October 16, 2014

Why Cyberinsurance?

Home Depot, Michaels, eBay, Target, Neiman Marcus, Veterans Affairs, Sony, JPMorgan Chase. Or in a Word…Data Breaches. Cyberinsurance is hotter than the Geico Gecko sunbathing on a rock in the Mojave at high noon. Too much? Anyway, the point is that in less than a decade corporations have gone from “What’s cyberinsurance?” to “Cost of doing business.” In her extensive story on northjersey.com, The Record’s Joan Verdon explores the many aspects of cyberinsurance from cost to coverage. The following has been excerpted from her piece…

(NOTE: The following is used with the permission of Byron Acohido, a Pulitzer Prize-winning journalist and editor-in-chief for ThirdCertainty, an IDt911-sponsored online publication dedicated to helping individuals and companies assess risks and embrace best security practices. Acohido will be speaking at the ThreatMetrix Cybercrime Prevention Summit 2014, November 5 – 7.) By Byron Acohido, ThirdCertainty Hundreds of companies, local government agencies and universities—including two Ivy League schools—continue to expose sensitive financial, medical, academic, personal and other records to anyone who knows a few finer points…

Don’t look now, but your life is more online and connected today than it was last year – and the trend is accelerating. Late last year, we predicted that risks associated with the Internet of Things (IoT) and critical infrastructure would be two emerging cybercrime trends this year. (See our 2014 predictions blog.) These topics are the theme of this third week of the National Cyber Security Awareness Month, “Critical Infrastructure and the Internet of Things.” IoT and Critical Infrastructure are two sides of the…

Businesses, Researchers and Academics Will Soon Be Able to Upload Files to FBI Portal to Ensure They Don’t Contain Malware The FBI offers a portal for law enforcement agencies to check out files. Now a separate FBI portal will be made available for a much wider audience. Called Malware Investigator, the portal will be accessible to established FBI partnerships, including members of the U.S. Intelligence Community (USIC), domestic and foreign law enforcement, academia, and private industry. How it works According to Charlie Osborne’s article on…

Security Guru Brian Krebs of KrebsOnSecurity Notifies Municipal Bond Insurance Association (MBIA) of Web Server Misconfiguration That Put Customer Accounts at Risk MBIA is a public holding company that offers municipal bond insurance and investment management products to diversify the holdings of insurance companies that include Aetna, Fireman’s Fund, Travelers, Cigna and Continental. In his piece on KrebsOnSecurity.com, Brian Krebs reports how he learned that MBIA had exposed countless customer account numbers, balances and other sensitive data to potential attackers. The following has been excerpted…

September was a great month if you work in fraud prevention circles. A major new agreement between the European Banking Federation and Europol’s European Cybercrime Center (EC3) will make information sharing and co-operation between the region’s law enforcers and banks more extensive and effective than ever before. It’s to be applauded. After all, fraud across Europe is increasing and becoming increasingly “cyber” in nature. An annual report from the European Central Bank back in February revealed that card fraud rose for the first time in…

ThreatMetrix Survey of E-Commerce Execs Finds 75 Percent Want Top Capability of Advanced Fraud Prevention and Cybersecurity Solution to be Stopping Fraud in Real Time A ThreatMetrix survey conducted with TechValidate showed that 75 percent of executives using the ThreatMetrix TrustDefender Cybercrime Protection Platform said stopping fraud in real time was a key capability for their fraud and cybersecurity solution. Additionally the survey found that executives wanted their solutions to uniquely and persistently identifying device data (71 percent); do on-the-fly modification of business rules and…

Like many others in Silicon Valley, I waited with bated breath to see what Apple’s iPhone 6 would look like last month. And it wasn’t just to see what my next phone might look like. From my perspective at ThreatMetrix®, I was eager to see how the new phone handled data security and privacy issues while delivering groundbreaking new features. (For my thoughts on that subject, see the infographic iPhone 6 Cybersecurity Pros and Cons.) I’m not the only one worrying about mobile devices and…

(NOTE: The following is used with the permission of Byron Acohido, a Pulitzer Prize-winning journalist and editor-in-chief for ThirdCertainty, an IDt911-sponsored online publication dedicated to helping individuals and companies assess risks and embrace best security practices. Acohido will be speaking at the ThreatMetrix Cybercrime Prevention Summit 2014, November 5 – 7.) By Byron Acohido, ThirdCertainty, Oct. 3, 2014 JPMorgan’s cryptic disclosure that hackers compromised the data of more than 76 million of its consumer patrons – and 7 million small business clients – may seem stunning. But…

Law Enforcement Agency Opens Singapore Cybercrime Fighting Center, the Interpol Global Complex for Innovation (IGCI). Interpol’s secretary general, Ronald Noble, said the new center would focus on developing effective ways to combat next-generation cyberthreats. “Police are traditionally trained to protect innocent civilians from harm; harm which is visible, or simply physical, in nature. The widening intersection of our real and virtual lives challenges that very tradition, and with the IGCI Interpol now has a dedicated centre to tackle cybercrime so we can better protect citizens…

The latest figures for the first six months of the year are in from industry body Financial Fraud Action UK and they’re not pretty. So-called “remote purchase fraud” including e-commerce, mail order and telephone-based fraud was up by 23% between 1H 2013 and the first half of this year. The online element was by far the largest, accounting for £110 million, up from £89.5m in the first six months of 2013. We shouldn’t be surprised. The advent of Chip and PIN in the UK several…

Gas Retailers Hit by Credit/Debit Card Fraudto Get Help from Visa’s Intelligent Analytics Program For anybody who feels gas stations getting defrauded by hackers is karmic retribution for those sudden and unexplained (and usually unexplainable) gasoline price hikes, please be advised that the ones who end up paying in the end are usually…us. Pilot program So Visa testing a pilot intelligent analytics program to prevent credit and debit card fraud at the pump ultimately saves everybody money — except maybe the scammers. According to a…

To make significant progress against cybercrime, we’re all going to have to work together – individuals, businesses and government agencies alike. Security in this connected world requires collaboration, and collaboration requires trust. Shared responsibility is the theme of this year’s National Cyber Security Awareness Month, a program sponsored every October by the Department of Homeland Security. To commemorate the start of National Cyber Security Awareness Month, we are thrilled to share that the ThreatMetrix® Global Trust Intelligence Network (The Network) has reached 850 million monthly…

ThreatMetrix Wins 2014 American Business Awards in 2 Categories The American Business Awards, the nation’s premier business awards program, honored ThreatMetrix with two prestigious Stevies, a Gold Stevie in New Product or Service of the Year – Security Solution category and a Silver in the Most Innovative Tech Company of the Year – Computer Software category. For organizations operating in the U.S. Open to all organizations that operate in the USA — public and private, for-profit and non-profit, large and small — the 2014 American…

September 26, 2014

Hacker Feeding Frenzy

Before the EMV Standard Goes into Effect in 2015, Hackers Are Going All Out to Cash in on U.S. Legacy Mag-Stripe Plastic For fraud and fraud-related losses, this past year could turn out to be the worst ever recorded. In his article on paymentweek.com (link to article), Kevin Xu cites the LexisNexis True Cost of Fraud study and finds that the numbers bear out that projection. Fraud numbers up According to the study, merchants suffered 133 successful fraudulent transactions per month this year, which is…