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Mt. Gox: Bankrupt, Accused and Hacked, Oh My!
March 10, 2014
The drama surrounding Mt. Gox, once the world's largest Bitcoin exchange, has intensified. The company on Sunday filed for Chapter 11 bankruptcy in the U.S. -- less than two weeks after taking a similar action in Tokyo, where it's based. It apparently made this move to freeze a lawsuit initiated in a federal court in Chicago by a customer seeking $25,000-worth of bitcoins and class action status.
The Increasing Business Risk of Cloud Cyberattacks
March 10, 2014
It is hard to figure out which is growing at a faster pace -- movement to the cloud or cybercrime. Cybercrime is following the data to the cloud, according to reports, to find and steal cloud data of hotel records, credit card information, and maybe even corporate secrets and the client files of lawyers. The concept of managing data for business on a remote computer is actually 50 years old.
Russia Implicated in Ukrainian Cyberdisruptions
March 06, 2014
Security forces in Ukraine, where tensions are running exceedingly high after weeks-worth of turmoil, have accused the Russian army of tampering with its mobile communications. In addition, Ukrainian news websites and social media have been smeared with pro-Russia propaganda. In other words, an entirely new element appears to be in play: cyberconflict between Kiev and Moscow.
Mt. Gox Scrambles for Chap. 11 Cover
February 28, 2014
Mt. Gox, the largest Bitcoin exchange, filed for Chapter 11 bankruptcy proceedings in Tokyo, Just days after going offline following the publication on Scribd of an internal memo that alleged hackers had stolen nearly 745,000 Bitcoins from its servers over the years. Blaming a weakness in the company's systems, CEO Mark Karpeles apologized publicly but said the Bitcoin industry was healthy.
Target Reels From Customer Data Breach
February 26, 2014
Target reported financial results for the quarter during which it suffered a high-profile data breach, revealing how badly the company was stung by the security lapses. In the three months ending Feb. 1, net earnings dropped by 46 percent compared with the year-ago fourth quarter, from $961 million to $520 million. Profit dropped by more than 40 percent from the same period a year earlier.
Mt. Gox Comes Tumbling Down
February 25, 2014
Bitcoin exchange Mt. Gox, which has been troubled by repeated DDoS attacks, has gone offline, following publication on Scribd of a purported internal memo alleging a multiyear server theft totaling nearly 745,000 Bitcoins. At Tuesday morning's price of $518.84 CoinDesk, that would amount to about $386 million. "This isn't about saving Mt. Gox any more," the document states.
Windows XP to Live On in China
February 25, 2014
A handful of Chinese Web companies are banding together to provide user support -- system upgrades, security services and the like -- to domestic users after Microsoft turns out the lights on Windows XP. Microsoft announced that it's going to punt on Windows XP in early April. Alas, an estimated 25-plus percent of China's computers run on the operating system. But fear not!
Google Gets Spider.io to Take a Bite Out of Click-Fraud
February 24, 2014
Google on Friday announced its purchase of online ad fraud fighter Spider.io. It initially will include Spider's fraud detection technology in its video and display ad products. Over time, Google will incorporate Spider's iFramed ads view technology in its products. "This is an excellent move for Google," said Mukul Krishna, senior global director of digital media at Frost & Sullivan.
Hackers Perfectly Time Largest DDoS Attack Ever
February 12, 2014
"Very big NTP reflection attack hitting us right now. Appears to be bigger than the #Spamhaus attack from last year. Mitigating." That Monday evening tweet from Matthew Prince, CEO of CloudFlare, signaled what's being touted as the largest distributed denial of service attack ever launched on the Internet. The attackers leveraged a known vulnerability in the Internet's infrastructure.
Kaspersky Details Sophisticated 'Mask' Robber Ops
February 11, 2014
Kaspersky Lab has released research findings on Careto, a malware toolkit that has hit more than 380 victims in 31 countries so far since 2007. "Careto" means "mask" in Spanish, Kaspersky notes. The word also could point to an ancient tradition incorporated into Portuguese and Brazilian Carnival festivals. Because they are so highly sophisticated, the attacks could be the work of a nation-state.
Target Fiasco Shines Light on Supply Chain Attacks
February 03, 2014
The holiday data breach at Target was opened up with stolen credentials from a vendor in the company's supply chain, according to reports that surfaced last week. That kind of attack is getting more and more common these days. "About 80 percent of data breaches originate in the supply chain," said Torsten George, vice president of marketing for Agiliance.
