Flip through the latest issue of Gulf Weekly.
The huge cost of cybercrime was once again graphically illustrated a few weeks ago by a story of a hacker who allegedly used phishing techniques and fake websites to steal over $100m from two major US companies.
According to the Department of Justice, the Lithuanian man allegedly set up a bogus company, which bore the same name as a legitimate Asian-based computer hardware manufacturer, and used the front to syphon off money from the companies.
The attacker allegedly registered the bogus company in Latvia and opened various accounts in its name at several banks around the world.
He then is reported to have sent fraudulent phishing emails to employees and agents of the victim companies, which regularly conducted multi-million-dollar transactions with the cloned company, and got them to send money for ‘goods and services’.
If you wanted a graphic illustration of why there is such an active and motivated cybercrime underworld, it’s here - $100million worth of illustration!
Malicious actors have a range of motivations, including geopolitical, ideaological and espionage purposes. However, it is the financially-motivated cybercriminals we commonly see targeting the organisations we work with. These actors will go wherever the money is. Pure and simple.
Companies need to be aware of the risks posed by malicious typo-squatting and impersonation in support of targeted attacks. This is where attackers use domain names that are like a legitimate company to launch a wide variety of online fraud.
I have worked with a global brand was targeted by another company with 50 typo-squat domains, which went undiscovered for some time. In a second instance, we detected 30 active phishing sites targeting a client’s brand and detected customer and employees’ details being shared and sold.
Early detection and effective intelligence is critical in today’s digital world to mitigate the risks created by today’s connected world. This case yet again shows why this is so important.
Alastair Paterson, CEO and Co-Founder, pictured left, Digital Shadows.
AlMabarrah AlKhalifia Foundation has announced that registration for its first forum held under the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, is now open.
The forum, on Saturday (April 22) will discuss the impact of leadership, entrepreneurship and volunteerism in developing the next generation.
Held at the Gulf International Convention Centre, the event will bring together various stakeholders from the government and the private sector, including non-government organisations, all under one roof, with an aim of providing young people with an opportunity to be inspired and discuss the three main topics of leadership, entrepreneurship and volunteering.
The MKF Forum aims to build stronger bridges between the different stakeholders and the participating students in order to develop the field of education and further develop the community by creating a sense of responsibility.
Registration is open for those aged 16-35, free of charge.
