China hackers swipe millions in data breach. From CNBC.com.
A big Wall Street technology firm is being sued after allegedly falling for a run-of-the-mill email scam and wiring client funds to hackers.
SS&C Technologies, a $6 billion market capitalization company that bills itself as “the most comprehensive powerhouse of software technology in the financial services industry,” was duped by China-based hackers who sent sloppy emails to company staffers in order to trick them into releasing client money, according to a complaint.
And that, now, has taken Tillage Commodities Fund offline temporarily. The investor has suspended business operations after nearly $6 million of its funds reportedly were fleeced, via SS&C, this March, according to a lawsuit. The complaint from Tillage, a commodities investor, alleges SS&C Technologies, its fund administrator, ignored its own protocol, resulting in the lost funds.
- Seagate sued by angry staff following phishing data breach. From ZDNet.
Seagate is trying to fend off a lawsuit brought against the company by its own employees after falling for a phishing scam which exposed the sensitive data of staff.
The electronics maker is the focus of a class-action lawsuit, originally filed in July through the Northern California District Court, which accuses Seagate of malpractice and a lack of regard for employees affected by the negligent handling of data.
- CyberSecurity Market Report. From Cybersecurity Ventures.
- Market research firm Gartner says global spending on IT security is set to increase 4.7 percent in 2015 to $75.4 billion, and the world will spend $101 billion on information security in 2018.
- The cyber security market is estimated to grow to $170 billion (USD) by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8 percent from 2015 to 2020, according to a report from Markets and Markets. The aerospace, defense, and intelligence vertical continues to be the largest contributor to cybersecurity solutions.
North Korea’s missiles don’t frighten me, but the realities of cyber warfare are chilling. From The Telegraph. The advent of cyber warfare means that you do not need to construct the vast infrastructure of a missile programme to cause mayhem; the only requirement is a team of able people with laptops and internet connections. If they are clever enough, this hit squad of nerds can knock out power grids, disable banking systems and paralyse normal life in a target country. And they can do all this from the safety of their office thousands of miles away.
- Indian hackers hack 100 Pak websites after attack on actor Mohanlal’s website. From India Today. “We have launched an attack on Pakistani sites and have brought down several government and online sites of Pakistan. We are also defacing websites of some prominent actors and we will continue to do this till Pakistani hackers do not stop such attack on Indian cyber space,” said a hacker of Indian Cyber Security Force, which claims to be an NGO.
Cayman under cyber-attack, says ICTA. From Cayman News Service. As local telecommunications provider Flow issued another alert about phishing scams impacting its customers, the managing director of the Information & Communications Technology Authority warned that Cayman is being targeted by cyber criminals. Earlier this week Flow warned customers about an email purporting to be from LIME, its previous brand, regarding spam security issues which asked them to click on a link. But this is just one of many problems email users are experiencing. Although the ICTA could not be certain of a connection,
Ransomware Seen as Growing Cyber Threat. From CFO.com. Miscellaneous errors accounted for the largest number of data security breaches last year, while ransomware is becoming a more common form of cyber attack, according to Verizon. The telecom company said in its 2016 Data Breach Investigations Report that miscellaneous errors were at fault for 17.7% of breaches, followed by insider and privilege misuse (16.3%) and physical theft and loss (15.1%).