The implications of cybercrime's biggest ever bust

Powered by SC Magazine
 

Recent arrests in the hacking of nine U.S. retailers and Countrywide Home Loans is just the tip of the iceberg of what's to come, according to experts in the security industry.

The recent arrests of 11 people involved in hacking nine U.S. retailers, and two men who stole data from Countrywide Home Loans, is just the tip of the iceberg of what's to come, according to experts in the security industry.

“The recent arrests demonstrate the essential cooperation between law enforcements around the world to fight cybercrime,” Yuval Ben-Itzhak, Finjan's chief technology officer, told SCMagazineUS.com on Wednesday. “As these criminals managed to cash out millions of dollars, other criminals will follow the pattern. We will continue to see this trend in 2009 as well.”

According to Ben-Itzhak, Finjan's Q2 Trends report indicated that its discoveries were clearly the tip of the fraud iceberg. The fact that nine major retail chains have been hacked and payment card details of 41 million cardholders were obtained, confirms this once again.

“The scale of this fraud is quite breathtaking, and illustrates the professional approach that these fraudsters take. It might be all business to them, but such a fraud leaves a lot of damage, hassle and misery for victims in its wake,” he said. "For companies such as the ones victimised, safeguarding their networks and financial and business data has become a top priority.”

The Countrywide arrests point to a different, but equally disturbing, emerging landscape in identity theft: the corporate insider.

“The criminal insider takes data with the sole purpose of using it, often reselling it to third parties,” explained Paul Davie, COO of Secerno. “Without examining how vulnerable their data is from insider attacks, most companies are leaving critical shortfalls in place that could be costly from both an operational and brand perspective.”

However, Davie said he sees a parallel between the two sets of arrests. In each scenario, the databases were likely not being monitored correctly.

“It's a matter of legitimate use versus normal use,” he said. IT officials need to have a good understanding of how their database is to be used so they are able to quickly notice any abnormal patterns.

Another issue, Davie added, is the continuing blurred line between who is an insider and who is considered external.

“Is a consultant internal or external?” he asked. “What about a third-party company which has access to the information?”

Alain Mayer, CTO of Red Seal, agreed, telling SCMagazineUS.com that one of the biggest challenges is the complexity of networking.

“The perimeter in today's IT infrastructure is shrinking. Extranets, wireless access points and other un-trusted zones dominate the threat profile,” Mayer said. “In such an environment, internal segmentation is crucial.”

See original article on scmagazineus.com

Copyright © SC Magazine, US edition


The implications of cybercrime's biggest ever bust
 
 
 
Top Stories
Frugality as a service: the Amazon story
Behind the scenes, Amazon Web Services is one lean machine.
 
Negotiating with the cloud email megavendors
[Blog post] Lessons from Woolworths’ mammoth migration.
 
Qld govt to move up to 149k staff onto Office 365
Australia's largest deployment, outside of the universities.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...

Latest VideosSee all videos »

The great data centre opportunity on Australia's doorstep
The great data centre opportunity on Australia's doorstep
Scott Noteboom, CEO of LitBit speaking at The Australian Data Centre Strategy Summit 2014 in the Gold Coast, Queensland, Australia. http://bit.ly/1qpxVfV Scott Noteboom is a data centre engineer who led builds for Apple and Yahoo in the earliest days of the cloud, and who now eyes Asia as the next big opportunity. Read more: http://www.itnews.com.au/News/372482,how-do-we-serve-three-billion-new-internet-users.aspx#ixzz2yNLmMG5C
Interview: Karl Maftoum, CIO, ACMA
Interview: Karl Maftoum, CIO, ACMA
To COTS or not to COTS? iTnews asks Karl Maftoum, CIO of the ACMA, at the CIO Strategy Summit.
Susan Sly: What is the Role of the CIO?
Susan Sly: What is the Role of the CIO?
AEMO chief information officer Susan Sly calls for more collaboration among Australia's technology leaders at the CIO Strategy Summit.
Meet the 2014 Finance CIO of the Year
Meet the 2014 Finance CIO of the Year
Credit Union Australia's David Gee awarded Finance CIO of the Year at the iTnews Benchmark Awards.
Meet the 2014 Retail CIO of the Year
Meet the 2014 Retail CIO of the Year
Damon Rees named Retail CIO of the Year at the iTnews Benchmark Awards for his work at Woolworths.
Robyn Elliott named the 2014 Utilities CIO of the Year
Robyn Elliott named the 2014 Utilities CIO of the Year
Acting Foxtel CIO David Marks accepts an iTnews Benchmark Award on behalf of Robyn Elliott.
Meet the 2014 Industrial CIO of the Year
Meet the 2014 Industrial CIO of the Year
Sanjay Mehta named Industrial CIO of the Year at the iTnews Benchmark Awards for his work at ConocoPhillips.
Meet the 2014 Healthcare CIO of the Year
Meet the 2014 Healthcare CIO of the Year
Greg Wells named Healthcare CIO of the Year at the iTnews Benchmark Awards for his work at NSW Health.
Meet the 2014 Education CIO of the Year
Meet the 2014 Education CIO of the Year
William Confalonieri named Healthcare CIO of the Year at the iTnews Benchmark Awards for his work at Deakin University.
Meet the 2014 Government CIO of the Year
Meet the 2014 Government CIO of the Year
David Johnson named Government CIO of the Year at the iTnews Benchmark Awards for his work at the Queensland Police Service.
Q and A: Coalition Broadband Policy
Q and A: Coalition Broadband Policy
Malcolm Turnbull and Tony Abbott discuss the Coalition's broadband policy with the press.
AFP scalps hacker 'leader' inside Australia's IT ranks.
AFP scalps hacker 'leader' inside Australia's IT ranks.
The Australian Federal Police have arrested a Sydney-based IT security professional for hacking a government website.
NBN Petition Delivered To Turnbull's Office
NBN Petition Delivered To Turnbull's Office
UTS CIO: IT teams of the future
UTS CIO: IT teams of the future
UTS CIO Chrissy Burns talks data.
New UTS Building: the IT within
New UTS Building: the IT within
The IT behind tomorrow's universities.
iTnews' NBN Panel
iTnews' NBN Panel
Is your enterprise NBN-ready?
Introducing iTnews Labs
Introducing iTnews Labs
See a timelapse of the iTnews labs being unboxed, set up and switched on! iTnews will produce independent testing of the latest enterprise software to hit the market after installing a purpose-built test lab in Sydney. Watch the installation of two DL380p servers, two HP StoreVirtual 4330 storage arrays and two HP ProCurve 2920 switches.
The True Cost of BYOD
The True Cost of BYOD
iTnews' Brett Winterford gives attendees of the first 'Touch Tomorrow' event in Brisbane a brief look at his research into enterprise mobility. What are the use cases and how can they be quantified? What price should you expect to pay for securing mobile access to corporate applications? What's coming around the corner?
Ghost clouds
Ghost clouds
ACMA chair Chris Chapman says there is uncertainty over whether certain classes of cloud service providers are caught by regulations.
Was the Snowden leak inevitable?
Was the Snowden leak inevitable?
Privacy experts David Vaile (UNSW Cyberspace Law and Policy Centre) and Craig Scroggie (CEO, NextDC) claim they were not surprised by the Snowden leaks about the NSA's PRISM program.
Latest Comments
Polls
Which bank is most likely to suffer an RBS-style meltdown?





   |   View results
ANZ
  20%
 
Bankwest
  9%
 
CommBank
  11%
 
National Australia Bank
  17%
 
Suncorp
  24%
 
Westpac
  19%
TOTAL VOTES: 1498

Vote