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Business Wire: A new report from Juniper Research found that the cost of data breaches will rise from $3 trillion each year to over $5 trillion in 2024, an average annual growth of 11%. This will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm.
Tech Startups: CrowdStrike, a cybersecurity company that provides cloud-based endpoint protection, has launched a $20m early stage investment fund. Started in partnership with Accel, Falcon Fund will focus on seed and Series A investments in security startups that are building applications on the CrowdStrike Falcon platform.
The target: Hy-Vee, a supermarket chain.
The take: 5.3 million cardholder accounts belonging to people from thirty-five mid-western U.S states. This led to the collection of a massive database which then went for sale on an underground website which sells credit and debit card data stolen from hacked merchants. This information can then be used to create counterfeit copies of the credit-debit cards, allowing the attackers to make profitable transactions.
The attack vector: Remotely installed card-skimming malware was used to compromise point-of-sale targets at Hy-Vee’s operated gas pumps, coffee shops and restaurants. The malicious software copied the data stored on credit or debit card’s magnetic stripe when they’re swiped at infected payment stations.
The Wall Street Journal: A national-security panel that oversees foreign investment in U.S. businesses approved the transfer of a stake in cybersecurity company Cofense Inc. from a Russia-linked private-equity firm to funds managed by BlackRock Inc.
People familiar with the matter said the Committee on Foreign Investment in the U.S., known as Cfius, gave its approval to the deal on Monday.
Funds Europe: Cryptocurrency thefts and scams have surged throughout 2019 so far, with criminals and fraudsters netting billions from users and exchanges as cybercrime techniques continue to evolve with the times.
The Times: Highly sensitive personal data, including banking details of more than 1,600 Natwest customers, has been left in a former employee’s home for more than a decade because the bank has been unable to reach an agreement on the safe return of the information.
The Jerusalem Post: The cybersecurity competition, in partnership with the Mayor’s Office of the Chief Technology Officer (MOCTO) and the New York City Economic Development Corporation (NYCEDC), attracted over 160 cybersecurity start-ups from 18 countries, all presenting solutions to help small businesses protect themselves against cyberattacks.
Asian Investor: The Singaporean state investor remains on the lookout for promising cybersecurity assets to complement its existing platform and provide more than just healthy investment returns.
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