Finjan Warns SMBs of Increase in Cyber Criminals Targeting their Online Bank Accounts
Financial Services Information Sharing and Analysis Center Alert on Cybercrime on Target with Predicted Threat Landscape
The alert sent last Friday states that in the past six months, financial institutions, security companies and law enforcement agencies are all reporting a significant increase in funds transfer fraud. It involves the exploitation of valid banking credentials belonging to small and medium sized businesses.
"This illustrates a new facet of cybercrime that we are seeing today," said Yuval Ben-Itzhak, CTO at Finjan. "In addition to the well-documented, massive data breaches against large institutions, organized cyber gangs are also now shifting their focus on small and mid-size companies. This trend includes stealing credentials to gain access to the corporate network to initiate a series of fraudulent wire transfers in increments of less than $10,000 from corporate bank accounts, which helps them avoid banks' anti-money-laundering reporting requirements."
"We have seen an increase in targeted attacks against financial institutions already in 2008 and predicted in our Web Security Trends Report of last year that both the amount of attacks and their severity will increase against financial institutions and their customers," Ben-Itzhak added. "We welcome and encourage the continued sharing of this kind of cybercrime intelligence to help minimize the effects of cybercrime. Sharing information, as also pointed out by the security team of Google, helps raise awareness as to the methods and techniques cybercriminals use and ultimately will contribute to the safety of business. Enterprises, Medium and Small businesses should heed the warning of the Financial Services Information Sharing and Analysis Center and we advise them to out in place appropriate security which utelises real time inspection technology , they put in processes to check their financial transactions regularly for irregularities and train their people to follow best security practices. " Ben-Itzhak concluded.
In the UK businesses should also be aware of the advice contained in the banking code and specifically section 12.9 and 12.11, as if they do not follow the advice of the British Bankers' Association then their bank has the right to refuse to reimburse them for an online fraud carried out against them.
To see more about the banking code:
Clause 12.9 http://www.bba.org.uk/...
Clause 12.11 http://www.bba.org.uk/...
To read Finjan's Web Security Trends Report - Q4/2008: http://www.finjan.com/...
Finjan's MCRC specializes in the detection, analysis and research of web threats, including Crimeware, Web 2.0 attacks, Trojans and other forms of malware. Our goal is to be steps ahead of hackers and cybercriminals, who are attempting to exploit flaws in computer platforms and applications for their profit. In order to protect our customers from the next Crimeware wave and emerging malware and attack vectors, Finjan MCRC is a driving force behind the development of Finjan's next generation of security technologies used in our unified Secure Web Gateway solutions. For more information please also visit our info center and blog.
Finjan Software GmbH
Finjan is a leading provider of secure web gateway solutions for the enterprise market. Finjan Secure Web Gateway provides organizations with a unified web security solution combining productivity, liability and bandwidth control via URL categorization, content caching and applications control technologies. Crimeware, malware and data leakage are proactively prevented via patented active real-time content inspection technologies and optional anti-virus modules. Powerful central management enables intuitive task-based policy management, excellent drill-down reporting capabilities and easy directory integration for all network implementation options. By integrating several security engines in a single dedicated appliance, Finjan's comprehensive and integrated web security solution enables quick deployment, simplified management and reduction of costs. Business benefits include real-time web security (no patches or updates needed), lower total cost of ownership (TCO), cost savings in administration efforts, lower maintenance costs, and reduction in loss of productivity. Finjan's security solutions have received industry awards and recognition from leading analyst houses and publications, including Gartner, IDC, Butler Group, SC Magazine, eWEEK, CRN, ITPro, PCPro, ITWeek, Network Computing, and Information Security. With Finjan's award-winning and widely used solutions, businesses can focus on implementing web strategies to realize their full organizational and commercial potential. For more information about Finjan, please visit: www.finjan.com
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