SEOUL, June 18 (Yonhap) -- The South Korean branch of U.S. tech giant Microsoft Corp. released a report on Monday which claimed cyber attacks caused direct and indirect losses of US$72 billion last year for local companies.
Restaurant chain Chili's is the latest retailer to report a data breach involving point of sale (PoS) security.
Brinker International, which operates over 1,600 Chili's restaurants globally, announced the data breach on May 12, after becoming aware of the security incident the day before. The company did not reveal how many customers have been impacted by the breach, though it did state that payment card information was stolen over a two-month period.
Deloitte plans to spend $580m on its own cyber security defences over the next three years as pressure increases on the ‘big four’ accounting firms to fend off attacks that could jeopardise client data.
Deloitte, which suffered a high-profile cyber breach last year that affected a small number of its clients, has significantly increased its spending on this area from “several years ago”, when it spent about $50m a year.
A data breach at a customer services provider with a name that looks like a misprint, 7.ai, may have exposed the data of thousands of Sears department store and Delta Air Lines customers last fall, the companies disclosed this week.
Cyber-security executives and business decision makers question whether phishing emails or ransomware attacks are the most potent threats faced, but are businesses equipped to implement all-round risk mitigation strategies?
In today’s market, no growing business can isolate itself from online communications and commerce. Yet avoiding the internet entirely is the only way to guarantee your company will not be exposed to cyber threats. Once a business is online it will always be exposed to some residual risk it cannot feasibly address in a disaster recovery plan, business continuity plan, or through an information security technology solution.
A spokesman says Atlanta's airport has taken down its Wi-Fi network and disabled parts of its website "out of an abundance of caution" following a ransomware cyberattack on the city's computer network.
Orbitz, a subsidiary of online travel agency Expedia said on Tuesday that hackers may have accessed personal information from about 880,000 payment cards.
Business interruption (BI) and cyber incidents interlink as the major threat for companies globally in 2018, according to the insight of 1,911 risk experts from 80 countries in the Allianz Risk Barometer 2018. However, for marine and shipping companies, natural catastrophes (34 percent), including storm, floods and earthquakes, takes the top spot – up from number four in 2017. BI tied with cyber incidents (31 percent), for the second spot followed by theft/fraud/corruption (27 percent) and fire/explosion (25 percent) to round out the top five business risks in the maritime sector for 2018. These incidents illustrate the complex nature of insurance risks as most are closely intertwined in complex loss cases.
Financial institutions, government agencies and key industrial sectors of the economy in the country should prepare for a massive exploration of Cyber crimes as 2018 unfolds.
According to the director of Cloud strategy at giant technology firm Microsoft Rudiger Dorn, the year is likely to see an increase in phishing- where hackers obtain account details of employees or individuals through credit cards and banking details to commit a Cyber crime.
Germany’s government was marshaling its defenses on Thursday against a powerful cyber attack that lawmakers said had breached the foreign ministry’s computer network and whose origins officials admitted were still unclear.
Government departments should be more worried about teenage bedroom hackers than state-sponsored cyber terrorists, the Information Commissioner has warned.
The recently released Allianz Risk Barometer ranked the top business risks for 2018, based on the views of more than 1,900 risk management experts globally. Here, we look at the top three identified business risk for Australia and discuss how they can be effectively managed.
NEW YORK — How to deal with a potential cyber attack is top of mind for most company directors, but preparing them for this crisis is particularly difficult, says an expert.
Cyber attacks and data breaches in businesses have almost doubled globally in 2017 compared to the previous year, jumping up to a record high of 159,700, according to the latest report from The Online Trust Alliance.
Many businesses today have an online presence, involving assets such as company websites, blogs and social media accounts. However, these companies are also vulnerable to hackers looking to find valuable data, such as Social Security numbers and customer names, addresses and phone numbers.
The workers compensation industry should anticipate and be prepared for data breaches, experts say.
Workers comp insurers should know “it’s not a matter of if they will be breached, it’s more likely a matter of when they will be breached,” said Patrick Fowler, a Phoenix-based partner and cyber security and privacy practice co-chair at Snell & Wilmer L.L.P. “The bad guys are getting more and more sophisticated and any form of cyber security always has a human element that is dependent on people following certain steps and procedures.”
