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Iain Campbell Cyber Crime Trends.

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Presentation on theme: "Iain Campbell Cyber Crime Trends."— Presentation transcript:

1 Iain Campbell Cyber Crime Trends

2 The New Landscape Deperimeterisation Social Media: Miracle or Menace? Where is my data? The Rise of the Targeted attack

3 Types of Cyber Attacks NuisanceEconomic Espionage Organised Crime Hacktivists ObjectiveLaunch Points, nuisance Economic Advantage, theft of IP Financial Gain Defamation, Publicity ExampleBotnet, SpamAdvance Persistent Threat Credit Card Theft Anonymous TargetedX √√√ PersistentX √√ X

4 2013 Data Breach Investigations Report

5 2013 Data Breach Investigations Report

6 Who wants my data? Unit of the People’s Liberation Army, tasked with ”computer network operations”. 19 th February 2013: APT1: Exposing One of China's Cyber Espionage Units the volume and sophistication of the attacks so intense that they threaten the fundamental relationship between Washington and Beijing. Mandiant tracked Comment Crew for 6yrs identifying 141 attacks called APT indicators (domain, IP, MD5) to identify attack source all led to Pudong district of Shanghai, outside HQ of unit Comment Crew launched RSA attack

7 Who else wants my data? Every cell phone call in Bahamas “archived” Call records of almost everyone inside the United States “collected” Gmail “backdoor access”, Microsoft encryption weakened, denies data center access RSA received $10 million to weaken encryption Truecrypt mysteriously goes offline Utah Data Center

8 Next Generation attacks Google's security team reported Heartbleed on April 1 Affects OpenSSL 17% of the Internet's secure web servers were vulnerable, at time of disclosure on 7th April Bug deemed as catastrophic, and incidents included: Canada Revenue Agency, Community Health Systems (US), Massive password changes required including Akamai, Ars Technica, Bitbucket, BrandVerity, Freenode, GitHub, Mojang, Mumsnet, Pinterest, Reddit, SourceForge, Tumblr, etc... Shellshock: 'bigger than Heartbleed' 25 September 2014! April 2014

9 What about South Africa? November “There are indications at this stage that only a limited number of card details have been accessed by outside organisations, and as a result limited fraud has been perpetrated" – Payment Association of South Africa, CEO Walter Volke “The card data emanating from these online transactions seems to have been stored in a manner which does not meet the stringent security standards expected by PASA” There was no need for “undue concern” leaked-pasa Bank card details leaked - PASA

10 What about South Africa? October PASA, card schemes and SA’s major banks have taken immediate steps to prevent a further leakage of card details because of a security lapse at a company processing transactions. “All the fast-food retailers have been cleaned out as far as possible, and certainly no one will be out of pocket [as the banks will honour losses].” Unique variant used in SA, original emerged in December How did the data get out? & who is liable? data-breach/44338/ Dexter infects Point of Sale terminals

11 Designed to elicit disclosure of timely, comprehensive, and accurate information about risks and events that a reasonable investor would consider important to an investment decision. Should review, the adequacy of their disclosure relating to cybersecurity risks and cyber incidents, if the costs or consequences with one or more known incidents or the risk of potential incidents represent a material event (i.e. may reasonably be expected to affect the company's stock price) Estimate the impact of cyber incidents and the consequences of failing to implement adequate security. Go beyond privacy, to key operational issues

12 Where is the Risk?  Market risk:  Dealstream collapse in 2008  VOX telecom exposure of R30 million  Single Stock Futures gives ABSA R1.4 billion liability  Credit Risk:  Standard Bank vehicle finance: R504m impairment loss in FY to June 2014  African Bank: R6.4 billion  What about cyber crime losses and risk exposure?  SABRIC estimates R480 million card fraud losses in 2013

13 Conclusion Payment systems are top target of attacks New threat environment: Next generation systemic vulnerabilities Shellshock: 'bigger than Heartbleed' 25 September 2014! Encryption is no longer safe? Changing legal framework New legal implications for data breaches Are you ready for a Security Breach?

14 Iain Campbell THANK YOU


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