The Dutch Fiscal Information and Investigation Service, aka FIOD, investigates serious financial crime in the Netherlands. (Source: FIOD)

Suspected Tornado Cash Developer Accused of Money Laundering

Mathew J. Schwartz • August 15, 2022

Dutch police have arrested a man accused of working as a developer for Tornado Cash. "He is suspected of involvement in concealing criminal financial flows and facilitating money laundering through the mixing of cryptocurrencies via the decentralized Ethereum mixing service," Dutch authorities say.

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Application Security

Krebs to Vendors at Black Hat: No More 'Band-Aid' Approach

Latest

Fraud Management & Cybercrime

ENISA Report: Threat Landscape for Ransomware Attacks

Anna Delaney • August 15, 2022

ENISA’s new "Threat Landscape for Ransomware Attacks" report analyzes 623 ransomware incidents in the EU, U.K. and U.S. from 2021 to 2022. ENISA cybersecurity officer Ifigeneia Lella shares how attacks have evolved and how 95% of reported incidents lack key data about how the breaches occurred.

Finance & Banking

Building Resilience in a Multi-Cloud Environment

Anna Delaney • August 15, 2022

A well-managed multi-cloud strategy "is a sensible approach" because it allows organizations to move different workloads between providers, but it gets a "bit more complicated when you start thinking about workload portability," says Lee Newcombe, security director, Capgemini U.K.

3rd Party Risk Management

Latest US Health Data Breaches Follow Worrisome Trends

Marianne Kolbasuk McGee • August 15, 2022

Some 60 breaches affecting about 2.5 million individuals were added in July to the federal tally of major health data breaches. A vast majority of 2022 breaches continue to be linked to large hacking incidents and ransomware demands - with 40% tied to outside vendors.

Cyberwarfare / Nation-State Attacks

Why Being Prepared Is the Key to Preventing Cyberattacks

Steve King • August 15, 2022

Hybrid war includes cyberattacks, critical infrastructure attacks and efforts to get information. Victoria Beckman, director of Microsoft's Digital Crimes Unit in the Americas, says Ukraine used a national cybersecurity strategy to withstand such attacks from Russia and so can other countries.

Biometrics

Lax Security Courts Liability, Says US CFPB

David Perera • August 12, 2022

The U.S. Consumer Financial Protection Bureau is warning lenders they can be liable for data breaches for causing consumers "substantial injury." To avoid liability, the bureau recommends that banks implement multifactor authentication and especially Web Authentication.

Government

Lawmakers Request 'Urgent' Cyber Briefing With HHS Leaders

Marianne Kolbasuk McGee • August 12, 2022

The co-chairs of Congress' Cyberspace Solarium Commission request an "urgent briefing" with Biden administration officials to discuss the state of cybersecurity in the healthcare and public health sector and call for actions to address rising cyberthreats.

Anti-Money Laundering (AML)

ISMG Editors: Analyzing the Twilio Breach

Anna Delaney • August 12, 2022

In the latest weekly update, four ISMG editors discuss the breach of customer engagement platform Twilio, a cyberattack on the U.K.'s NHS that has reignited concerns about supply chain security in the healthcare sector, and the U.S. Treasury clamping down on shady cryptocurrency mixers.

Cybercrime

Ransomware Groups Refine Shakedown and Monetization Models

Mathew J. Schwartz • August 12, 2022

Ransomware-wielding attackers continue to seek new ways to maximize profits with minimal effort. Top tactics spotted recently by experts include continuing to partner with initial access brokers and botnet operators and testing new monetization models, such as "mediation as a service."

Governance & Risk Management

Ex-Twitter Employee Found Guilty of Spying for Saudi Arabia

Mihir Bagwe • August 11, 2022

A U.S. federal jury convicted former Twitter employee Ahmad Abouammo for spying on Saudi Arabian dissidents on behalf of Saudi Arabia. The jury also found him guilty of conspiracy to commit wire fraud, falsification of records and money laundering.

Business Email Compromise (BEC)

Alleged Business Email Compromise Fraudsters Extradited

Prajeet Nair • August 11, 2022

Three Nigerian nationals accused of participating in multimillion-dollar business email compromise fraud with a fixation on universities arrived in the United States after extradition from the United Kingdom. They allegedly attempted to steal more than $5 million.

Blockchain & Cryptocurrency

FTC Probes BitMart After $200M Theft at Crypto Exchange

Rashmi Ramesh • August 11, 2022

A newly disclosed probe shows the Federal Trade Commission is investigating operators of BitMart, a cryptocurrency platform that lost $200 million of investor funds in one of the biggest crypto cyberattacks of 2021. The agency is scrutinizing the companies to see if they misled consumers.

3rd Party Risk Management

Ransomware Attack Caused NHS IT Outage, Says Vendor

Marianne Kolbasuk McGee • August 11, 2022

Advanced, a critical software and services vendor to the U.K.'s National Health Service, confirms a ransomware attack by "financially motivated" threat actors is behind an IT outage that is still disrupting various NHS services, including 111. Some disruptions could last for weeks, the company says.