(Reuters) — Britain's information regulator said on Wednesday it had fined Carphone Warehouse £400,000 ($539,400) after a 2015 cyber attack exposed the personal data of more than 3 million customers.http://www.businessinsurance.com/article/20180110/NEWS06/912318425/Britain-fines-Carphone-Warehouse-over-data-breach
Reuters) — Security researchers on Wednesday disclosed a set of security flaws that they said could let hackers steal sensitive information from nearly every modern computing device containing chips from Intel Corp., Advanced Micro Devices Inc. and ARM Holdings.http://www.businessinsurance.com/article/20180104/NEWS06/912318282/Intel-ARM-Advanced-Micro-Devices-chip-security-flaws-phones-computers-risk
While major breaches where millions of records are compromised tend to dominate the news, a much more dangerous and insidious threat goes largely unnoticed — that of the insider. https://hbr.org/2017/12/the-most-common-ways-you-could-get-tricked-into-compromising-company-data?utm_campaign=hbr&utm_source=linkedin&utm_medium=social
It is a scary time to do business. Phishing, hacking, identity theft, ransomware, payment fraud: the list of ways that cyber criminals are attacking individuals, companies and governments seems endless.https://www.entrepreneur.com/article/303563
(Reuters) — SWIFT, the global messaging system used to move trillions of dollars each day, warned banks on Wednesday that the threat of digital heists is on the rise as hackers use increasingly sophisticated tools and techniques to launch new attacks.http://www.businessinsurance.com/article/20171129/NEWS06/912317516/SWIFT-warns-banks-over-cyber-heists-as-hack-sophistication-grows
(Reuters) — Struggling ride-hailing firm Uber Technologies Inc. faces a fresh regulatory crackdown after disclosing it paid hackers $100,000 to keep secret a massive breach last year that exposed personal data from around 57 million accounts.http://www.businessinsurance.com/article/20171122/NEWS06/912317418/Uber-faces-scrutiny-from-regulators-in-US-UK-over-breach-of-57-million-accounts
A total of 57% of small and medium enterprises do not have cyber insurance, while 63% have experienced some form of cyber incident, says a survey issued Monday by Argo Group International Holdings Ltd.http://www.businessinsurance.com/article/20171120/NEWS06/912317358/Small-and-medium-enterprises-forgoing-cyber-coverage-Argo-survey
Do you think your small business is at risk of being hacked? An overwhelming 87% of small business owners don’t think so. But, your business might be at risk more than you realize. About half of small businesses experience a cyber attack.https://www.forbes.com/sites/mikekappel/2017/11/08/5-ways-to-improve-your-small-business-cybersecurity/#22d3f7241f6f
(Reuters) — The Trump administration on Wednesday publicly released its rules for deciding whether to disclose cyber security flaws or keep them secret in an effort to bring more transparency to a process that has long been cloaked in mystery.http://www.businessinsurance.com/article/20171115/NEWS06/912317279/Trump-administration-releases-rules-on-disclosing-cyber-flaws
(Reuters) — Up to 180 million smartphone owners are at risk of having some of their text messages and calls intercepted by hackers because of a simple coding error in at least 685 mobile apps, cyber security firm Appthority Inc. warned Thursday.http://www.businessinsurance.com/article/20171109/NEWS06/912317174/Mobile-app-errors-expose-data-180-million-phones-Appthority-security-firm?utm_campaign=BI20171109BreakingNewsAlert&utm_medium=email&utm_source=ActiveCampaign
According to the 2017 Cost of Cyber Crime Study from Accenture and the Ponemon Institute, the average cost of cybercrime globally climbed to $11.7 million per organization this year, a 23% increase from $9.5 million in 2016.http://www.rmmagazine.com/2017/11/01/cybercrime-costs-businesses-11-7-million-per-year/
ATLANTA — Cyber coverage continues to evolve as the focus on types of perils changes, according to a panel of insurance industry experts speaking Thursday morning at the 30th annual Professional Liability Underwriters Society Conference in Atlanta.http://www.businessinsurance.com/article/20171102/NEWS06/912316989/Cyber-coverage-focuses-on-business-interruption-as-triggers-evolve-PLUS-conferen
Unfortunately, small businesses are sorely mistaken about their attraction to cyber attackers. A recent study (Ponemon Institute 2016 State of SMB Cybersecurity) found that in the last 12 months, hackers have breached half of all small businesses in the U.S.http://detroit.cbslocal.com/2017/10/24/small-businesses-risk-cybersecurity-attacks/
3D printing is on the verge of mainstream adoption, which will mean a fundamental shift in manufacturing. The driving force is not improvements to the technology, although those are also important, but rather a transformation in the industry’s business model.https://hbr.org/2017/10/3d-printing-gives-hackers-entirely-new-ways-to-wreak-havoc?utm_campaign=hbr&utm_source=linkedin&utm_medium=social
