If you think 2017 was a bad year for cyberattacks, just wait to see what happens in the coming years, one cybersecurity expert warns. “We’ve only seen the beginning,” said Dr. Eric Cole, CEO of Secure Anchor and former CTO of McAfee and Lockheed Martin. “Cybercrime is big business, it’s a very high-payoff, low-risk crime … we’ve seen nothing yet.” In 2016, U.S. financial losses stemming from cyberattacks totaled $1.33 billion, a 24% increase over the year prior, according to an FBI report. An Accenture study concluded that the number of hacks likely increased by more than 27% between 2016…
Posts Tagged ‘cybercrime’
Push for Faster ACH Payments Increases Bank Fraud
Posted on January 10, 2017 by Laura Lam
As of September, credit-based ACH payments are now being settled within the same day. These transactions involve one person/entity pushing money from their bank account to another person or organization, using the automated clearinghouse. Examples include direct deposit, payroll, person-to-person and vendor payments. Where before banks had 2 to 5 days to analyze suspicious transactions, now in some cases they have only 2 hours. Banks haven’t quite caught up with the shorter time frame for checking red flags, some say, and fraudsters have jumped on this opportunity. “Recently we’ve seen more evidence of incidences of ACH fraud than we have…
What Keeps Business Professionals Awake at Night?
Posted on July 08, 2016 by Laura Lam
The Wall Street Journal rounded up some recent surveys and reports dealing with payments, risk and security issues. Here are some of the findings. Pay Up: A survey of around 200 private practice lawyers, in-house counsel and corporate C-level executives in the U.S., U.K., Europe and Asia by global finance firm Burford Capital found 86% of private practice lawyers have clients who in the last 5 years have not been paid the full value of a successful litigation or arbitration judgment or award. Almost 1 in 5 lawyers (19%) said their clients’ unenforced judgments were worth between $10 and $50 million, while 14%…
Most Consumers Will Take Business Elsewhere if Hacked
Posted on June 30, 2016 by Laura Lam
A recent study commissioned by Centrify found that 66% of adults in the U.S. are at least somewhat likely to stop doing business with a company that has suffered a cyberbreach. Less than half of Americans are very satisfied with how corporations handle cyberbreaches. The study surveyed people across the U.S., UK, and Germany and also found that most consumers believe businesses are almost entirely to blame for corporate hacks: 41% of adults in the U.S. hold corporations fully accountable and feel they are not taking enough responsibility when data breaches do occur. To some degree, most adults accept hacking…