Cybercrime

Cyberattacks Spur Boom in Insurance Demand Amid Rising Global Threats

A wave of high-profile cyberattacks is reshaping the global insurance industry, creating both risk and reward for major players. According to a new Bloomberg report, firms like Munich Re and Chubb are capitalising on surging demand for cyber insurance as artificial intelligence makes digital breaches more frequent and destructive.

India Launches ‘.bank.in’ and ‘.fin.in’ Domains to Deter Financial Fraud

In a bid to bolster cybersecurity in India's financial sector, the Reserve Bank of India (RBI) has announced exclusive internet domains -- 'bank.in' for registered banks and 'fin.in' for non-banking financial entities. RBI Governor Sanjay Malhotra revealed that registrations for 'bank.in' will commence in April 2025, followed by 'fin.in', with the initiative aimed at reducing phishing attempts and fortifying digital banking trust.

Biden Administration to Back UN Cybercrime Treaty Amid Controversy

The Biden administration is poised to support a contentious United Nations cybercrime treaty, a move likely to spark debate over potential abuses, according to top officials.

Cybercrime Costs German Companies €267 Billion, Organised Crime and Foreign Nations Blamed

German companies have suffered substantial financial losses due to cybercrime and sabotage, totaling approximately €267 billion ($298 billion) over the past year. This represents a 29% increase compared to the previous year, according to a survey released on Wednesday by the industry association Bitkom.

Ransomware Crisis in U.S. Healthcare

A significant ransomware attack by a group known as AlphV or BlackCat has severely disrupted pharmacies across the U.S., affecting the delivery of prescription medications for over ten days. This attack on Change Healthcare has resulted in considerable difficulties for hospital pharmacies and nationwide drug distribution.

Global Law Enforcement Strikes Major Blow Against LockBit Ransomware Operation

In a significant global operation, law enforcement agencies from 10 countries have severely disrupted the LockBit ransomware group, recognized as the most prolific and harmful cyber threat worldwide.

UN Treaty Threatens Cybersecurity, Warns Google

As governments convene to discuss the UN Cybercrime Treaty, Google is urging caution, warning that the current draft could endanger online security and free expression.

Rise in Cybercrime Exploiting Artificial Intelligence Hype Leads to Growing Threats Within the .ai Domain Space

Cybercriminals are leveraging the growing popularity of artificial intelligence to perpetrate attacks, capitalizing on the surge in interest following the release of chatbot technologies like ChatGPT. New research by Netcraft reports on the increasing use of .ai domain names where criminals use malicious websites around AI to draw in victims.

Researchers Uncover Massive Underground Link-Shortening Service Used by Malicious Actors

New research indicates that the .US top-level domain contains numerous domains linked to a malicious link-shortening service dubbed 'Prolific Puma' promoting malware and phishing. Infoblox has been monitoring this three-year-old service, which uses short domains hosted on uncooperative providers to disguise harmful landing pages.

UK’s National Agencies Release White Paper on Evolving Cyber Crime Ecosystem

The Hague to Probe Cyberwarfare Under Existing International Law

In a recent article published by WIRED Magazine, a significant shift in international law regarding cyberwarfare has been brought to light. The International Criminal Court (ICC) at the Hague has signaled its intention to investigate and prosecute hacking crimes that breach existing international law without the need for new regulations.

Phishing Attacks Surge Despite Increased Awareness, New Strategies Needed

The alarming rise of phishing attacks has been underscored by a recent study "Phishing Landscape 2023: An Annual Study of the Scope and Distribution of Phishing conducted" by the Interisle Consulting Group, revealing a tripling of such attacks since May 2020. Despite efforts by companies and policymakers to combat this cybercrime, the data suggests that the prevailing strategies are ineffective and worsening each year.

The Rising Cost of Digital Theft and Espionage in Germany

The German digital association, Bitkom, recently announced that the cost of IT equipment theft, data breaches, digital and industrial espionage, and sabotage is expected to reach a staggering 206 billion euros ($224 billion) in 2023.

Meta Lawsuit Leads to Significant Decline in Phishing Domains Tied to Freenom

A lawsuit filed by Meta has led to a significant decrease in phishing websites tied to the domain name registrar Freenom. Cybersecurity expert Brian Krebs in a report on Friday said that Freenom, which provides free domain name registration services, was a favored resource for cybercriminals due to its policy of protecting customer identities.

New Research Reveals Over 340 Million Accounts Compromised in the First Four Months of 2023

Recent research conducted by the Independent Advisor reveals that a significant number of accounts, exceeding 340 million, have been compromised due to business data breaches within the first four months of 2023. Notably, Twitter experienced the largest breach this year, impacting approximately 235 million user accounts.