cybercrime News

Global Hackers Are Thwarted by FBI, Europe in $100 Million Heist

U.S. and European law enforcement officials on Thursday said they had dismantled a global organized cybercrime network, which used malware to steal banking login details in an attempt to pocket about $100 million from thousands of businesses. A federal grand …

RIMS Speakers Offer Guidance on Preparing for Disaster

BOSTON — Preparing for the unthinkable requires a lot thought. Risk management professionals on Monday cautioned audiences of the myriad pitfalls in planning for catastrophes during the Risk & Insurance Management Society’s annual conference at the Boston Convention and Exhibition …

FBI Reports Cybercrime Losses Nearly Doubled in 2018

The amount of reported losses from cyber crime nearly doubled in 2018 to $2.7 billion, with almost half of that from business email schemes that targeted wire transfer payments, according the FBI’s 2019 Internet Crime Report. The report, prepared by …

Ransom Demands Increasing as More Virulent Viruses Emerge

The average ransom paid to cyber criminals nearly doubled to $12,762 per incident in the first quarter of 2019, compared to $6,733 during the fourth quarter of 2018, according to a report released today by Coveware, a cybersecurity firm based …

Survey Finds Carriers Turning to Analytics to Fight Growth in Fraud

Insurers believe that fraud in on the rise, and they are increasingly turning to advanced analytics to fight it, according to the results of a survey released Wednesday by the Coalition Against Insurance Fraud. The Coalition said the survey of …

NAS Says Ransomware Demands Growing Along with Cyber Claim Costs

Cybercrime claims by policyholders outside the health care sector nearly doubled in 2018, led by financial fraud, often phishing schemes that lead to payments or wire transfers to criminals posing as clients or business partners, NAS Insurance said in a …

‘Jackpotting’ Reaches U.S. Shores, Drains Millions From ATMs

ATM machines across the country are being targeted by a wave of criminals in search of an illegal high-tech payday. The Secret Service calls this phenomenon “jackpotting,” and are warning U.S. bank attacks are imminent. It’s a modern day version …

Hiscox: Large U.S. Businesses Lose Average of $1.05M to Cybercrime Annually

Nearly three-quarters (73%) of firms face major shortcomings in cyber security readiness, according to a newly released study by specialist insurer Hiscox. The Hiscox Cyber Readiness Report 2018, which gauges how prepared businesses are to manage cyber threats, surveyed department …

Business Interruption, Cyber Attacks at Top of 2018 Allianz Risk Barometer

Business interruption (42%) and cyber incidents (40%) lead this year’s top business risks, globally, according to the seventh annual Allianz Risk Barometer. Allianz Global Corporate & Specialty (AGCS) announced the findings last week, based on insight from 1,911 risk experts …

McAfee Labs: 5 Cybersecurity Trends to Watch in 2018

The evolution of ransomware from traditional to new applications, the cybersecurity implications of serverless apps, the consumer privacy implications of corporations monitoring consumers in their own homes, long-term implications of corporations gathering children’s user-generated content, and the emergence of a …