Friday, 4 November 2016

Emerging Economy Cyber Alerts - November 4, 2016

their legislation today could be yours tomorrow

Singaporean flag and map

Singapore’s Minister for Communications and Information Yaacob Ibrahim recently provided some insight into the country’s upcoming Cybersecurity Act. Ibrahim reported the act will establish standards for incident reporting, audits and risk assessment; allow for cybersecurity information sharing; and complement the current Computer Misuse and Cybersecurity Act. A recent increase in cybercrime in Singapore includes last week’s distributed denial of service (DDoS) attack on telecommunications provider Starhub. 

the threats we all face

Nigerian flag and map

A Cyber Security Summit hosted by Microsoft and the Information Security Society of Africa Nigeria (ISAAN) brought attention to the growing threat of cyberattacks: “Cyber attackers have devised new ways to successfully attack individuals and organizations. Statistics [show] that Nigeria loses N128bn annually to cybercrime while about $500bn is lost globally.” A Ventures article attributes Nigeria’s internet insecurity to its abundance of internet services, lack of education and lack of digital guidelines.

Palestinian flag

Vectra Networks has identified multiple samples of cyberespionage malware used by hacking group Moonlight against targets in the Middle East. The attacks are like those of the Gaza Hacker Team, a group aligned with the Palestinian Sunni-Islamic organization, Hamas. 

Looking Back 
a new glimpse at old alerts

Indian flag and map

India’s recent run in with ATM network malware has cyber experts calling for change. “This incident is a wake-up call for the Indian banking ecosystem to pause and realise that adopting extra-layered, state-of-the-art encryption security to minimize consumer financial data breach has become essential,” argued cyber law expert Pavan Duggal. Currently, India’s cyber laws do not address bank fraud.

Chinese flag and map 

The recent distributed denial of service (DDoS) attack against United States-based Dyn has been traced in part to Hangzhou Xiongmai Technology. Vulnerabilities in Internet of Things (IoT) devices, such as the Chinese company’s webcam and digital video recorder products, provided the access point needed to disrupt services such as Twitter, Spotify and Amazon. 

All images credit of BOLDG/
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