Search Results for: cryptocurrency

English riots cause unprecedent damage

How social media moderation works

Lou Covey

There has been a lot of debate regarding the imposition of moderation on social media and whether that constitutes censorship and violations of the right to free speech. That argument is specious at best. Offending content on commercial social media is removed only when it negates profitability.

Most humans moderate their speech. Sometimes we think about impulsively speaking in reaction to something that incites strong emotions. People who do not react have what is called, “self-control”. Some people don’t have that filter (I’m looking at you, Elon) and blurt out offensive, nonfactual, or dishonest responses. Sometimes they aren’t atypical, they are just selfish people without manners (still looking at you Elon). Moderation of your speech is just a civilized attitude.

Profit motive

When it comes to social media, however, especially for-profit social media, the primary factor is profit. That has been the guiding principle of all social media moderation.

Read more...
make a phone call, phone, woman

Old Tricks, New Threats: How Social Engineering Drives Cyber Attacks

Thomas Caliendo

In a rapidly evolving world of cybersecurity, there’s an unsettling constant: no matter how advanced our defenses become, social engineering remains at the core of many devastating cyberattacks. From infostealers to credential theft and cryptocurrency hacks, today’s most cutting-edge threats are still built on manipulating human behavior. The more things change, the more they stay the same.

Read more...
SE Asia casinos that shut down during pandemic were turned into social-engineering call centers to scam wealthy individuals

Pig butchering: Proving the Luddites right

Lou Covey

Pig-butchering may be proving the Luddites were right. The social-engineering scam bypassed ransomware as the most profitable cybercrime approximately two years ago. After government regulations and law enforcement took a big bite out of returns for ransomware this past year, public-private partnerships are taking aim at the new champ.

TL;DR
* Pig butchering eclipses losses from ransomware
* Top targets are tech savvy people under 50
* Human error trumps cyber awareness
* Public/private partnerships making inroads at dismantling scam operations
* Tips to avoid scams
* Podcast with Arkose CEO
Between 2020 and 20023, scammers reaped more than $75 billion from victims around the world. Approximately 90 percent of the losses came from of purchasing fraudulent cryptocurrency, according to the US Treasury Department’s, Financial Crimes Enforcement Center. In comparison, ransomware attacks in that same period harvested $20 billion worldwide in ransoms and cost approximately another $20 billion in recovery costs.

Read more...
Cyberint midyear report shows declinen in ransomware attacks per victim

Have we reached peak ransomware?

Lou Covey

Cybercrime reports flowing out of marketing departments still highlight the danger of ransomware. However, a closer look at the numbers reveals a much different story and poses the question: Have we reached peak ransomware?

Last year, ransomware attacks hit all-time highs with paid ransoms exceeding $1.1 billion and attacks exceeding 5000, according to FBI and Interpol reports. However, looking at midyear reports from Cyberint, SonicWall and Check Point and a dozen others, attacks and ransoms paid have crashed. Still, the crime is not to be discounted, and industry recommendations are to double down on efforts to combat the “scourge”.

There are three reasons why the ransomware industry is hitting a wall.

Law enforcement agencies, working In cooperation, have found the means to identify and shutdown ransomware gang operations around the world.
Potential victims have learned hard lessons regarding the gangs’ willingness and ability to decrypt data, and becoming repeat targets. They are deciding in greater numbers to ignore ransom demands, cutting into revenue streams.

The “honor among thieves” philosophy does not relate to these criminals. Ransomware service providers are stiffing their affiliates, causing a fracturing of the criminal industry into multiple, independent gangs.

Read more...
Madison Horn, candidate for Congress

Crucial Tech: Madison Horn and the inflection point for Congress

Lou Covey

We are at an inflection point in the US Congress. For decades technology companies have been given free rein to advance and innovate without concern for the negative impact of what they produce. That honeymoon seems to be over, but their lobbying power has kept the weight of regulation relatively far from them.

Last week, the House Financial Services Committee advanced the Financial Innovation and Technology for the 21st Century Act, also known as the FIT Act, to the House floor for debate and approval.

Read more...