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Biometrics

Lax Security Courts Liability, Says US CFPB

David Perera  •  August 12, 2022

The U.S. Consumer Financial Protection Bureau is warning lenders they can be liable for data breaches for causing consumers "substantial injury." To avoid liability, the bureau recommends that banks implement multifactor authentication and especially Web Authentication.

Government

Lawmakers Request 'Urgent' Cyber Briefing With HHS Leaders

Marianne Kolbasuk McGee  •  August 12, 2022

The co-chairs of Congress' Cyberspace Solarium Commission request an "urgent briefing" with Biden administration officials to discuss the state of cybersecurity in the healthcare and public health sector and call for actions to address rising cyberthreats.

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Anti-Money Laundering (AML)

ISMG Editors: Analyzing the Twilio Breach

Anna Delaney  •  August 12, 2022

In the latest weekly update, four ISMG editors discuss the breach of customer engagement platform Twilio, a cyberattack on the U.K.'s NHS that has reignited concerns about supply chain security in the healthcare sector, and the U.S. Treasury clamping down on shady cryptocurrency mixers.

Cybercrime

Ransomware Groups Refine Shakedown and Monetization Models

Mathew J. Schwartz  •  August 12, 2022

Ransomware-wielding attackers continue to seek new ways to maximize profits with minimal effort. Top tactics spotted recently by experts include continuing to partner with initial access brokers and botnet operators and testing new monetization models, such as "mediation as a service."

Governance & Risk Management

Ex-Twitter Employee Found Guilty of Spying for Saudi Arabia

Mihir Bagwe  •  August 11, 2022

A U.S. federal jury convicted former Twitter employee Ahmad Abouammo for spying on Saudi Arabian dissidents on behalf of Saudi Arabia. The jury also found him guilty of conspiracy to commit wire fraud, falsification of records and money laundering.

Business Email Compromise (BEC)

Alleged Business Email Compromise Fraudsters Extradited

Prajeet Nair  •  August 11, 2022

Three Nigerian nationals accused of participating in multimillion-dollar business email compromise fraud with a fixation on universities arrived in the United States after extradition from the United Kingdom. They allegedly attempted to steal more than $5 million.

Blockchain & Cryptocurrency

FTC Probes BitMart After $200M Theft at Crypto Exchange

Rashmi Ramesh  •  August 11, 2022

A newly disclosed probe shows the Federal Trade Commission is investigating operators of BitMart, a cryptocurrency platform that lost $200 million of investor funds in one of the biggest crypto cyberattacks of 2021. The agency is scrutinizing the companies to see if they misled consumers.

3rd Party Risk Management

Ransomware Attack Caused NHS IT Outage, Says Vendor

Marianne Kolbasuk McGee  •  August 11, 2022

Advanced, a critical software and services vendor to the U.K.'s National Health Service, confirms a ransomware attack by "financially motivated" threat actors is behind an IT outage that is still disrupting various NHS services, including 111. Some disruptions could last for weeks, the company says.

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Training & Security Leadership

Profiles in Leadership: Bruce Phillips

Tom Field  •  August 11, 2022

As CISO of West, a Williston Financial Group company, Bruce Phillips recognizes that cybersecurity is not the enterprise's core business. But what, then, is the right level of cybersecurity to bring to a nonsecurity business? He discusses this and other leadership challenges.

Breach Notification

Cisco Hacked: Firm Traces Intrusion to Initial Access Broker

Mathew J. Schwartz  •  August 11, 2022

Cisco says it fell victim to a successful hack attack and data breach in May. While an attacker wielding Yanluowang ransomware claimed to have exfiltrated data and crypto-locked systems, Cisco says nothing sensitive was stolen and no systems were infected by ransomware.

Cyberwarfare / Nation-State Attacks

Cyber Operations Keep Affecting Civilians as War Continues

Anna Delaney  •  August 11, 2022

The ISMG Security Report discusses how cyberattacks and operations tied to the Russia-Ukraine war have been affecting civilians since the start of Russia's invasion, whether a practicing cardiologist living in Venezuela is also a ransomware mastermind and effective bot management tooling strategies.

Fraud Management & Cybercrime

Hardware MFA Stops Attack on Cloudflare

Mihir Bagwe  •  August 10, 2022

Cloudflare credits hardware multifactor authentication with preventing bad actors behind a targeted phishing campaign from gaining access to its internal systems. Although attackers siphoned employee credentials, the hard key authentication requirement stopped attackers from snatching a soft token.