Cyber Security Bulletin February 2018

Feb 20, 2018 | News

Cyber-attack on Winter Olympics in South Korea

The Winter Olympics in Pyeongchang has become a target for enterprising cyber criminals.

The International Olympic Committee were forced to temporarily shut down the official games website – and its servers – as virus protection and to limit damage. The source of the attack was not revealed.

However, cyber-crime experts have already become concerned about the Winter Games’ potential to mask spear phishing e-mails which contain links to malware. This could well include escalation of the Gold Dragon ransomware attacks that began at the end of 2017.

Losses of $2.2bn Prevented

A massive cyber-crime ring known as Infraud – which is believed to have caused £381 million worth of losses for organisations including HSBC and PayPal – has been dismantled.

There have been multiple arrests so far, though some of the 36 people charged have yet to be located. The suspects are from around the globe. As part of this significant cybercrime prevention sweep, the US Justice Department has arrested UK-based Anthony Nnamdi Okeakpu. He is believed to have used the nickname “moneymafia”.

The Infraud dark-web based organisation actually had 10,901 individuals involved in its discussion forum at one time. It’s believed to have taken advantage of stolen credit cards and passwords to carry out ID theft and Bank Fraud.

US authorities have announced that if it had been left unchecked, Infraud was on the way to inflicting loses of $2.2bn.

Could New Ransomware Bypass Security?

Within months of the new EU General Data Protection Regulation (GDPR) becoming law, there is growing concern that many companies are still not taking data security seriously. They don’t meet current guidelines, so they are certainly not looking at where new threats could come from.

This includes, for example, a groundswell of opinion that ransomware developers are finding new variants to bypass Google Drive and Microsoft Office security frameworks.

With increasing numbers of people using cloud and mobile technologies, cyber criminals are focused on cloud applications as a malware distribution mechanism.

Yet many cloud providers don’t currently offer sufficient protection, including antivirus systems.

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