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Cyber Security News of the Week, June 22, 2014
by Fred F. Farkel, Monday, June 23rd, 2014


Guest column by Citadel Information Group

Cyber Crime

Cybercriminals Zero In on a Lucrative New Target: Hedge Funds: Computer security experts say hedge funds, with their vast pools of money and opaque nature, have become perfect targets for sophisticated cybercriminals. Over the past two years, experts say, hedge funds have fallen victim to targeted attacks. What makes them such ripe targets is that even as hedge funds expend millions in moving their trading operations online, they have not made the same investment in security. The New York Times, June 19, 2014

Tally of Cyber Extortion Attacks on Tech Companies Grows: Tech start-ups continue to get hit by extortion attempts from cybercriminals who aim to shut down their systems until companies pay their ransom. The New York Times, June 19, 2014

Hedge-Fund Hackers Disrupting Trades for Profits, BAE Says: Hackers disrupted high-speed trading at a large hedge fund and rerouted data that might be used to make money in rogue stock-market transactions, a security official with BAE Systems Plc (BA/) said. Bloomberg, June 19, 2014

P.F. Chang’s Breach Likely Began in Sept. 2013: The recently-announced credit card breach at P.F. Chang’s Chinese Bistro appears to have gone on for at least nine months: New information indicates that the breach at the nationwide restaurant chain began on or around Sept. 18, 2013, and didn’t end until June 11, one day after broke the news about the break-in. KrebsOnSecurity, June 18, 2014

Cyber Attack

Hackers Take Down World Cup Site in Brazil: Hackers on Friday made good on their threat to take down the 2014 World Cup site in Brazil. The New York Times, June 20, 2014

Hackers Take Down Website of Brazilian Federation: (TERESOPOLIS, Brazil) — The Brazilian football federation says hackers momentarily took down its website on Thursday. Time, June 19, 2014

Cyber Espionage

2nd China Army Unit Implicated in Online Spying: SAN FRANCISCO — The email attachment looked like a brochure for a yoga studio in Toulouse, France, the center of the European aerospace industry. But once it was opened, it allowed hackers to sidestep their victim’s network security and steal closely guarded satellite technology. The New York Times, June 9, 2014

Cyber Privacy

British Spy Agencies Assert Power to Intercept Web Traffic: LONDON — In a broad legal rationale for collecting information from Internet use by its citizens, the British government has asserted the right to intercept communications that go through services like Facebook, Google and Twitter that are based in the United States or other foreign nations, even if they are between people in Britain. The New York Times, June 16, 2014

Financial Cyber Security

New powerful banking malware called Dyreza emerges: Security researchers said they’ve spotted a new type of banking malware that rivals the capabilities of the infamous Zeus malware. PCWorld, June 16, 2014

First Major Mobile Banking Security Threat Hits the U.S.: Is mobile banking safe? It’s a question that’s been in the back of many people’s minds ever since banks introduced apps in 2009. With roughly 102 million Americans using mobile banking, the potential for hackers, phishers and other types of cyberattackers to prey on mobile banking users is vast. American Banker, June 13, 2014

Cyber Warning

Chinese smartphone on sale on Amazon and eBay contains built-in malware: A Chinese Android smartphone on sale on Amazon, eBay and other online stores has been found to contain a virus that pretends to be the Google Play Store but steals user data. The Guardian, June 18, 2014

If It Sounds Too Good To Be True…: The old adage “If it sounds too good to be true, it probably is” no doubt is doubly so when it comes to steeply discounted brand-name stuff for sale on random Web sites, especially sports jerseys, designer shoes and handbags. A great many stores selling these goods appear to be tied to an elaborate network of phony storefronts and credit card processing sites based out of China that will happily charge your card but deliver nothing (or at best flimsy knockoffs). KrebsOnSecurity, June 17, 2014

Cyber Security Management

Information Security Pro Shortage Creates Risks: Scathing headlines about the National Security Agency monitoring the online and telephone communications of global leaders and common citizens apparently haven’t hurt the NSA’s efforts to recruit cybersecurity talent. BankInfoSecurity, June 19, 2014

Cyber Security Management — Cyber Awareness

“Human error” contributes to nearly all cyber incidents, study finds: Even though organizations may have all of the bells and whistles needed in their data security arsenal, it’s the human element that continues to fuel cyber incidents occurring, according to one recent study. SC Magazine, June 16, 2014

Securing the Village

FBI, NYPD and Transit Authority Form Task Force to Combat Cybercrime: The FBI’s New York office said Thursday it’s teaming up with the New York Police Department and the region’s transit authority to form a new cybercrime task force to target cyber-related criminal activity in the area. The Wall Street Journal, June 19, 2014

Cyber Law

Oil Co. Wins $350,000 Cyberheist Settlement: A California oil company that sued its bank after being robbed of $350,000 in a 2011 cyberheist has won a settlement that effectively reimbursed the firm for the stolen funds. KrebsOnSecurity, June 20, 2014

Ruling Raises Stakes for Cyberheist Victims: A Missouri firm that unsuccessfully sued its bank to recover $440,000 stolen in a 2010 cyberheist may now be on the hook to cover the financial institution’s legal fees, an appeals court has ruled. Legal experts say the decision is likely to discourage future victims from pursuing such cases. KrebsOnSecurity, June 16, 2014

Cyber Misc

10 Ways To ‘Fix’ Cybersecurity: Security reporter Byron Acohido and I asked ten cyber-experts to offer up their best ideas for stemming the threats we face when it comes to digital security. Note: Almost every one of them muttered something about there being no silver bullets. Forbes, June 18, 2014

Ukraine election narrowly avoided ‘wanton destruction’ from hackers (+video): A brazen three-pronged cyber-attack against last month’s Ukrainian presidential elections has set the world on notice – and bears Russian fingerprints, some say. Christian Science Monitor, June 17, 2014

Cyber Calendar

Information Systems Infrastructure Security Management: This security course covers physical and logical security over datacenters, buildings, and offices. It will define a management program that protects assets across all levels of technology and the core components that support that technology. It will analyze hacking methodology and how to create a functioning IT Infrastructure program for businesses, whether large or small. It will include change management scenarios and how to approach daily business security issues from an IT perspective. Much of the challenge of IT security remains the fundamental fact that management does not see it as a profit center and as long as there has been no reported breach there is clearly nothing to worry about. With this as a starting point we will investigate how best to explore the myriad options for network security.Internet access required to retrieve course materials. UCLA Extension, Start Date: June 24, 2014

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