Invoice and CEO Scams Dominate Fraud Affecting Businesses

Mathew J. Schwartz • May 29, 2023

Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.

Audit

How the New UK Fraud Strategy Targets Scams

Latest

Cybercrime

Latitude Financial Attack Costs Company Up to AU$105 Million

Mihir Bagwe • May 26, 2023

Australian consumer lender Latitude Financial Services anticipates its spring cybersecurity incident will cost it up to AU$105 million, which includes a five-week period during which debt collection systems were severely affected by the attack.

Managed Detection & Response (MDR)

Expel, CrowdStrike, Red Canary Dominate MDR Forrester Wave

Michael Novinson • May 26, 2023

Expel, CrowdStrike and Red Canary held steady atop Forrester's MDR rankings, while Secureworks and Binary Defense tumbled from the leaders category. Providers have turned their attention from maximizing their efficacy at detecting ransomware to finding faster and better ways to respond to attacks.

Artificial Intelligence & Machine Learning

OpenAI CEO Altman 'Blackmails' EU Over AI Regulation

Akshaya Asokan • May 26, 2023

ChatGPT will continue to operate inside the European Union despite warnings from OpenAI CEO Sam Altman that he's prepared to pull out from the bloc if he doesn't like regulations being prepared in Brussels. European lawmakers earlier this month proposed new obligations for AI models such as GPT.

Cyberwarfare / Nation-State Attacks

ISMG Editors: How Ukraine's Cyber Defenders Prepped for War

Anna Delaney • May 26, 2023

In the latest weekly update, ISMG editors discuss top takeaways from Ukraine's cyber defense success, how a European regulator suspended Facebook data transfers to the United States, and the state of the EU General Data Protection Regulation on its five-year anniversary.

API Security

OAuth Flaw Exposed Social Media Logins to Account Takeover

Prajeet Nair • May 25, 2023

A new OAuth-related vulnerability in an open-source application development framework could expose Facebook, Google, Apple and Twitter users to account takeover, personal data leakage, identity theft, financial fraud and unauthorized actions on other online platforms, security researchers said.

Critical Infrastructure Security

New Russian OT Malware Could Wreak Havoc on Electric Systems

Michael Novinson • May 25, 2023

A new strain of Russian operational technology malware could cause electric power disruption in Europe, the Middle East and Asia, Mandiant found. The malware wreaks havoc by interacting with devices such as remote terminal units that are used for electric transmission and distribution operations.

General Data Protection Regulation (GDPR)

5 Years of GDPR: Criticism Outweighs Positive Impact

Akshaya Asokan , Anna Delaney • May 25, 2023

Five years after the effective date of the General Data Protection Regulation, the European Union privacy law - hailed as a way to protect the privacy of citizens in an increasingly digital world - continues to be marred by criticism over its lack of effectiveness and uneven implementation.

Cybersecurity Spending

Why Cyber Seed Funding Has Blossomed in the Economic Drought

Michael Novinson • May 24, 2023

Seed funding for Israeli cybersecurity startups has blossomed despite the economic downturn, and both deal volume and size have strengthened in 2022 as compared to 2021. The indefinite closing of the initial public offering market in spring 2022 caused late-stage investment to fall off a cliff.

Cyberwarfare / Nation-State Attacks

Chinese State Hacker 'Volt Typhoon' Targets Guam and US

David Perera • May 24, 2023

A Chinese state hacker has targeted critical infrastructure in Guam and the United States with the likely intent of cyberespionage and maintaining long-term access. Microsoft dubbed the threat actor "Volt Typhoon" on Wednesday in a coordinated disclosure with the U.S. government and close allies.

Events

RSA Conference 2023 Compendium: 160+ Interviews and More

Information Security Media Group • May 24, 2023

As the largest media company at RSA Conference 2023, ISMG conducted more than 160 individual interviews with CEOs, CISOs, government leaders, investors, researchers and attorneys. This compendium covers every facet of cybersecurity, from the latest technology solutions to emerging trends.

Cybercrime

State-Aligned Actors Targeting SMBs Globally

Prajeet Nair • May 24, 2023

State-aligned hackers are increasingly targeting small and medium-sized businesses worldwide, as SMBs are more likely to be under-protected against cybersecurity threats such as phishing campaigns, according to a new report by cybersecurity firm Proofpoint.

Next-Generation Technologies & Secure Development

CyberArk CEO Touts New Browser That Secures Privileged Users

Michael Novinson • May 24, 2023

CyberArk's new Secure Browser prevents adversaries from harvesting the credentials of privileged users who are accessing sensitive web applications. CEO Matt Cohen said this solution will help thwart attackers who are hijacking sessions on consumer-grade browsers through the use of cookies.