The Securities and Exchange Commission (SEC) made it clear that prevention is their main goal in their cyber security enforcement agenda this year, according to an article on the Financial Times. Recently RT Jones, a small regional investment agency experienced a cyber attack by China and had 100,000 of their clients’ information stolen. This was upsetting to the SEC because they had just openly stated that investment advisers and broker-dealers must get their cyber defenses in order to prevent hackers.
The SEC had established a list of grievances against RT Jones about the failure to implement cyber defenses. It has been a long time coming for the SEC to finally crack down on companies. The SEC is certain that preventative measures are the best way to decrease the alarming amount of cyber attacks on the financial service industry. Now if a company experiences a cyber attack, they may face a dilemma with the SEC as well.
As time goes on, hackers are becoming increasingly advanced. In 2015, 34.2 percent of computer users experienced at least one Web attack. This is a huge issue for users and is only expected to get worse. It is expected that data breaches, ransomware and browser plug-ins will be the biggest security threat of 2016, according to an article on Fox News.
Data breaches are the most well known and this is when hackers steal payment information. Retailers will continue to be hit by hackers but there are some predictions of different kinds of industries to be hit this year including hotel industries, medical insurance and high-tech toy industries. The Apple pay system is a good way to prevent hackers stealing credit card information, as well as EMV chips in credit and debit cards.
Ransomware is a type of malware that prohibits users from using their system. The victims have to pay a ransom through an online payment method to access their system again. The FBI actually suggests victims paying the ransom in order to use their system again. To prevent this from happening, watch out for what you click on. Ransomware has to be installed before it can actually work on someone.
It is reported that people spend much of their time on Web browsers. Hackers can find a flaw in a browser and try to get victims to click on a bad site. This is another reason why people need to pay close attention to what they are clicking on.
Customer information was hacked at JP Morgan and 9 other US banks. There was no money actually taken from accounts but through credit cards. Apple pay system was designed to prevent credit card hacks. There is no possible way to obtain the credit card number with the Apple pay system. Vinny Troia, Hacking Forensic Investigator and CEO of Night Lion Security, a cyber security and IT risk management company, discusses this topic on Fox Business.
Troia explains that the next logical way for hackers will be to match usernames and passwords of people’s bank accounts and drain their money. This would be an enormous upset for banks, when this does happen. The banks would have to give whatever money was stolen back to their customers.
A recent article on Fox News talks about a Bahamian man who hacks into tons of celebrity emails to steal unreleased movies and TV scripts. Alonzo Knowles is the man being investigated for criminal copyright infringement and identity theft charges. Knowles is also giving away social security numbers and other personal things. Vinny Troia, Certified Hacking Forensic Investigator and CEO of Night Lion Security, a digital forensics and penetration testing firm, doesn’t believe that Knowles hacked into celebrity email accounts. In fact, he believes this is all a scam and that Knowles never hacked anything at all.
Troia thinks this was just a challenge to lure customers in to buying some of the things he hacked. Once the customers decided to buy the social security numbers, for example, Knowles would run away and leave the customer with nothing, Troia presumes. Knowles’ plan was working for him because people believe it is hard to obtain social security numbers but it is actually incredibly simple, Troia explains. Troia clarifies that one hack would have been difficult enough to pull off and there is no evidence to suggest that he is skilled enough to pull off all of these hacks and steal all of this information.