(Reuters) — The U.S government issued a rare public warning that sophisticated hackers are targeting energy and industrial firms, the latest sign that cyber attacks present an increasing threat to the power industry and other public infrastructure.http://www.businessinsurance.com/article/20171023/NEWS06/912316709/US-warns-public-about-attacks-on-energy,-industrial-firms
Managing your brand in the twenty-first century can be a tremendous challenge. Many factors impact your reputation, which is of growing concern for most entrepreneurs.https://www.entrepreneur.com/article/295149
The protection of personally identifiable information held on behalf of customers and suppliers continues to be a major source of concern. But for many companies, particularly in the manufacturing sector, the operational risks of a malicious intrusion are at least as great.http://www.canadianmetalworking.com/article/management/cyber-risks-not-if-but-when
The House Oct. 11 passed a bill that would provide cybersecurity guidance to the nation’s millions of small businesses, which are frequent targets of cyberattacks.https://www.bna.com/cybersecurity-bill-help-n73014470758/
Yahoo’s been through it. So has the Democratic National Committee. More recently, it was Equifax. But it’s not just large businesses and organizations that are targeted by hackers. In fact, 1 in 5 small businesses has been targeted by a cyberattack, according to a study published Thursday by the Better Business Bureau.http://www.chicagotribune.com/business/ct-biz-better-business-bureau-small-business-cybersecurity-report-20171012-story.html
Business interruption risks remain top of mind for risk experts and cyber is quickly climbing up the list, but innovative product and data solutions are providing protection against a wider range of threats and perils and extending insurance coverage from tangible to intangible assets, according to a new report by Swiss Re Institute.http://www.businessinsurance.com/article/20171011/NEWS06/912316469/Coverage-innovations-tackle-evolving-risks-Swiss-Re-report-
NEW YORK — The growing business role of the internet, the mounting exposures this brings and ways to manage and mitigate these new threats topped the agenda at a meeting of cyber experts which coincided with the start of National Cyber Security Awareness Month.http://www.businessinsurance.com/article/20171010/NEWS06/912316402/Cyber-awareness-campaign-aims-to-highlight-growing-exposures?utm_campaign=BI20171010BreakingNewsAlert&utm_medium=email&utm_source=ActiveCampaign
Today Yahoo sent out a notice disclosing that a further investigation of the 2013 breach has produced new evidence. The company now believes that all of its three billion accounts were impacted, not 1 billion as it previously thought.https://techcrunch.com/2017/10/03/yahoo-says-all-3b-accounts-were-impacted-by-2013-breach-not-1b-as-thought/
(Reuters) — Property Claim Services (PCS), a Verisk Analytics company, estimated an insured loss of $125 million from a massive data breach disclosed last month by Equifax Inc., that has plunged the credit-monitoring company into crisis.http://www.businessinsurance.com/article/20171002/NEWS06/912316241/Equifax-data-breach-to-cost-insurers-$125-million-Lloyds-Beazley?utm_campaign=BI20171002BreakingNewsAlert&utm_medium=email&utm_source=ActiveCampaign
More risks are being created by departments outside of IT, but it's still the IT department's problem according to a new survey.https://betanews.com/2017/10/03/cyber-risks-outside-it/
(Reuters) — Amazon.com Inc.'s Whole Foods Market on Thursday said payment card information has been stolen from taprooms, restaurants and other venues located within some of its stores.http://www.businessinsurance.com/article/00010101/NEWS06/912316193/Whole-Foods-says-taprooms,-restaurants-hacked
WASHINGTON (CN) – Worldwide disruption from a cyberattack on pharmaceutical giant Merck this summer has led Congress to request a formal briefing with the company’s CEO and Health and Human Services Secretary Tom Price.https://www.courthousenews.com/congress-asks-merck-information-cyberattack/
One of the world’s “big four” accountancy firms has been targeted by a sophisticated hack that compromised the confidential emails and plans of some of its blue-chip clients, the Guardian can reveal.https://www.theguardian.com/business/2017/sep/25/deloitte-hit-by-cyber-attack-revealing-clients-secret-emails
The Securities and Exchange Commission, the country’s top Wall Street regulator, announced Wednesday that hackers breached its system for storing documents filed by publicly traded companies last year, potentially accessing data that allowed the intruders to make an illegal profit.https://www.washingtonpost.com/news/business/wp/2017/09/20/sec-reveals-it-was-hacked-information-may-have-been-used-for-illegal-stock-trades/?utm_term=.9a675f5cd94a
What is the number one root cause behind data breaches across North America for small businesses? If you said negligent employees, you would be right.
