TSB pays a heavy price for IT fiasco
The UK's TSB has chalked up a whacking £107.4 million first half loss as the early costs of its disastrous IT migration to a new Banco Sabadell platform begin to emerge. TSB's notoriously botched migration to the new IT system in April locked customers out of online and mobile customers for over a month and led to a surge in cybercrime as criminals took advantage of the chaos.
Singapore's banks told to tighten customer checks following massive SingHealth breach
Singapore's banks have been ordered to tighten customer verification procedures following the recent cyber attack at SingHealth where personal information of 1.5 million individuals was illegally accessed and stolen.
Ransomware is so last year; cryptomining is where it's at in 2018
Cryptomining malware has replaced ransomware as the crybercrime tool of choice for the online criminal fraternity, accounting for 32% of all recorded attacks in Skybox Security's mid-year tech threats report.
IBM profiles the huge hidden costs of data breaches
IBM (NYSE: IBM) Security today announced the results of a global study examining the full financial impact of a data breach on a company's bottom line.
Overall, the study found that hidden costs in data breaches - such as lost business, negative impact on reputation and employee time spent on recovery - are difficult and expensive to manage. For example, the study found that one-third of the cost of "mega breaches" (over 1 million lost records) were derived from lost business.
RiskIQ finds Ticketmaster breach part of massive credit card skimming campaign
RiskIQ, the leader in digital threat management, today revealed that its researchers have discovered that the recent breach of Ticketmaster was not a one-off event as initially reported, but part of a massive digital credit card-skimming campaign by the threat group Magecart affecting over 800 e-commerce sites around the world.
The report highlights how Magecart has evolved tactically from hacking sites directly, to now targeting widely used third-party components.
Ticketmaster confirms data breach three months after warning from banks
Ticketmaster has gone public on a data breach affecting the personal and payment card details of 40,000 customers, despite being warned about suspicious activity on customer cards back in April.
F-Secure acquires MWR InfoSecurity
F-Secure has on 18 June 2018 signed an agreement to acquire all the outstanding shares of MWR InfoSecurity, a privately held cyber security company operating globally from its main offices in the UK, the US, South Africa and Singapore. The acquisition is a significant milestone in the execution of F-Secure’s growth strategy, and makes it the largest European single source of cyber security services and detection and response solutions.
BofE pushes for minimum service level from banks hit by IT failures
In the wake of the recent TSB outage, the Bank of England is planning to set a "minimum level of service" provision for banks hit by tech meltdowns or cyberattacks.
Citing the TSB outage and the 2012 RBS fiasco, Lyndon Nelson, deputy chief executive of the BOE’s Prudential Regulation Authority told a conference that a growing reliance on technology means that there has been an "increase in the number of operational incidents - be they caused by internal failures or from external attack".
