Removing the cyber criminal’s mask of anonymity

Cyber crime is a serious business in Asia Pacific, with over US$1.7 trillion lost to cyber attacks last year, equating to 7% of the region’s GDP and representing around a third of overall global cyber crime.

This is largely because digitalization is rapid and technologies to combat cyber threats aren’t being implemented quickly enough to keep up; as fast as detection and prevention techniques improve, cyber crime continues to become more sophisticated. Attitudes towards cyber security are outdated, with a survey of IT and business decision makers revealing that although half have experienced a cyber attack, only a fifth see cyber security investments as a business differentiator.

Biggest IT security threats in South Africa

As businesses and consumers alike become increasingly reliant on technology and online systems for efficiency and entertainment, they become more vulnerable to attackers.

And the more services you are subscribed to, the greater your potential attack surface.

Cybercrime is therefore a growing problem around the world, and the types of attacks are constantly evolving to dupe more people or exploit new vulnerabilities in existing systems.

Mumbai-based Italian Firm Loses Rs 130 Crore to Hackers in Con Job

Mumbai: In perhaps the biggest such online heist, a Mumbai-based Italian firm lost Rs 130 crore to suspected hackers who allegedly convinced its local managers that the money was needed for an acquisition, police said Monday.

The hackers sent emails to the head of the Indian subsidiary of the firm through an email account, which looked similar to that of the group CEO, a police official said.

The hackers also arranged a series of conference calls to discuss about the acquisition, following which heads of the Indian subsidiary transferred the amount in given bank accounts time to time, he said.