Information Security
ECB Cyber Resilience Stress Test Uncovers Gaps in Bank Recovery Plans
In a rigorous examination, 109 regulated banks underwent a stress test simulating a hypothetical cyber onslaught that incapacitated their pivotal IT frameworks. Among these, 28 institutions faced an intensified evaluation, requiring them to provide supplementary data on their strategies for confronting the digital assault.
Escalating Cyber Breach Costs: Financial Sector Leads at £5.4 Million Per Incident
In the latest revelation from the IBM Cost of a Data Breach report, the financial realm stands as the most burdened, with professional services and the technology sphere trailing closely, each grappling with breach expenses surpassing £5.4 million on average.
Cybersecurity Study Reveals Critical Need for Advanced Recovery Strategies
A recent study by Commvault reveals that 83% of organizations have faced a significant security breach, with over half occurring in the past year. This highlights the urgent need for robust cyber recovery strategies. Security professionals are increasingly concerned about external threats and acknowledge the inevitability of breaches.
Manufacturing Sector Faces Surge in Ransomware Payments, Average Payouts Hit Record High
The manufacturing sector saw a significant rise in ransomware attacks in 2023, with two-thirds of organizations affected.
Ransomware Leads to Over $47 Million in Losses for Sonic Automotive and Key Tronic
Sonic Automotive, a major player in the U.S. automotive retail market and headquartered in North Carolina, faced a significant financial setback following a recent ransomware incursion. This digital attack, targeting CDK Global, a pivotal software provider for numerous dealerships across North America, resulted in a marked decrease in Sonic’s earnings per share by a third for the quarter ending June 30.
Surge in Android Financial Threats and Infostealing Malwar
Over the past six months, Android financial threats have surged, targeting mobile banking funds through traditional malware and cryptostealers, as reported by ESET.
Microsoft's Brad Smith: Pledges Accountability for Security Lapses
Brad Smith, Microsoft's President and Vice Chair, vows to fully address security failures outlined in a March Cyber Safety Review Board report during his April 12, 2023 testimony at the Semafor World Economic Summit in Washington D.C. He acknowledges Microsoft's pivotal role in global cybersecurity, operating data centers in 32 countries and collaborating closely with the U.S. government and allies.
Cyber security consultant S-RM appoints new hires across restoration and recovery
Source: S-RM
Leading global intelligence and cyber security consultancy S-RM has today announced the appointment of Tom Yoxall and Mark Long as part of its ongoing investment into post-incident restoration and recovery services.
LockBit Leaks Evolve Bank Data After Fed Hack Claims
Days after claiming responsibility for hacking the US Federal Reserve, the Russia-linked LockBit ransomware gang has leaked customer data from Evolve Bank & Trust on the dark web.
Organizations Struggle with Breach Detection as AI and Cloud Complexity Rise, Reports Gigamon
Organizations are struggling to detect increasingly sophisticated breaches, with over one-third reporting their security tools fail to identify breaches, according to Gigamon.
Banks and Payments Disrupted Worldwide by Faulty CrowdStrike Update
A recent update from cybersecurity firm CrowdStrike caused a significant disruption to banks and payment systems globally, leading to widespread outages and operational challenges. This unexpected glitch in the update affected Microsoft's infrastructure, resulting in downtime for several key financial services and payment processors that rely heavily on Microsoft's cloud services.
Fed Launches ScamClassifier: A New AI Tool to Combat Financial Fraud
The Federal Reserve has launched a sophisticated AI-driven tool called the ScamClassifier model, aiming to bolster the fight against financial fraud. This new initiative is designed to enhance scam reporting, detection, and mitigation within the payments industry.
Kaspersky Warns: 45% of Passwords Can Be Cracked Within a Minute
Security firm Kaspersky warns that 45% of passwords can be cracked within a minute using brute force or smart guessing attacks. Analyzing 193 million English passwords from the darknet, Kaspersky found 87 million could be broken within 60 seconds. Another 14% could be cracked in under an hour, while only 23% could last over a year.
