Cybercrime will “cost global economy $6 trillion” by 2021

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New trends identified by research teams at Cybersecurity Ventures state that cybercrime will cost global businesses $6 trillion in the next two years, up from $3 trillion in 2015. Ransomware played a key factor in this, costing $11.5 billion alone, while state-sponsored attacks are on the rise. Experts also cited the changes with GDPR for the apparent increase in data breaches.

5G could be a hotbed for criminals

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The forthcoming 5G movement is causing concerns among experts, who say it still has the potential to be hacked. While the wide consensus is that 5G is considerably stronger than 4G, thanks to encryption and verification of network users, experts say devices may be the problem. IoT devices such as baby monitors and factory assembly lines may be susceptible to attacks from hackers as they will soon be using the 5G network. David Ferbrache, global head of cyber futures at KPMG, said: “The likelihood of finding an IoT device that hasn’t been set up properly, or with a weak password, is quite high.”

White hat hacker takes aim at Instagram

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Facebook has once again been the victim of a data breach. Its image sharing company, Instagram, which Facebook purchased in 2012, was attacked in late September. Millions of users had their phone numbers and usernames leaked. However, the attacker was deemed a “white hat hacker” and was a security researcher. The hacker claimed to have found vulnerabilities in the “Sync Contacts” feature and said other hackers could have done the same.

Companies around the world celebrate Cybersecurity Awareness Month

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October is known internationally as Cybersecurity Awareness Month, and this year, more firms than ever are recognising the increasing importance of cybersecurity. The awareness month was started by the National Cybersecurity Division of Homeland Security in the USA, and now its principles have reached businesses around the world. Many are publishing their own tips on how to stay safe in the workplace and state that employee training and refresher courses are a must.

Mycena launches new white paper

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A new white paper on decentralised password security is now live. Published by Julia O’Toole of MyCena, Redefining Password Security explores the most common flaws in password management, and the need for a decentralised password management system that is not vulnerable to cloud hacks. Read more on the MyCena website or visit the Mycena LinkedIn page.

Wikipedia experiences “intermittent outages”

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Online encyclopaedia Wikipedia said it was experiencing “intermittent outages” when it appeared to have been the target of a cyber-attack in early September. The site was down over the course of one evening and early morning, affecting 94% of all users in Russia, America and the Middle East. A later statement on the Wikimedia German Twitter account claimed that the platform had been the victim of a “very broad DDoS attack”.

Nation-sponsored attacks highlight need for IP protection

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The UK, US and India are among the top countries facing the increasing threat of nation-sponsored attacks, new data reveals. According to a Thomson Reuters Labs blog, 22 countries are suspected to have sponsored cyber operations with financial backing from the state. Notable historic cases include the 2017 attack on Solarworld, an owner of cutting-edge IP and global contracts in the steel industry. The attacks were attributed to China. Vitaly Kamluk of Kaspersky Labs warned the attacks are a “growing concern”.

Huawei excluded from global forum

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Chinese multinational technology company Huawei has been suspended from a membership to an exclusive forum designed to tackle security breaches. The Forum of Incident Response and Security Teams, otherwise known as FIRST, confirmed that the company will not be involved. Executive Director Chris Gibson said: “After extensive consultation and review, we regret ending up in a position where we had to suspend Huawei’s membership in order to ensure we meet these evolving regulations, and we intend to work closely with both Huawei and the Bureau of Industry and Security to address any concerns related to their participation in FIRST.”

Study reveals most searched for cybersecurity terms

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A Google Trends data study from 2004 to 2019 has revealed the top search terms for those interested in cybersecurity. Among the finds were the top names of those in the cybersecurity business, as well as companies which were most likely to be used in phishing attacks. Apple ranked as number one for the most often used company name in scam emails, along with PayPal, HMRC, Amazon and Natwest. Equifax has the poorest reputation based on search results, thanks to a data breach in 2017 which led to 150 million people’s data being exposed.

“Nearly everyone in Ecuador” faces data breach threat

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A data breach affecting 20 million people – 3 million more than the population of Ecuador – is said to potentially expose every Ecuadorian citizen’s data. Among the victims are the Ecuadorian president Lenín Moreno and WikiLeaks founder Julian Assange, who is currently residing at the Ecuadorian Embassy. The exposed data has been sourced to government registries, as well as a national bank and automotive association. It includes taxpayer identification numbers, driving records and back account records.