Whether it’s a cutting-edge gadget, an exciting software platform, or an advanced appliance, the latest technologies to hit the market can create a consumer and business buying frenzy.http://www.itproportal.com/features/technology-recalls-surge-as-regulation-cant-keep-up-with-product-innovation/
Although the details surrounding how hackers infiltrated Equifax remain vague, to many it comes as no surprise that the credit reporting firm was hacked.http://www.insurancebusinessmag.com/us/news/cyber/why-the-equifax-hack-was-not-a-surprise-79433.aspx
We are happy to announce a new partnership with CyberScoutTM, a leading provider of identity and data breach defense services, for our Allied Reinsurance Company (ARC) program, which reduces the risks related to cyber crime for our clients. Captive carriers accounted for about half of the personal lines market in 2016 and according to a 2016 survey by the Captive Insurance Companies Association (CICA), cyber risk is the number one emerging risk cited by captive insurance company owners and the number one non-traditional risk.http://mailchi.mp/b4be79c8df73/new-partnership-with-cyberscout?e=0f58a45b50
The pain has only just begun for Equifax. Last Thursday, the giant credit bureau disclosed that hackers stole personal information for 143 million of its customers, presumably mostly Americans, but also Canadians and Europeans.http://cyberscout.com/education/blog/cyber-security-experts-outline-equifax-ripple-effect
After years of stealing data for fraud and corporate espionage, hackers increasingly are trying a new way to profit from their digital break-ins: extortion.http://www.foxbusiness.com/features/2017/09/13/hackers-latest-weapon-cyber-extortion.html
The cyberattack that hit FedEx subsidiary TNT Express in June, temporarily disrupting the company’s worldwide information systems, was a reminder about the fragility of digital systems that Herb Davis didn’t need.https://www.memphisdailynews.com/news/2017/aug/26/corporate-data-breaches-underscore-need-for-cyber-insurance-coverage/
The potential for invasion of privacy when using drones remains the top concern for a majority of risk managers, according to a Munich Reinsurance America Inc. survey released Wednesday.http://www.businessinsurance.com/article/20170906/NEWS06/912315677/Drone-privacy-issues-concern-risk-managers-Munich-Re-America-report
A report recently released by the Institute for Critical Infrastructure Technology pointed out that most cybersecurity incidents (both intentional and accidental) are the result of some action by insiders.http://www.techrepublic.com/article/10-tips-for-reducing-insider-security-threats/
Equifax is one of the largest credit reporting agencies in America, which makes an announcement the company just issued particularly disconcerting. https://www.forbes.com/sites/leemathews/2017/09/07/equifax-data-breach-impacts-143-million-americans/#dfc6aa4356f8
Nearly a half million pacemaker patients could be at risk for cyberattacks thanks to a known security vulnerability, according to an alert from the Food and Drug Administration.https://fcw.com/articles/2017/08/29/fda-pacemaker-cyber-recall.aspx