IT Weaknesses Paved the Way for Target Hackers
January 30, 2014
The Target data breach exposed more than 100 million customers, riled up U.S. intelligence agencies, sparked a Justice Department investigation, involved the U.S. Department of Homeland Security and the FBI, triggered congressional hearings, and led several banks to re-issue their credit cards. The hacker has variously been identified as a 17-year-old Russian or one or more other cybercriminals.
Slipshod Security, Human Frailty Made @N Ripe for Plucking
January 30, 2014
GoDaddy reportedly has admitted one of its employees handed out customer information to a scammer who carried out a scheme to obtain a prime Twitter account. Naoki Hiroshima, a developer at Echofon, this week detailed how the scammer was able to force him to hand over his prime Twitter account, @N. The scammer used social engineering to accomplish his goal.
English Soccer Player Lobs One at Twitter
January 22, 2014
Stan Collymore, a retired soccer player from England, accused Twitter of sitting on its hands when it comes to combating abusive messages -- of which he has received many. Collymore, now a broadcaster, became a troll target after he suggested Liverpool forward Luis Suarez faked a foul -- "diving," in soccer parlance -- in a game played last Saturday.
Bitcoin's Popularity Attracts Malware Writers
January 22, 2014
Most folks know the value of money, but few know the latest value of a Bitcoin, a virtual currency prone to wide price swings. Those swings haven't deterred those on the digital leading edge from speculating in the currency -- or bad app writers from plotting ways to steal it. "Bitcoins -- and indeed any digital property of any value -- will be a theft target," said Bitcoin developer Jeff Garzik.
Crowdfunders Send Jamaican Bobsled Team to Sochi
January 21, 2014
The Jamaican bobsled team, which qualified for the Olympics for the first time since 2002, is heading to the Sochi Olympics, thanks in large part to a group of supporters who raised more than $25,000 worth of "Dogecoins," an Internet currency. The team needed about $40,000 total, and after the Internet came through with $25K, Jamaica's Olympic committee picked up the difference.
Pentagon Wary of New Chinese Missile Vehicle
January 16, 2014
Last week, China's military took its new "ultra-high speed missile vehicle" -- or "hypersonic glide vehicle," if you prefer -- for its first test drive, raising eyebrows among U.S. defense officials. The hypersonic aircraft, capable of maneuvering at a mindboggling 10 times the speed of sound -- that's more than 7,500 miles per hour -- is designed to deliver warheads through U.S. missile defenses.
Ready, Set, Cyberattack!
January 14, 2014
Advanced persistent threats and stealth malware attacks have been making the rounds for years. Now, U-M researchers Robert Axelrod and Rumen Iliev have created a model that, in essence, lays out the best time for nation-states to launch cyberattacks. The model takes into account the stealth and persistence of a cyber-resource -- a means to exploit a vulnerability in a target's computer system.
PowerLocker Takes Ransomware to a New Level
January 13, 2014
Up to now, the malware program CryptoLocker has been king of the ransomware roost, but PowerLocker may present a new challenge. "It has some interesting countermeasures to thwart researchers," said Harry Sverdlove, CTO of Bit9. Among those countermeasures are the ability to determine if it's running on a virtual machine -- and if so, to alter its behavior.
Internet Crimes Led to Long Jail Sentences in 2013
January 11, 2014
With all the headlines about Internet cybersecurity breaches, there seem to be few headlines about the consequences for cybercriminals. That is because not all cybercriminals are caught, and when they are it often takes months, if not years, before trials. Even when the cybercriminals plead guilty, the sentencing phase often occurs months after the trial.
Other Shoe Drops in Target Customer Data Breach
January 10, 2014
The security breach that initially appeared to affect as many as 40 million customers may put many more at risk, Target revealed Friday. In addition to accessing those customers' payment card data, hackers stole the names, mailing addresses, phone numbers or email addresses for up to 70 million people. The personal data theft was uncovered in the investigation of the payment card data heist.
China Gets Its First Homegrown Game Console
January 10, 2014
Huawei, the Chinese telecommunications outfit best known for its mobile phones and its propensity to spook U.S. lawmakers, announced that it has created China's first videogame console. The timing of Huawei's announcement, coming at this week's CES extravaganza in Las Vegas, is interesting: Just this week, Beijing announced that it would for the first time allow foreign-made videogame consoles.

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