IA teams up with US firm to tackle cyber crime

The UK’s Investment Association has set up a platform to help investment managers protect their firms against cyber security threats.Covid-19 has highlighted the “critical role” cyber security plays in ensuring operational resilience, according to the organisation.The platform – called IA Titan, and powered by US-based cyber security company Anomali – comprises a real-time dashboard providing up-to-date alerts from law enforcement, government agencies and other authorities.The alerts will cover a range of threats including: malware, ransomware, and software vulnerabilities.  

China toughens crackdown on cyber crime as cases increase

China launched a crackdown on cyber crime as it has seen a rapid spread of online fraud, rumor-mongering and infringements of individual privacy, among other offenses.

Chinese police have captured 6,329 suspects involved in Internet scams related to the COVID-19 epidemic, 3,870 engaged in manufacturing or selling fake or substandard face masks and protective garments and 496 suspected of illegally selling precious wild animals and their byproducts amid the campaign initiated this year, said the Ministry of Public Security.

Moreover, police nationwide have solved seven criminal cases involving the transmission of false information about the epidemic on the Internet and detained 24 suspects implicated in the illicit activities, the ministry said.

Global police agencies issue alerts on Covid-related cyber-crime

Europol and Interpol have joined the list of cross-border law and order regulators set out to tackle Covid-19 scams and misinformation campaigns. 

“With a huge number of people teleworking from home, often with outdated security systems, cyber-criminals prey on the opportunity to take advantage of this surreal situation and focus even more on cyber-criminal activities,” Europol executive director Catherine De Bolle wrote in its latest security advisory.  

The announcement comes a week after Europol published a detailed report on how criminals modified their strategies to make the most of the pandemic scare, based on information it received from the EU member states.

Cybercrime rises during coronavirus pandemic

The president of the European Commission, Ursula von der Leyen, warned on Tuesday (24 March) that cybercrime in the EU has increased due to the coronavirus outbreak.

Cybercriminals are taking advantage of the increasing amount of time that people spend online due to new measures taken by member states to stop the spread of the virus - while they also benefit from the health crisis itself.

"They follow us online and exploit our concerns about the coronavirus. Our fear becomes their business opportunity," von der Leyen said in a video message.

Pakistan: Cybercrime Affecting Banking Sector And Economy – OpEd

Cyber-crime is not a conventional offence as its ramifications transcend borders.  It affects a society in different ways. The term “cybercrime” denotes any sort of illegal activity that uses a computer, cell phone or any other electronic device as its primary means of commission. The computer and electronic devices serve as the agents and the facilitator of the crime. Cyber criminals take full advantage of obscurity, secrecy, and interconnectedness provided by the internet and are able to attack the foundations of our modern information society. Breaching of cyber space is an issue of utmost concern for the banks and financial institutions. The menace of data theft is growing in magnitude with huge financial impact. As custodian of highly valuable customer information, banks have always been the favorite target of the cyber-attacks. 

Moreover it is estimated that banks are more frequently targeted by the hackers than any other business organization. IT based financial solutions of the banks such as ATMs, mobile banking and internet banking are exposed to various forms of frauds including skimming and phishing etc. Affected banks may also witness decline in their share prices. Banking industry is more susceptible to the breach of cyber security due to its financial lure for the transgressors.

FBI director stresses collaboration in fighting cybercrime

BOSTON — Fighting cybercrime in a world that is increasingly doing business online will require new approaches, including greater collaboration across nations and the business and academic communities, according to FBI Director Christopher Wray.

“An audience like this recognizes that the old approach of tackling the cyberthreat one case at a time isn’t going to work,” Wray told a crowd at the fourth annual Boston Conference on Cyber Security at Boston College this week. “As soon as we find and stop one cybercriminal, another one pops up.”

Wray’s second tenure in government said he’s seen some positive changes in the way the agency works across borders and sectors to more effectively take down cyberthreats.

Kenya: Court Dismisses Bloggers' Cybercrime Law Case

High Court judge James Makau has dismissed a case filed by the Bloggers Association of Kenya (BAKE) that challenged the constitutionality of the Computer Misuse and Cybercrime Act.

He issued the judgment on Thursday morning, saying the petition was unwarranted and had lifted sections which had earlier on been suspended by the court.