Could your business recover from an abrupt loss of $256,000? Because that’s how much a single cybersecurity hack could cost a small business, according to a recent analysis in Tech Republic.https://www.entrepreneur.com/article/298889
(Reuters) -Banks are increasingly turning to insurance to protect their capital from "operational risks" like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise.http://www.businessinsurance.com/article/20170830/NEWS06/912315509/Insurers-see-more-demand-from-banks-for-cover-against-cyber-attacks-rogue-staff?utm_campaign=BI20170830DailyBriefing&utm_medium=email&utm_source=ActiveCampaign
(Reuters) - A U.S. judge said Yahoo must face nationwide litigation brought on behalf of well over 1 billion users who said their personal information was compromised in three massive data breaches.https://www.reuters.com/article/us-verizon-yahoo-breach/yahoo-must-face-litigation-by-data-breach-victims-u-s-judge-idUSKCN1BB25Q
As one of the most critical links in the global supply chain, shipping is often considered the lifeblood of the global economy, which makes a cyber attack against it a potential cause of a massive coronary.http://www.globaltrademag.com/global-trade-daily/commentary/cyber-kinks-global-supply-chain
During a July 26, 2017 hearing before the U.S. House of Representatives Small Business Committee, Chairman Rep. Steve Chabot (R-Oh.) stated that cyber threats have become a critical concern for the country’s 28 million small businesses, with the Justice Department recording nearly 300,000 cybersecurity complaints in 2016 alone.http://www.cutimes.com/2017/07/28/us-house-talks-cyber-insurance-threats-business-r?page=1&slreturn=1504021261
As businesses fortify their data and networks against the next cyberattack, some business owners might be considering cyber insurance to limit their exposure to the uncertain and evolving risk of a network or data breach that could disrupt operations.http://djcoregon.com/news/2017/08/24/cyber-insurance-and-security-work-in-tandem-to-limit-risk/
With the number of security breaches we’ve seen in recent years, it’s a good idea to check your bank transaction record frequently as you can’t be certain whether someone out there is holding your credit card number.https://ivn.us/2017/08/22/risks-cyber-attack-health-care-industry/
WASHINGTON--(BUSINESS WIRE)--Crowd Research Partners today released its 2017 Threat Monitoring, Detection and Response Report, revealing that companies are losing ground against rising cybersecurity threats. http://www.businesswire.com/news/home/20170815005234/en/New-Cybersecurity-Study-Reveals-Companies-Losing-Ground
Large corporations spend hundreds of thousands, often millions, of dollars on cybersecurity, but when it comes to small businesses, many owners aren't spending enough.https://www.cnbc.com/2017/07/25/14-million-us-businesses-are-at-risk-of-a-hacker-threat.html
Cyber theft is the fastest-growing crime in the U.S., and cost the global economy more than $450 billion in 2016, with more than 2 billion person records stolen.https://www.cnbc.com/2017/07/25/stay-protected-from-the-uss-fastest-growing-crime-cyber-attacks.html
The U.S. Democratic Party. Disney. Netflix. Britain’s National Health Service.
