Financial Loss News, Articles and Updates

Ethereum - lost cryptocurrency - bug was known about since August

"Post-mortem" revealed Parity Tech was warned over Ethereum bug that froze £212 million of cryptocurrency

Study: Organisations suffer critical & costly IT incidents 5 times a month

Organisations experience a critical IT incident five times per month, with each costing £108,000, according to a new report based on a study conducted by research firm Quocirca on behalf of big-data company Splunk.

Equifax's net income down £20m and £67m costs post data breach

Equifax was financially punished for the breach that allowed the personal data of 145.5 million of its customers to be compromised with revenue down 27 percent (£20 million) in the quarter and breach costs of £66.8 million.

Is poor IT security putting cyber Insurance efforts at risk?

Don't expect a payout - or even an insurance policy - if you haven't taken suitable precautions to stop preventable cyber-incidents says Garry Sidaway, adding that deploying best practice is the best insurance.

FT Cyber-Summit: SWIFT's CISO shares new security strategy

SWIFT's CISO, Alain Desausoi, took the stage today at the FT Cyber-Summit to announce the changes the company has planned to prevent further breaches of its systems.

SWIFT introduces daily reporting system for member customers

SWIFT has introduced a daily reporting system intended to help members of the financial messaging system identify fraudulent payments made over the network.

Leoni AG suffers £34 million whaling attack

Leoni AG, Europe's biggest manufacturer of wires and electrical cables, has announced losses of £34 million ($44.6 million) following a whaling attack.

Hackers have stolen £49 million worth of bitcoins

£49 million worth of Bitcoins have been stolen from Hong Kong-based bitcoin exchange causing the price of Bitcoin to drop, and thus shaking confidence in the Bitcoin space.

Business email compromise (BEC) netting billions for scammers

Your next scam du jour: targeted stings and swindles based on impersonating key personnel are hitting as many as 400 companies a day.

New device can allegedly clone 15 contactless bank cards a second

The Daily Star newspaper is reporting that a new device has surfaced online which has the ability to clone 15 contactless bank cards a second.

TeamViewer has potential security flaw, Reddit community in upheaval

The TeamViewer Reddit community is currently in upheavel, claiming that TeamViewer is the cause of their computers being infected and with malware and financial accounts emptied.

Costs of TalkTalk breach amount to £60m

TalkTalk has revealed that the October data breach has cost the firm up to £60m, resulting in the loss of over 100K customers.