Corporate IT security

  • CybersecurityAbu Dhabi’s power system to be used for critical infrastructure cybersecurity study

    Abu Dhabi, UAE-based Masdar Institute of Science and Technology and MIT will use Abu Dhabi’s power system as a case study for developing a knowledge map of the power system and its cybersecurity shortcomings. The project is due to run for two years. At the end of this two year period, the collaborating institutions hope that data from the analysis of Abu Dhabi’s power system could be compared against data from the projects running concurrently in New York and Singapore to develop a comprehensive knowledge map, capable of being applied to critical infrastructure worldwide.

  • CyberinsuranceUnderwriters of cyberinsurance policies need better understanding of cyber risks

    Demand for insurance that covers an ever-increasing range of cyberattacks is growing and evolving rapidly, and a number of insurance companies are seeking advice through sponsored events that can gradually educate their work forces. At Standard & Poor’s Rating Services 2015 Insurance Conference last week, a panel of insurance experts stressed the importance of insurance underwriters gaining a better understanding of cyber risks in order to make better property and risk assessments.

  • CybersecurityCompanies making cybersecurity a greater priority, but hackers may still be gaining

    Companies are spending increasing amounts on cybersecurity tools, but are not convinced their data is truly secure and many chief information security officers believe that attackers are gaining on their defenses, according to a new RAND Corporation study. While worldwide spending on cybersecurity is close to $70 billion a year and growing at 10 percent to 15 percent annually, many chief information security officers believe that hackers may gain the upper hand two to five years from now, requiring a continual cycle of development and implementation of stronger and more innovative defensive measures.

  • CybersecurityNIST releases update of Industrial Control Systems Security Guide

    The National Institute of Standards and Technology (NIST) has issued the second revision to its Guide to Industrial Control Systems (ICS) Security. It includes new guidance on how to tailor traditional IT security controls to accommodate unique ICS performance, reliability, and safety requirements, as well as updates to sections on threats and vulnerabilities, risk management, recommended practices, security architectures and security capabilities and tools.

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  • CybersecurityD.C.-area becoming the Silicon Valley of cybersecurity

    A recent string of multi-billion dollar cybersecurity acquisitions in the greater Washington, D.C. metro area has led to the region being seen as a major hotbed for the industry. Spending by the Department of Defense (DOD) and a number of federal agencies has led to big contracts for many in the region, fuelling much of the growth. As the DOD focuses more of its budget on cyber issues and defense, the market has grown. “The D.C./NoVA/MD area, also known as the Cyber Corridor, is becoming the Silicon Valley of security,” say the CEO of one cybersecurity firm.

  • CybersecurityCriminals receive 1,425 percent return on investment from malware attacks: Report

    Trustwave yesterday released its 2015 Trustwave Global Security Report which analyzes the top cybercrime, data breach, and security threat trends from 2014. Among the report’s findings: Attackers receive an estimated 1,425 percent return on investment for exploit kit and ransomware schemes ($84,100 net revenue for each $5,900 investment); spam volume continues to decrease making up 60 percent of total inbound mail (compared to 69 percent in 2013 and more than 90 percent at its peak in 2008), but six percent of it included a malicious attachment or link, a slight increase from 2013.

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  • CybersecurityCombating cyber threats to the global financial industry

    Today more than fifteen billion devices are connected to the Internet; in the next five years, that number will grow to fifty billion. With each new device presenting an opportunity to be infiltrated and compromised by hackers, it is easy to understand why the importance of cybersecurity continues to skyrocket. So explained keynote speaker Elizabeth Petrie, director of strategic intelligence analysis for Citigroup, who kicked off a one-day conference at the University of Delaware on cybersecurity issues impacting the global financial industry.

  • EncryptionUSMobile launches Scrambl3 mobile, Top Secret communication-standard app

    Irvine, California-based USMobile, a developer of private mobile phone services, yesterday launched Scrambl3, a smartphone app that enables users to create their own Private Mobile Network. When Scrambl3 users communicate with each other, Scrambl3 creates a Dark Internet Tunnel between their smartphones. This Tunnel cloaks the calls and texts by making them invisible on the Internet. Scrambl3 App for Android-based phones is available for a 60-day free beta offering from the Google Play Store.