These are just a few of the companies to make headlines recently for having been the victims of major cyber security attacks. https://www.utahbusiness.com/best-defense-cyber-security-small-businesses-entrepreneurs/
A federal appeals court has reinstated a putative class action lawsuit filed by health insurer CareFirst Inc. customers in connection with a 2014 data breach, holding their potential risk of injury from the breach is “substantial.”http://www.businessinsurance.com/article/20170801/NEWS06/912314862/Data-breach-class-action-against-health-insurer-CareFirst-reinstated
Law360, Los Angeles (August 2, 2017, 10:17 PM EDT) -- A Michigan federal judge ruled Tuesday that Travelers doesn't have to cover a tool manufacturer's losses from an email-based theft scheme, giving insurers more ammunition to argue that computer fraud insurance doesn't apply to multistep scams and deepening a divide among the nation's courts on the scope of such policies.https://www.law360.com/insurance/articles/950528/travelers-win-deepens-divide-over-computer-fraud-coverage?nl_pk=d0a96663-dfd2-44eb-80db-7e18d6ac47b9&utm_source=newsletter&utm_medium=email&utm_campaign=insurance
HBO confirmed on Monday that the network had been the target of a cyberattack, as an anonymous hacker boasted about leaking full episodes of upcoming shows along with written material from next week’s episode of “Game of Thrones.”https://www.nytimes.com/2017/07/31/business/media/hbo-hack-game-of-thrones.html
In the neonatal intensive care unit of Cook Children's Hospital in Fort Worth, Texas, a father is rocking a baby attached to a heart monitor.http://www.npr.org/sections/health-shots/2017/07/26/539290596/hospitals-face-growing-cybersecurity-threats
In the neonatal intensive care unit of Cook Children's Hospital in Fort Worth, Texas, a father is rocking a baby attached to a heart monitor. http://www.npr.org/sections/health-shots/2017/07/26/539290596/hospitals-face-growing-cybersecurity-threats
In the neonatal intensive care unit of Cook Children's Hospital in Fort Worth, Texas, a father is rocking a baby attached to a heart monitor. http://www.npr.org/sections/health-shots/2017/07/26/539290596/hospitals-face-growing-cybersecurity-threats
The digitization of information has enhanced delivery of care, but it has also made data more vulnerable to attack.http://www.nhbr.com/July-21-2017/Healthcare-cybersecurity-is-due-for-a-checkup/
If the recent cyber attacks have taught us anything, it is that most people are dangerously unprepared for them. https://thenextweb.com/contributors/2017/07/20/5-lessons-small-business-learn-recent-cyber-attacks/#.tnw_1ilyC3g0
(Reuters) - Package delivery company FedEx Corp (FDX.N) said a disruption in services in its TNT Express unit following a cyber attack last month would hurt its full-year results.https://www.reuters.com/article/us-cyber-attack-fedex-idUSKBN1A21D7
Federal HIPAA penalties have lurked in the wings for years, but now accused operators have state attorneys' general and plaintiff's attorneys to worry about.http://www.mcknights.com/news/hipaa-breaches-bringing-heavy-implications-class-action-lawsuit-threats/article/671950/
As investigators continue to gather clues about the cyberattacks that hit computers around the world last week, some big companies and other organizations are still reckoning with the damage.https://www.nytimes.com/2017/07/06/technology/search-for-clues-global-cyberattacks.html
The WannaCry worm is still alive. Honda said this week that it was forced to halt production for one day at its Sayama plant near Tokyo after finding the WannaCry ransomware in its computer network. https://www.forbes.com/sites/peterlyon/2017/06/22/cyber-attack-at-honda-stops-production-after-wannacry-worm-strikes/#6fc68b195e2b
The recent “WannaCry” cyberattack affected hundreds of thousands of computers around the world. The attack targeted organizations of every type, including hospitals, government agencies, and corporations, freezing computers and locking out users until they paid a “ransom” to release their data. http://www.cobizmag.com/Trends/Ransomware-is-on-the-rise-What-is-it-and-how-to-protect-your-company/
The United States again confronts the grim challenge of managing technological advances and their implications for warfare (as it has several times since, from chemical weapons to missiles to drones). Today, cyberweapons are nearly as synonymous with military power as fighter jets. What’s more, as demonstrated by the recent New York Times report on the cyberattacks used to disrupt North Korean ballistic missile tests and the latest WikiLeaks claims about a CIA hacking unit, cyber capabilities are too tempting for governments to refrain from using — even in peacetime. http://www.vox.com/the-big-idea/2017/3/27/15052422/cyber-war-diplomacy-russia-us-wikileaks
New documents from WikiLeaks point to an apparent CIA program to hack Apple's iPhones and Mac computers using techniques that users couldn't disable by resetting their devices. Security experts say the exploits are plausible, but suggest they pose little threat to typical users. They say that many of the tricks are older — the iPhone hack involves the 3G model from 2008, for instance. The techniques also typically require physical access to devices, something the CIA would use only for targeted individuals, not a broader population. http://abcnews.go.com/Technology/wireStory/wikileaks-cia-hacks-apple-devices-persist-46331776
Of the companies surveyed worldwide, 85% admitted to suffering from 3 or more attacks in a year, with six being the global average of ransomware attacks. http://www.computerworld.com/article/3142779/security/half-of-surveyed-us-businesses-admitted-to-suffering-a-ransomware-attack.html