Tuesday November 12, 2019
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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.

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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.

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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. 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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Xiaomi, Amazon Devices get Hacked By Dual-Member Team of White-Hat Hackers

The duo, Cama and Zhu earned $60,000 for taking control of an Amazon Echo device using an integer overflow in JavaScript

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Hackers
Additionally, the Hackers targeted the Xiaomi phone Mi 9 and earned them a reward of $20,000. Pixabay

A dual-member team of white-hat Hackers by the name of Fluoroacetate, hacked Amazon Echo speakers, Xiaomi Mi9, Samsung and Sony smart TVs at the Pwn2Own hacking contest here.

Team Fluoroacetate, comprising of members Amat Cama and Richard Zhu collected a bounty of $1,45,000 during the first day of the event, after successfully hacking these devices, Android police reported.

The hackers first targeted Sony’s X800G smart TV, using a Javascript OOB Read bug to exploit the television’s built-in web browser, by doing this the team earned $15,000.

The duo, Cama and Zhu earned $60,000 for taking control of an Amazon Echo device using an integer overflow in JavaScript.

Hackers
A dual-member team of white-hat Hackers by the name of Fluoroacetate, hacked Amazon Echo speakers, Xiaomi Mi9, Samsung and Sony smart TVs at the Pwn2Own hacking contest here. Pixabay

The two Samsung devices that they hacked were the Galaxy S10 smartphone and Q60 smart TV. This victory earned the team $45,000.

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Additionally, the duo targeted the Xiaomi phone Mi 9 and earned them a reward of $20,000. (IANS)