Cyber Security Roundup for January 2018

2018 started with a big security alert bang after Google Security Researchers disclosed serious security vulnerabilities in just about every computer processor in use on the planet. Named ‘Meltdown’ and ‘Spectre’, when exploited by a hacker or malware, these vulnerabilities disclose confidential data. As a result, a whole raft of critical security updates was hastily released for computer and smartphone operating systems, web browsers, and processor drivers. While processor manufacturers have been rather lethargic in reacting and producing patches for the problem, software vendors such as Microsoft, Google and Apple have reacted quickly, releasing security updates to protect their customers from the vulnerable processors, kudos to them.

The UK Information Commission’s Office (ICO) heavily criticised the Carphone Warehouse for security inadequacies and fined the company £400K following their 2015 data breach, when the personal data, including bank details, of millions of Carphone Warehouse customers, was stolen by hackers, in what the company at the time described as a “sophisticated cyber attack”, where have we heard that excuse before? Certainly the ICO wasn’t buying that after it investigated, reporting a large number Carphone Warehouse’s security failures, which included the use of software that was six years out of day,  lack of “rigorous controls” over who had login details to systems; no antivirus protection running on the servers holding data, the same root password being used on every individual server, which was known to “some 30-40 members of staff”; and the needless storage of full credit card details. The Carphone Warephone should thank their lucky stars the breach didn’t occur after the General Data Protection Regulation comes into force, as with such a damning list of security failures, the company may well have been fined considerably more by ICO, when it is granted vastly greater financial sanctions and powers when the GDPR kicks in May.
The National Cyber Security Centre warned the UK national infrastructure faces serious nation-state attacks, stating it is a matter of a “when” not an “if”. There also claims that the cyberattacks against the Ukraine in recent years was down to Russia testing and tuning it’s nation-state cyberattacking capabilities. 

At the Davos summit, the Maersk chairman revealed his company spent a massive £200m to £240m on recovering from the recent NotPeyta ransomware outbreak, after the malware ‘totally destroyed’ the Maersk network. That’s a huge price to pay for not regularly patching your systems.

It’s no surprise that cybercriminals continue to target cryptocurrencies given the high financial rewards on offer. The most notable attack was a £290k cyber-heist from BlackWallet, where the hackers redirected 700k BlackWallet users to a fake replica BlackWallet website after compromising BlackWallet’s DNS server. The replica website ran a script that transferred user cryptocurrency into the hacker’s wallet, the hacker then moved currency into a different wallet platform.

In the United States, 
the Federal Trade Commission (FTC) fined toy firm VTech US$ 650,000 (£482,000) for violating a US children’s privacy laws. The FTC alleged the toy company violated (COPPA) Children’s Online Privacy Protection Rule by collecting personal information from hundreds of thousands of children without providing direct notice.
It was reported that a POS malware infection at Forever21 and lapses in encryption was responsible for the theft of debit and credit card details from Forever21 stores late last year. Payment card data continues to be a high valued target for cyber crooks with sophisticated attack capabilities, who are willing to invest considerable resources to achieve their aims.

Several interesting cybersecurity reports were released in January,  the Online Trust Alliance Cyber Incident & Breach Trends Report: 2017 concluded that cyber incidents have doubled in 2017 and 93% were preventable. Carbon Black’s 2017 Threat Report stated non-malware-based cyber-attacks were behind the majority of cyber-incidents reported in 2017, despite the proliferation of malware available to both the professional and amateur hackers. Carbon Black also reported that ransomware attacks are inflicting significantly higher costs and the number of attacks skyrocketed during the course of the year, no surprise there.  
Malwarebytes 2017 State of Malware Report said ransomware attacks on consumers and businesses slowed down towards the end of 2017 and were being replaced by spyware campaigns, which rose by over 800% year-on-year. Spyware campaigns not only allow hackers to steal precious enterprise and user data but also allows them to identify ideal attack points to launch powerful malware attacks. The Cisco 2018 Privacy Maturity Benchmark Study claimed 74% of privacy-immature organisations were hit by losses of more than £350,000, and companies that are privacy-mature have fewer data breaches and smaller losses from cyber-attacks.
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This is a Security Bloggers Network syndicated blog post authored by Dave Whitelegg. Read the original post at: IT Security Expert Blog