By Ashwani Mishra, Editor-Technology, 63SATS
The Reserve Bank of India (RBI) is escalating its surveillance of mule accounts and fortifying the IT and cybersecurity infrastructure across banks. Sophisticated phishing campaigns exploit trusted platforms like Google Drawings and WhatsApp, deceiving users into divulging sensitive data. Meanwhile, the BlackSuit ransomware group has demanded over $500 million in ransoms, with some demands reaching $60 million. Ethical hackers have exposed vulnerabilities in the Ronin Network, preventing a major cryptocurrency, while the UN has ratified a new cybercrime treaty aimed at combating global cyber offenses, amidst surveillance concerns.
Stay ahead in the dynamic world of cybersecurity.
Here’s your concise guide to the latest trends, threats, and breakthroughs from around the globe:
RBI Bolsters Cybersecurity Measures
The Reserve Bank of India is escalating its surveillance of mule accounts and fortifying the IT and cybersecurity infrastructure across banks to combat rising digital fraud and global IT disruptions. RBI Governor Shaktikanta Das underscored the necessity for robust vigilance during a recent press conference.
Governor Das detailed that Indian banks have upgraded their systems to detect unusual activities in mule accounts, crucial for intercepting illicit financial transactions. Enhanced transaction monitoring helps identify irregular patterns, including transactions at unusual times.
Amid global IT vulnerabilities highlighted by a significant outage at Microsoft, the RBI has called for stronger IT and cybersecurity practices. Governor Das emphasized the need for banks to develop comprehensive risk management frameworks that include IT, cybersecurity, and third-party outsourcing.
Phishing Scams Utilize Trusted Platforms
A sophisticated phishing campaign has been exploiting the credibility of platforms like Google Drawings and WhatsApp to orchestrate data theft, using deceptive tactics to lure victims into providing personal and financial information.
BlackSuit/Royal Ransomware Demands Skyrocket
The ransomware group BlackSuit, formerly known as Royal, has demanded over $500 million from its victims in less than two years, with demands ranging up to $60 million, though negotiations often lower the initial amounts.
Ronin Network Exploit Thwarted by Ethical Hackers
Ethical hackers demonstrated a security vulnerability in the Ronin Network by extracting $12 million in cryptocurrencies, which was promptly addressed and secured by the network’s team.
Email and Ransomware Attacks Surge
According to Acronis, email attacks have increased by 293% in the first half of 2024, with ransomware detections also on the rise, posing significant threats to small and medium-sized businesses in sectors like government and healthcare.
Port of Tyne Recovers from DDOS Attack
The Port of Tyne quickly restored its website after a DDOS attack aimed at overwhelming the site. Operational systems remained unaffected, and an investigation into the source of the attack is ongoing.
UN Approves Cybercrime Treaty
UN member states have endorsed a new treaty targeting cybercrime, designed to combat offenses like child sexual abuse imagery and money laundering, despite concerns from human rights groups about potential surveillance risks.
