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What’s the True Cost of Cybercrime?

A criminal can use this data to get credit in your name or evade prosecution, or she could sell the information to someone else. Whatever they do with it, your personal information is like catnip for criminals. 

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Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation. Pixabay

 

Do you have an idea what the cost of cybercrime is on an annual basis? Most people would guess millions, or maybe even billions. That would be a rather conservative estimate, though.

Unfortunately, the costs actually reach trillions of pounds globally every year. But that’s just the base financial cost measured in the losses made by companies and individuals. The true cost is hard to calculate.

crime
Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena. Pixabay


Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation.

It’s something that some companies can never quite recover from. And while it’s wrong not to admit what happened, we can understand why they’d be reluctant to report the incident. After all, who wants to be held responsible for leaking customers personal data?

That said, most of the larger companies now have breach plans in place. They have procedures that dictate how they react should a breach occur. A standard part of these plans nowadays is to ensure that companies get the PR aspect right.

cyber crime
The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity. Pixabay



Thanks to the GDPR, companies can face hefty fines if they are found to have been negligent when it comes to client security. Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena.

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The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity.

A criminal can use this data to get credit in your name or evade prosecution, or she could sell the information to someone else. Whatever they do with it, your personal information is like catnip for criminals. 

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Guest Wi-Fi at Your Home Prone to Hacking: Researchers

“A hardware-based solution seems to be the safest approach to guaranteeing isolation between secure and non-secure network devices,” Ovadya added

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Hackers have time and again demonstrated that breaking into public Wi-Fi networks is very easy. Pixabay

The guest Wi-Fi at your home is prone to hacking owing to inadequate in-built security, say researchers.

Most routers sold today offer consumers two or more network options – one for the family which may connect all the sensitive smart devices and computers and the other for visitors or less sensitive data.

A study by Israel-based Ben-Gurion University (BGU) indicates that routers from well-known manufacturers are vulnerable to cross-router data leaks through a malicious attack on one of the two separated networks.

“All of the routers we surveyed regardless of brand or price point were vulnerable to at least some cross-network communication once we used specially crafted network packets,” said Adar Ovadya from BGU’s department of software and information systems engineering.

Cisco, WiFi, Connectivity
Besides higher data rates, Wi-Fi 6, which is expected to be rolled out later this year, also promises increased capacity, better control over how users access the network, improved performance in environments with many connected devices, and lesser battery consumption by devices. Pixabay

Less sensitive data may include multimedia streams or environmental sensor readings.

In the paper, the researchers demonstrated the existence of different levels of cross-router covert channels which can be combined and exploited to either control a malicious implant, or to exfiltrate or steal the data.

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In some instances, these can be patched as a simple software bug, but more pervasive covert cross-channel communication is impossible to prevent, unless the data streams are separated on different hardware.

“A hardware-based solution seems to be the safest approach to guaranteeing isolation between secure and non-secure network devices,” Ovadya added. (IANS)