  • CybersecurityOngoing attack against oil tankers aims to defraud oil brokers

    A new report details a malicious and largely unknown targeted attack on oil tankers. First discovered in January 2014, the ongoing attack on oil cargos began in August 2013, and is designed to steal information and credentials for defrauding oil brokers. Despite having been compromised by this cyber-attack, which has been dubbed the “Phantom Menace,” none of the dozens of affected companies have been willing to report the invasion and risk global attention for vulnerabilities in their IT security networks.

  • Cyber businessStates, cities vying to become U.S. “cyber hub”

    The global cybersecurity market reached $67 billion in 2011, and it is projected to grow as high as $156 billion by 2019. The need for cybersecurity solutions and experts is going to grow as more companies such as Sony Pictures, Target, Home Depot, and Chase are hacked, consumers demand better online security, and businesses become more aware of the potential cost to their sales and reputation if they do not provide cybersecurity. As private sector firms compete with government agencies for the best cyber professionals, cities and states are also competing to be the country’s “cyber hub.”

  • Cyber insuranceInsurance industry wary about insuring Bitcoin companies, transactions

    Consumers worldwide are engaging in 100,000 financial transactions every day using Bitcoins. The currency has moved beyond its secretive past and has been embraced by tech firms who are interested in it from a technological perspective and for its investment potential. Venture capital companies have invested more than $670 million worth of Bitcoins into security-related companies. An estimated $3.5 billion worth of Bitcoins are in circulation, 82,000 merchants now accept the currency, and eight million users have set up Bitcoin “wallets” in which they store and manage the currency. As of Monday one bitcoin is worth about $240 U.S. dollars. As a digital currency, Bitcoin is vulnerable to cyber theft — and a s a result, cybersecurity has been a concern among many insurers considering policies that cover Bitcoins.

  • CybersecurityU.S. adopts a more assertive cyber defense posture

    Recent cyberattacks and intrusions by hackers, operating alone or backed by nation-states, have prompted the Pentagon and DHS to reaffirm their commitment to upholding the reliability and integrity of America’s cyber network and the systems connected to it. Americans rely on the connected Web to deliver critical services such as water and electricity, and should the Web be breached by bad actors, the consequences could threaten national security. “If we look at cyberspace as a hostile environment and there are bad people out there who want to do bad things to us, it may cause a wholesale re-examination of the way we build our systems in the first place,” noted one expert.

  • Cyber insuranceTo bolster the world’s inadequate cyber governance framework, a “Cyber WHO” is needed

    A new report on cyber governance commissioned by Zurich Insurance Group highlights challenges to digital security and identifies new opportunities for business. It calls for the establishment of guiding principles to build resilience and the establishment of supranational governance bodies such as a Cyber Stability Board and a “Cyber WHO.”

  • CybersecurityEfforts to improve cyber information sharing between the private sector, government

    Lately, Obama administration officials having been venturing West to encourage tech firms to support the government’s efforts to improve cyber information sharing between the private sector and government agencies. The House of Representatives last week passed two bills to advance such effort. The Protecting Cyber Networks Act and the National Cybersecurity Protection Advancement Act of 2015 authorize private firms to share threat data such as malware signatures, Internet protocol addresses, and domain names with other companies and the federal government. To the liking of the private sector, both bills offer companies liability protection for participating in cyberthreat information sharing.

  • CybersecurityEnergy companies prime targets for hackers

    A third of the cyber incidents handled in 2014 by DHS’s Industrial Control Systems Cyber Emergency Response Team involved energy companies. Oil and gas operators face the greatest cyber risks among energy producers because their projects often involve multiple companies working together, sharing information, and trying to integrate systems. Still, 60 percent of energy companies around the world said they do not have a cyberattack response plan.