Cybersecurity News. PHOTO: Cybercrime Magazine.

Cybercrime Bytes: Beware Of Bitcoin, COVID Espionage, Irish Cybersecurity Jobs Rising

Weekly news that keeps you on the cutting edge of cybersecurity

– The editors at Cybercrime Magazine

Sausalito, Calif. – Aug. 3, 2020

This week’s rundown is sponsored by Absolute — New enterprise security trends, threats & opportunities revealed in 2020: The State of Endpoint Resilience™ Report, our annual study of 8.5 million devices.

—  Bitcoin was featured in the recent hack of prominent Twitter accounts. The European Union Agency for Law Enforcement Cooperation says bitcoin is one of the most popular cryptocurrencies for criminal use. Cybercrime is rising and is expected to be more profitable than global illegal drug trade by next year, according to Cybersecurity Ventures. The Wall Street Journal

Russia, China and other adversaries have been attempting to hack U.S. universities and research institutions’ databases to steal potentially lifesaving COVID-19-related intellectual property. The European Union’s top court recently ruled that U.S. privacy protections are inadequate for sharing personal and other sensitive information — potentially threatening our ability to work with E.U. countries on vaccines and treatments. Forbes

—  Cybersecurity is on track to double its current 6,000 Irish jobs total to 12,000 by 2030, says Donna O’Shea, the newly appointed chair of cybersecurity at Cork Institute of Ireland. The government has invested heavily in cybersecurity, as have companies like Intel, Dell, EMC and IBM. The sector’s strongest hubs are in Cork, Dublin and Galway. Irish Examiner

—  The Twitter breach has been traced to the hacker’s access of an internal chat channel on Slack. The attack may have hinged on an employee who was paid off, tricked, or coerced, or a disgruntled employee inside the company may have found a partner in crime on the outside. To combat cybercrime, the world will spend $1 trillion on cybersecurity between 2017 and 2021, according to Cybersecurity Ventures. Slate

— Annual losses from cybercrime are predicted to be $6 trillion by 2021, according to Cybersecurity Ventures, with 44 attacks occurring every second. To address these challenges, Arm Research is working with the U.S. Defense Advanced Research Projects Agency (DARPA) on the Automatic Implementation of Secure Silicon (AISS) program. Design & Reuse

Cybercrime Radio: Steve Morgan, founder at Cybersecurity Ventures

The origins of Cybercrime Magazine

Machine learning and automation are more than popular buzzwords in the cybersecurity industry. While not a magic potion that instantly perfects data security, these advanced tools offer MSPs a way to augment limited staff in the ongoing battle against cybercriminals. Channel Futures

— By 2027, cybersecurity training spend is expected to reach $10 billion, according to Cybersecurity Ventures. With more than 30 employees, 100 customers, 200+ training modules and 10 cyber exercises, RangeForce is capitalizing on the growing market for cybersecurity simulation and skills analysis. Cisco Investments

Shares of the cybersecurity stock Absolute have surged 75 percent in 2020. The company, picked as one of the top 3 tech stocks for the rest of 2020, develops, markets, and provides cloud-based endpoint visibility and a control platform for the management and security of a variety of devices, applications, and organizations. The Motley Fool

— Cybersecurity Ventures predicts that the frequency of ransomware attacks on businesses will increase from every 14 seconds in 2019 to every 11 seconds in 2021. Ransomware can have “sleeper versions.” They are programmed to hide within a victim’s machine for as long as weeks after the infection, making it even harder to detect the machine that was originally infected or where the infection came from. Orange County Business Journal

The latest new nanodegree from Udacity’s School of Programming gives participants a start in the high growth field of cybersecurity, a critically important area for companies. There’s a huge shortage of professionals with the right skills — Cybersecurity Ventures predicts there will be 3.5 million unfilled cybersecurity jobs by 2021. i-Programmer

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Scott Schober on Cybersecurity Ventures’ CISO 500 Data File

— Cyberattacks via social media have been on the rise the past several years and current world events of the pandemic, the economy, and elections offer plenty of material for bad actors to attract new interest. All it takes is just one click — yes, it is still the case that 99 percent of cyber attacks require a human to click something. Business 2 Community

— Depending on what industry you’re looking at, the average time it takes to remediate a breach once it’s been detected is between 112 days and 447 days — or 3 to 14 months of potentially critical exposure, writes Greg Jensen, director of security strategy at Oracle Corporation. DarkReading

Garmin recently confirmed it was the victim of a ransomware attack, but denied any data leakage. In an official press release, the company said that the attackers encrypted some of its systems as part of a ransomware attack on July 23. As a result, many of its online services have been affected since that day. Its website, customer support and company communications have faced problems because of the attack. Beebom

— Selecting the right ransomware recovery solution is critical so that you can ensure that your organization has a rock-solid multi-layer defense plan in place to reduce the impact of ransomware or malware. Check out this eBook, “Insider’s guide to defending against ransomware”  — and make sure you’re prepared when ransomware strikes. Druva

Special offer for Cybercrime Magazine readers only: Request a Complimentary Session on the Virtual Cyber Range. Register now, spots are limited. Prepare your SOC analysts and incident responders with Cloud Range’s detection, response, and remediation training exercises. Cloud Range

More next week.

Cybercrime Bytes Archives

– From the editors at Cybercrime Magazine

Sponsored by Absolute

Absolute adds resilience to your endpoint.

We help organizations recover and resume normal operations in the face of security breaches.

Absolute envisions a world where security and IT professionals always retain control over their devices and data. We’re the first and only company to offer uncompromised visibility and near real-time remediation of security breaches at the source.

Absolute Persistence™ returns devices to their desired state of safety and efficacy after malicious attacks or user error, thanks to our unique location in the firmware of more than 500 million devices built by most of the world’s top device manufacturers.