Cyber Attacks

News & Analysis as of

Your daily dose of financial news The Brief – 5.2.16

Nearly a year-and-a-half after announcing their plans to join forces, Halliburton and Baker Hughes have reportedly called off their $35 billion merger. Serious DOJ reservations about the deal and a wildly changed energy...more

Hackers responsible for ruthless SpyEye Trojan sentenced to 24 1/2 years

The Department of Justice has announced that two hackers who built and sold the Trojan called SpyEye, that caused close to $1 billion in banking losses, have been sentenced for a combined 24 1/2 years in federal court in...more

Indiana Governor announces formation of Indiana Executive Council on Cybersecurity

Indiana Governor Mike Pence announced last week the formation of the Indiana Executive Council on Cybersecurity through an Executive Order. The Council, comprised of 23 members from public and private organizations, is...more

Ransomware gets even more nightmarish with Jigsaw

We have been alerting all of our readers to the nightmares of ransomware, and that the healthcare industry is a prime target. Just when you thought it couldn’t get any worse, a new strain of ransomware, known as Jigsaw,...more

FireEye report shows PoS attacks have compromised more than 20 million cards

FireEye recently issued a report that indicates that bank card data of over 20 million individuals has been compromised since 2014. According to the report, point of sale attacks that have affected the retail and hospitality...more

Blog: European Parliament: Opinion on virtual currencies – regulation’s on its way (part 2)

The European Parliament’s Internal Market & Consumer Protection Committee has published an Opinion about virtual currencies. In the Opinion, which was prepared by rapporteur Ulrike Trebesius, the Committee calls on the...more

Privacy & Cybersecurity Newsletter: April 2016

What seems like a long time ago now, in 2011 PricewaterhouseCoopers (PwC) warned that “there is no question that law firms are among the companies being targeted by cyber criminals.” Despite this, many law firms believed (or...more

Department of Health and Human Services Cracks Down on Vendor Oversight in Recent Hospital Settlements

From the rise in ransomware attacks to inadvertent disclosure of information by subcontractors, the health services industry is reminded that a potential consequence of a data breach is the threat of a regulatory enforcement...more

Police department drones vulnerable to hackers?

While there has been much debate over police department drones and individual privacy, now, a new concern has emerged: the threat of hackers. Recently, a security researcher, Nils Rodday, used a laptop and $40 worth of...more

Insurance News, Spring 2016

Hackers interfere with a GPS signal, causing a vessel’s onboard navigation systems to falsely interpret position and heading. Somali pirates employ hackers to infiltrate a shipping company’s network to identify vessels in the...more

Alert on Ransomware Attacks and Prevention

Imagine entering your office, sitting down with a cup of coffee, and going through the routine task of logging on to your computer to review your emails and schedule for the day. Except this time, there is a problem. A...more

Tennessee Gives Businesses 45 Days for Data Breach Notice

Recent amendments to the State’s data breach statute give a hard deadline for a business to provide consumer notice, removes encryption safe harbor, exempts entities that are subject to the Health Insurance Portability and...more

Ashley Madison attorney-client communications leaked in data breach

We all remember the Ashley Madison data breach. The hackers, calling themselves “The Impact Team” requested that the Ashley Madison extramarital affair site, and Cougar Life and Established Men sites be “taken down.” When...more

New report finds executives “placing their heads in the sand” on cybersecurity

A new report commissioned by Tanium and Nasdaq finds that 90% of corporate executives admit that they can’t read a cybersecurity report and up to 40% of corporate executives do not feel personally responsible for...more

Cybersecurity Claim Under CGL Policy Prevails Against Strong Insurance Industry Pushback, As Fourth Circuit Upholds Policyholder’s...

Action Item: In a digital age, where companies and individuals increasingly rely on the Internet in their personal and commercial activities, the Travelers Indem. Co. of Am. v. Portal Healthcare Solutions, LLC, No. 13-1944...more

Cyber Attacks Continue to Grow and Evolve

Cyber criminals continue to prey on websites with unpatched vulnerabilities and ill-protected point of sale (POS) systems to steal credentials such as personal data, credit card numbers and bank account details. Common...more

How Hospitals Can Avoid Being the Next Ransomware Victim

Hospitals are increasingly the target of hackers, particularly in the form of “ransomware.” What follows is a primer on ransomware and how to avoid being a target of it....more

Sony settles employees’ class action suit for up to $8M

The Sony data breach in 2014 was one of the most significant breaches experienced and was a first on many fronts. It was alleged to have been caused by North Korean hackers (calling themselves Guardians of Peace) seeking to...more

The Financial Report - Volume 5, No. 7 - April 2016 (Global)

- United States US indicts Iranian computer specialists for cyberattacks on banks and a dam. The New York Times reported that the Justice Department unsealed an indictment against seven Iranian computer specialists who...more

Is Data Really a “Toxic” Asset?

In his “Data Is a Toxic Asset” blog post, Bruce Schneier argues that data is a toxic asset and that the lesson all the recent data breaches are teaching us is that storing this asset is “dangerous,” because it makes companies...more

Privacy Tip #29 – U.S. + Canada issue joint ransomware special alert—read and follow recommendations

We have frequently alerted individuals and companies about the increasing risk and success posed by sophisticated phishing schemes. It has become such a real and grave problem that the U.S. Computer Emergency Readiness...more

Cyber Attacks on Infrastructure are Increasing: Review Your Insurance As “Internet Of Things” Risks Grow and Change

In the December post Systemic Cyber Risks And The Internet of Things, we wrote about the increasing risk of cyber attacks on infrastructure and consumer products, and related insurance issues. We noted in that post that,...more

Hacker steals Norfolk Admirals customer data

A Norfolk Admirals fan notified the Admirals last week that his information was posted online. Another customer found out that her information was posted online from the service Have I been Pwned? Her son’s name and address...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

Trustwave Case Highlights Cyber-Risk to Professional Service Providers

In a case that we believe reflects a real future trend in the cyber-risk industry, Las Vegas casino operator Affinity Gaming (“Affinity”) is suing Chicago-based IT security firm Trustwave Holdings, Inc. (“Trustwave”) for...more

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