Banks remains top cybercrime targets globally

Cybersecurity

As digital technology develops, the business organizations continue to experience more transformations and disruptions exposing themselves to more opportunities and threats. Attacks against the finance industry are becoming increasingly sophisticated and highly targeted. The economic crime has as well gone digital as every sector of commerce digitalizes. According to a U.S. cybersecurity report released by IBM, the financial-services industry ranked third in number of cyberattacks in 2015, after health care and manufacturing. Reports also indicate that there were 2.46 million cyber incidents and 2.11 million victims of cyber crime in…

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Brookings Study estimates cost of internet shutdowns in 2015 at $2.4 billion

Banking Crisis

Whenever there’s a shutdown of internet access or restrictions placed on an app, we shake our heads disapprovingly because we know it’s a fundamentally bad idea to do that. But what exactly is the cost of those shutdowns? A new study from the Brookings Institution suggests well over $2 billion over the last year. The study, by Brookings analyst Darrell West, is a very rough estimate of these costs. We’re talking back-of-napkin rough — well, assuming you were sitting at the bar with MIT and World Bank economists. Essentially, West…

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Increased ransomware and IoT hacks predicted in 2017

banking security

2016 saw companies rocked by over 90 million cyberattacks. In 2017 the number could double. Cybersecurity expert Sameer Dixit explains how new innovation leads to increased vulnerability. The threat of cybercrime looms ominously over companies and individuals. To raise awareness of the growing threat, October is National Cyber Security Awareness Month in the United States and Europe. The economic damage caused by cybercrime is massive and quantifiable. In 2016 companies and individuals will be hit by 90 million attacks. That’s 400 raids every minute. Nearly 70% of of these attacks…

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Oracle acquires Palerra to upgrade Cloud Security

banking security

Oracle has just concluded the agreement to acquire Palerra last Sept. 18. The move is expected to bolster the company’s push to expand its Identity Cloud Service, which is touted as a next-generation security and identity platform for the cloud. Both companies did not provide any details about the recent acquisition, particularly the cost involved. However, one should remember that Palerra has raised $25 million in funding last year. This figure should provide some insight regarding its value. “Together, Oracle and Palerra will help accelerate cloud adoption securely by providing…

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Zuckerberg “deeply disappointed” by the Internet.org, SpaceX Falcon 9 rocket explosion

Earlier today, a SpaceX Falcon 9 rocket exploded on the launch pad for no apparent reason. While we’re still trying to learn more about what happened, we already know that the company was doing a test, and an anomaly created a big mess. Fortunately, all personnel were clear of the launch pad. But this incident is going to affect Facebook’s Internet.org effort in a significant way as a satellite was also destroyed in the process. While insurance companies are going to pay out for today’s failure, the SpaceX rocket was…

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Victory for DCA Trust: Judge Moot ZACR from .Africa case, Outs its Reconsideration

Africa applied for 17 new gTLDs, among these, .Africa which as remained in the news due to a precedent setting court case in California may be available after the jury determines the case in February 28, 2017.  ICANN  recently terminated 9 out of the 17 African new Top-level Domain (TLD) as a result of missing their deadlines. Last week on June 20, 2016, the U.S. District Court determining the DCA Trust vs ICANN case for .Africa denied  ICANN’s motion for reconsideration [PDF] on the Order enjoining ICANN from delegating new…

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A Greener South Africa Thanks To UberGreen

UberGreen

A new initiative by Uber seeks to make the South African environment cleaner by reducing carbon dioxide emissions. In South Africa, 13% of carbon dioxide emissions are on account of the transport industry. Uber through a partnership with BMW and Nissan is seeking to bring that percentage down with UberGreen. UberGreen is a pilot project where Uber users will be able to request Electric vehicles, the BMW or the Nissan LEAF. These vehicles will be operated by drivers at  Uberx prices giving Uber users the satisfaction that they are helping…

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Hackers Breach Top Wall Street Law Firms, Including Cravath Swaine & Moore LLP, Weil Gotshal & Manges LLP

Hackers Breach Top Wall Street Law Firms, Including Cravath Swaine & Moore LLP

Reuters: Hackers broke into the computer networks of some big U.S. law firms, including Cravath Swaine & Moore LLP and Weil Gotshal & Manges LLP, the Wall Street Journal reported on Tuesday. Federal investigators are looking to see if confidential information was stolen for insider trading, as these law firms represented Wall Street banks and big companies, the Journal said, citing people familiar with the matter. Other law firms were also targeted, but the probe has not amounted to any clear information on what details have been stolen, the newspaper…

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Statista analyses Sandberg’s eighth anniversary at Facebook

Sheryl Sandberg

In 2008, Facebook was still a startup. Early investors were excited about its user growth — Microsoft had put $240 million into the company at a crazy-seeming $15 billion valuation the year before. BusinessInsider reports Mark Zuckerberg  CEO and founder then hired Sheryl Sandberg, then the VP of global sales and operations at Google, to help run the company as its chief operating officer. Today is Sandberg’s eighth anniversary at the company, and this chart from Statista shows it all. Facebook has grown its revenue more than 65x, gone from a $56…

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Android app Malware steals two-factor SMS codes, hijacks big Australian banks systems

Millions of customers of Australia’s largest banks are the target of a sophisticated Android attack which steals banking details and thwarts two-factor authentication security. Commonwealth Bank, Westpac, National Australia Bank and ANZ Bank customers are all at risk from the malware which hides on infected devices waiting until users open legitimate banking apps. The malware then superimposes a fake login screen over the top in order to capture usernames and passwords. The malware is designed to mimic 20 mobile banking apps from Australia, New Zealand and Turkey, as well as…

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