat in 2020, venture-capital executives say, and companies that weave sophisticated technologies such as artificial intelligence into their products are the ones likely to succeed.
Finance Feeds: Travelex Ltd confirmed that a software virus was discovered on New Year’s Eve which compromised some of its online services. Travelex has taken all its systems offline as a precautionary measure and is currently providing foreign exchange services on a manual basis.
The Wall Street Journal: In one of the largest-ever corporate espionage efforts, cyberattackers alleged to be working for China’s intelligence services stole volumes of intellectual property, security clearance details and other records...
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The National: The Dubai Financial Services Authority (DFSA) is planning to roll out a platform to help companies in the Dubai International Financial Centre implement appropriate safeguards to mitigate cyber risks.
JDSUPRA: The Financial Conduct Authority (FCA) aims to guide regulated firms on its expectations of their cyber resiliency. In 2018, the FCA warned regulated firms of the risks of outdated IT systems and the lack of effective cyber controls as a key area of vulnerability in an environment where it said that the threat level for cyber-attacks is “remarkable.”
AP News: The U.N. General Assembly approved a resolution Friday that will start the process of drafting a new international treaty to combat cybercrime over objections from the European Union, the United States and other countries.
The target: The National Bank of Blacksburg
The take: $2.4 million
The attack vector: The attack began with a phishing email which let the hackers install malware on the compromised computer. This move let them disable and alter anti-theft and anti-fraud measures such as PIN’s, withdrawal limits, daily debit card usage limits and fraud score protections. Through their now unrestricted access to the bank’s internal account manager software, Navigator, the attackers modified or removed critical security controls. They then accessed hundreds of customer accounts to steal funds over a period of two days.
This incident highlights the profound impact one compromised system can have in the context of an organization’s overall security posture, and underscores the old adage – ‘a chain is only as strong as its weakest link’. While network and server-level protections are essential, firm must ensure that endpoint controls and user training are up to snuff.
Cision: Mr. Dronamraju will oversee the bank's global strategy for cyber security. Reporting to both Larry Zelvin, Head Financial Crimes, and Ken Librot, U.S. Chief Technology and Operations Officer, Mr. Dronamraju will have offices in Toronto and Chicago, with teams located in North America, Asia and Europe.
Coin Telegraph: A 19-year old man has been indicted for identity theft as part of an alleged $1+ million cryptocurrency heist affecting at least 75 victims in the United States.
Reuters: Russia will carry out tests on Monday on the reliability of its domestic internet infrastructure in the event that the country is disconnected from the worldwide web, the communications ministry said.
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