5 Cyber Criminal Cases and How Corporations Can Protect Themselves

With the growth exponentially in variety and frequency of cyber attacks, companies and in-house legal departments need to be adept with managing and responding to cyber breaches. In an ever-changing sophisticated technology environment, attacks are constantly evolving with unforeseen and new security gaps. The cyber defenses by companies must also evolve to meet the challenge.

These defenses include a broadened analysis to coordinated attacks, such as advanced persistent threats. To further prevent these attacks, companies must have detection tools in place like firewalls, data loss prevention and intrusion prevention systems. Incident management and incident response methods should also be in place for the investigation of malware and recovery from a cyber attack.

The Biggest Data Breach in U.S. History

Image via Shutterstock

Image via Shutterstock

Recently, federal prosecutors indicted five cyber criminals responsible for what’s being called the biggest data breach in the nation’s history. Five men from the Ukraine and Russia stole at sold over 150 credit cards. The hacked companies included JetBlue Airways, J.C. Penney, Visa, Nasdaq and Carrefour SA. Each cyber criminal had specialized tasks. Two hacked into networks, one harvested the data, one provided web-hosting services to hide the activities, and one sold the data. This cyber attack cost the targeted businesses over $300 million.

Hackers Stole $45 Million from ATMs

This heist targeted one bank in Oman and one bank in the United Arab Emirates. The cyber attack took just a few hours. Hackers breached bank databases, changed the withdrawal limits on prepaid debit cards and developed access codes. The data was loaded onto plastic cards with magnetics strips. This global network of hackers stole $45 million in 27 countries.

Cybercrime Scheme in New Jersey

New Jersey federal prosecutors charged eight people who targeted 15 government agencies and financial institutions to steal $15 million from the nation’s customers. Targeted companies included eBay’s PayPal, Automatic Data Processing, TD Ameritrade Holding Corporation, JP Morgan Chase & Company, the U.S. Department of Defense and more. Hackers were able to gain access to computer networks and divert funds to prepaid debit cards and other accounts.

Target Customers Targeted by Hackers

During a massive security breach, 70 million Target customer records and 40 million payments card records were stolen by hackers over the 2013 holiday shopping season. Not only did this incident hurt sales, but the company faces more losses. It is expected that Target will face action from banks seeking reimbursement for millions of dollars in losses and dozens of class action suits.

Top U.S. Banks Hit by Middle East Hackers

Customers of top banks like JPMorgan, Wells Fargo and Bank America recently lost access to their online bank accounts. Bank officials and executives had to team up with federal authorities in order to thwart the cyber attack. A group called Izz ad-Din al-Qassam Cyber Fighters took credit for the cyber attack.

A cyber criminal is a true threat to financial companies, retailers, government agencies and individuals. These savvy criminals can even access smartphones to access bank accounts and company data. Getting a Master of Science in Criminal Justice is an effective way to gain the tools and expert knowledge needed to fight these masterminds. With in-depth knowledge, one can beat a cyber criminal at his own game.

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