Cybercriminals set to extort money as firms comply with new EU laws

ATM attacks, BEC and targeted attacks were some of the stealthier security challenges faced by enterprises in 2017.

IANS
Bengaluru, Publish Date: Feb 21 2018 1:29PM | Updated Date: Feb 21 2018 1:29PM
Cybercriminals set to extort money as firms comply with new EU lawsRepresentational image

As businesses try to comply with new European Union privacy laws that come into force this year, they are set to face increased ransomware, cryptocurrency mining and business email compromise (BEC) extortion attacks, a report said on Wednesday.

Cybercriminals will try to extort money from enterprises by first determining the General Data Protection Regulation (GDPR) penalty that could result from an attack, and then demanding a ransom of slightly less than that fine, which CEOs might opt to pay, said the report from global cybersecurity leader Trend Micro.

ATM attacks, BEC and targeted attacks were some of the stealthier security challenges faced by enterprises in 2017. 

"With more people using online transactions, there has been a growth in the number of hackers. We have seen an increase in those vulnerabilities being announced and lot of them getting compromised," Nilesh Jain, Vice President, South East Asia and India, Trend Micro, said in a statement. 

"Major outbreaks that caused global infections made headlines well into the year, proving that ransomware was still a burdensome threat for individuals and enterprises," he added.

The GDPR regulation by the European Parliament comes into force on May 25 this year.

The new report, titled "The Paradox of Cyberthreats", revealed a 32 per cent increase in new ransomware families from 2016 to 2017.

It also highlighted a doubling of BEC attempts between the first and second half of 2017 and soaring rates of cryptocurrency mining malware, peaking at 100,000 detections in October last year.

"The report reveals a threat landscape, with cybercriminals increasingly finding they're able to gain more -- whether it's money or data or reputation damage -- by strategically targeting companies' most valuable assets," added Jon Clay, Director of Global Threat Communications for Trend Micro.

"Businesses need a cross-generational security solution that uses a blend of proven security protections with the best new defences to mitigate risk effectively," he added.

Vulnerable IoT devices are also a major security risk across several trending threats. 

Trend Micro detected more than 45.6 million cryptocurrency mining events during the year, representing a large percentage of all IoT events observed. 

 

Latest News

  1. Jammu and Kashmir officers posted in personal sections asked to go back to parent depts
  2. Jammu and Kashmir officers posted in personal sections asked to go back to parent depts
  1. JK Governor adviser Vijay Kumar reviews security situation in Kashmir
  2. JK Governor adviser Vijay Kumar reviews security situation in Kashmir
  1. Vohra holds all-party meet to discuss Jammu and Kashmir situation
  2. Vohra holds all-party meet to discuss Jammu and Kashmir situation
  1. Hizb ul Mujahideen owns Tral grenade attack
  2. Hizb ul Mujahideen owns Tral grenade attack
  1. 'Heartbroken' Messi fan in Kerala missing, suicide note found
  2. 'Heartbroken' Messi fan in Kerala missing, suicide note found
  1. Yashwant Sinha calls on NC vice president Omar Abdullah
  2. Yashwant Sinha calls on NC vice president Omar Abdullah
  1. New Delhi’s change of faces policy won’t make any difference in Kashmir: Mirwaiz
  2. New Delhi’s change of faces policy won’t make any difference in Kashmir: Mirwaiz
  1. Mehbooba Mufti meets Jammu and Kashmir Governor N N Vohra
  2. Mehbooba Mufti meets Jammu and Kashmir Governor N N Vohra
  1. Nine forces' personnel injured in Tral militant attack
  2. Nine forces' personnel injured in Tral militant attack
  1. First time since 1947, Sufi festival on Jammu and Kashmir border cancelled
  2. First time since 1947, Sufi festival on Jammu and Kashmir border cancelled
  1. Not inviting Er Rasheed to all-party meet exposes New Delhi: AIP
  2. Not inviting Er Rasheed to all-party meet exposes New Delhi: AIP
  1. JKLF protests against Srigufwara civilian killing
  2. JKLF protests against Srigufwara civilian killing
  1. Floral tributes paid to policeman killed in Karan Nagar militant attack
  2. Floral tributes paid to policeman killed in Karan Nagar militant attack
  1. Anantnag gunfight fallout: Shutdown, clashes in south Kashmir's Pulwama
  2. Anantnag gunfight fallout: Shutdown, clashes in south Kashmir's Pulwama
  1. BJP demands action against Azad for 'army operations killing more Kashmiri civilians' remark
  2. BJP demands action against Azad for 'army operations killing more Kashmiri civilians' remark
  1. Musharraf resigns as All Pakistan Muslim League chairman
  2. Musharraf resigns as All Pakistan Muslim League chairman
  1. ISJK chief Dawood Salafi among four militants killed in Anantnag gunfight: Police
  2. ISJK chief Dawood Salafi among four militants killed in Anantnag gunfight: Police
  1. Four militants among six killed in Anantnag gunfight; Internet suspended
  2. Four militants among six killed in Anantnag gunfight; Internet suspended
  1. Jammu and Kashmir govt makes biometric attendance compulsory for its employees
  2. Jammu and Kashmir govt makes biometric attendance compulsory for its employees
  1. Two more militants killed in Anantnag gunfight; toll six
  2. Two more militants killed in Anantnag gunfight; toll six
  1. EU launches retaliatory tariffs on US goods
  2. EU launches retaliatory tariffs on US goods
  1. Koreas discuss family reunion, humanitarian issues
  2. Koreas discuss family reunion, humanitarian issues
  1. Mobile Internet services snapped in three Kashmir districts
  2. Mobile Internet services snapped in three Kashmir districts
  1. Tral shuts on third consecutive day to mourn militant killings
  2. Tral shuts on third consecutive day to mourn militant killings
  1. Ganderbal: Rescue operation to trace drowned teacher continues on third straight day
  2. Ganderbal: Rescue operation to trace drowned teacher continues on third straight day
  1. Two militants killed in ongoing Anantnag gunfight
  2. Two militants killed in ongoing Anantnag gunfight
  1. More than 1,000 migrants drowned in Mediterranean in 2018: UN
  2. More than 1,000 migrants drowned in Mediterranean in 2018: UN
  1. Police constable injured in Karan Nagar militant attack succumbs
  2. Police constable injured in Karan Nagar militant attack succumbs
  1. Gunfight breaks out in south Kashmir’s Anantnag
  2. Gunfight breaks out in south Kashmir’s Anantnag
x
This site uses cookies to deliver our services and to show you relevant news and ads. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.That's Fine