The European Central Bank (‘ECB’) published its European framework for testing financial sector resilience to cyber attacks (‘Framework’) on 2 May 2018, with the aim of the ‘TIBER-EU’ framework being to assist financial market entities in gaining insight about their protection, detection and response capabilities, in order to help them combat cyber attacks. / read more

In this article, Israel Barak, Chief Information Security Officer at Cybereason, a cyber security company specialising in endpoint detection and response software, discusses what businesses can learn from the increasingly common threat of cyber warfare and nation state cyber attacks, and lists the steps businesses can take to mitigate such risks, whilst more effectively maintaining their cyber defences. / read more

2017 saw global-scale cyber attacks disrupt business operations across the globe and some of the most significant data breaches in history. It was without doubt an eventful year for cyber security and a milestone in the growing global awareness of cyber threats. Members of the Cyber Security Practitioner Editorial Board and key contributors share views on what happened in 2017 and discuss what we can expect in 2018. / read more

One of the fallouts from the recent significant data breach at consumer credit reporting agency Equifax has been that a spotlight has been placed on the implications from a cyber security perspective of using open source software, since the attack leading to the Equifax breach was achieved through a vulnerability in the Apache Struts open source web framework, enabling the perpetrators to access the databases that sit behind Equifax’s website. Chris Pace, Technology Advocate at threat intelligence provider Recorded Future, explores in this article why many organisations use open source software and how such software may be exploited, and explains what organisations can do to lessen the risks. / read more

As the scope and impact of cyber attacks grows increasingly severe, affecting businesses and systems all over the world, Paul Pratley, Head of Investigations and Incident Response at MWR InfoSecurity, shares his view from the coalface on the weaponised hacking toolsets being used to unleash potentially devastating enterprise-wide attacks. / read more

Following an incident in which a large number of Korean websites were hit by a ransomware attack, the Korea Communications Commission (‘KCC’) has now taken steps to enhance the cyber security preparedness of online operators. According to the KCC’s research 2,496 online business operators have been transmitting personal data without encryption, and as such the KCC has issued such business with administrative guidance on server security. Keun Woo Lee, Partner at Yoon & Yang, describes the vulnerabilities facing online operators and looks at the steps the KCC is taking to strengthen online operators’ cyber security, which includes taking a tougher stance on online operators cyber security going forward. / read more

On 12 May 2017, the WannaCry ransomware virus hit more than 230,000 computers in over 150 countries. The attack exploited a security weakness in unpatched versions of Windows computers, encrypting data and demanding payment in cryptocurrency Bitcoin for its release. Among the organisations impacted by WannaCry were the UK’s National Health Service, Russia’s Ministry of Internal Affairs, and the car manufacturing plants of both Renault and Nissan. / read more

Due to rapidly growing industry demand as well as the significant cyber attacks of the past year, the Australian Government’s annual review of its Cyber Security Strategy (‘Strategy’) has resulted in a call by Prime Minister Malcolm Turnbull for new goals to be set. As the Government releases the Australian Cyber Security Sector Competitiveness Plan (‘Plan’), Paul Kallenbach and Leah Mooney of Minter Ellison assess the new goals for cyber security in Australia. / read more

On 8 December 2016, a cyber attack was made against Akbank, one of Turkey’s largest banks, and supposedly two other Turkish banks. Akbank released a statement confirming the attack to their IT systems, that it related to the SWIFT system, and stating that they had responded to the attack immediately and taken the necessary precautions. The bank also set forth that the maximum amount of risk faced by the bank is USD $4 million which is covered by its insurance policy. The names of the two other banks which are said to have been attacked are not known and no statement has been released by any other Turkish bank on the issue. In this article, Ozan Karaduman, Managing Associate at Gün + Partners, explains the means of attack against Akbank and the possible legal consequences. / read more

SWIFT CEO Gottfried Leibbrandt has announced a number of measures that it is hoped will better safeguard financial transactions in the future, following the penetration of the SWIFT network that saw cyber criminals make off with substantial amounts of money, marking a new stage of sophistication in cyber attacks against financial institutions. David Ferbrache, Technical Director, Cybersecurity at KPMG, shares his opinion on the threat facing the global payments network, the present limitations and the weak links in international anti-money laundering regimes that enable criminals to cash-out their ill-gotten gains. / read more