Fitch: Cybersecurity insurance market crossed billion-dollar earnings mark in 2016

Insurers earned $1.35 billion from cyber insurance premiums last year, a 35 percent increase over the year before, according to new figures from the ratings agency Fitch.

financial news

Insurance industry increasingly anxious about its own cyber risks

by Shaun Waterman • 3 weeks ago

Insurance companies are worried more than ever about cybersecurity, which is rated one of the top three risks the global industry faces for the first time in a recent survey.

Only half of U.S. firms have cyber insurance, fewer than in U.K., Canada

by Shaun Waterman • 4 weeks ago

About half of U.S. businesses say they don't have cyber risk insurance, compared to fewer than a third in the U.K., and the healthcare sector is lagging the worst, according to a recent survey.

Sizing up risk management: Accountants issue guide for cyber audits

by Shaun Waterman • 1 month ago

The largest professional organizations for qualified accountants issued guidance to its members this week about how to audit management claims about their company's cybersecurity.

Ukrainian hacker who stole data for insider trading ring sentenced

by Shaun Waterman • 1 month ago

A Ukrainian member of a hacker gang that stole advance copies of electronic press releases from newswire companies got two-and-a-half years in prison for his role in the insider trading scam, which prosecutors say netted about $30 million.

It finally happened: Criminals exploit SS7 vulnerabilities, prompting concerns about 2FA

by Chris Bing • 2 months ago

Cybersecurity researchers warned us that it would happen. Earlier this year, hackers were able to remotely pilfer German bank accounts by taking advantage of vulnerabilities evident in an important yet outdated communications protocol known as Signaling System 7, or SS7.

Former DHS cyber official Schneck takes financial consulting job

by Shaun Waterman • 2 months ago

Phyllis Schneck, the most senior official at the Obama Department of Homeland Security with solely cybersecurity responsibilities, has taken a job with Promontory Financial Group, one of Washington's most powerful and best-connected banking consultancies.

Verizon's annual data breach report is depressing reading, again

by Shaun Waterman • 2 months ago

The takeaway from the 10th annual Verizon Data Breach Investigations Report is depressingly familiar: Of the 1,935 breaches analyzed 88 percent were accomplished using a familiar list of nine attack vectors, meaning they could probably have been prevented by a few simple cyber-hygiene measures.

Oracle databases at risk because of a leaked NSA hacking tool, researcher says

by Chris Bing • 2 months ago

The recent outing of leaked NSA hacking tools designed to compromise SWIFT Service Alliance servers comes with a key to pry open thousands of Oracle servers around the globe, new research suggests. A mysterious group self-named the Shadow Brokers, which has been publishing authentic internal NSA documents since last summer, shared new material on April 14 detailing an expansive U.S. espionage operation aimed at hacking into Middle Eastern SWIFT service bureaus.

Hong Kong regulators move to tighten cybersecurity rules after hacks cost stockbrokers over $14M

by Patrick Howell O'Neill • 2 months ago

A wave of successful cyberattacks against Hong Kong financial institutions prompted the island's regulator to act.

Shadow Brokers leak NSA documents that may reveal operation aimed at Middle Eastern banks

by Chris Bing • 2 months ago

The mysterious group dropped their biggest leak yet Friday, including evidence that the NSA compromised offices connected to a global banking system in order to spy on Middle Eastern banks.

Business lobby pushes back on NIST Framework measurement plans

by Shaun Waterman • 3 months ago

Public comments filed by business groups voice concern about what metrics should be used for measurement and how public that demonstration ought to be.

North Korea's plan to cultivate an army of cybercrime masterminds

by Patrick Howell O'Neill • 3 months ago

Conventional wisdom says North Korea is an arsenal-craving backwater under the rule of despots. The regime, however, is driving a furious growth of its cyber capabilities.

Insider charged with writing malware to steal Wall Street firm's crown jewel algorithms

by Patrick Howell O'Neill • 3 months ago

The accused senior systems administrator was caught only when his luck ran out, according to the FBI.

North Korean hackers wanted investigators to think Russians hacked banks

by Chris Bing • 3 months ago

A group of highly skilled hackers accused of working for the North Korean government, breaking into the New York Federal Reserve Bank and stealing $81 million from Bangladesh Bank are using hacking tools with foreign computer code to make it appear like a Russian outfit is responsible. Cybersecurity researchers tell CyberScoop that the group, dubbed Lazarus, is fusing Russian language strings into their tools in an effort to confuse defenders and obfuscate attribution. The technique, discovered by Kaspersky and presented Monday at the company’s Security Analyst Summit in St. Maarten, shows how sophisticated threat actors will design attacks in ways that make it more difficult for forensic analysts to track their activity.

New warning: Super-stealthy fileless malware on the rise

by Shaun Waterman • 3 months ago

Super-stealthy, fileless malware is increasingly being used to defeat cybersecurity systems, according to a new government warning.

Opsec fail allows researchers to track Bangladesh Bank hack to North Korea

by Chris Bing • 3 months ago

The North Koreans were sloppy with their log data scrubbing, according to Kaspersky.

Report: Smaller banks not shouldering email security burdens

by Shaun Waterman • 3 months ago

The top five U.S. banks have all adopted an email security protocol that helps guard customers against phishing — but none of the 50 fastest growing community banks in the country have done so, according to new data.

After losing millions to hackers, SWIFT banks now enforce mandatory security controls

by Patrick Howell O'Neill • 3 months ago

The group will restrict internet access and segregate SWIFT and critical systems from the bank's general networks.

Accused $100M business email grifter arrested in Lithuania

by Shaun Waterman • 3 months ago

A Lithuanian man charged with running a two year, $100 million email banking con against two unnamed U.S. tech multinationals was arrested last week by authorities.

Russian agents allegedly hired this cyber-mercenary to hack Google and Yahoo

by Chris Bing • 3 months ago

Karim Baratov, 22, remains the only suspect in custody as the Justice Department pursues three other suspects. One analyst called Baratov the "wild card" in the case.

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