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Targeted cyber attacks
Business Data Breach Digital Asset Digital era Digital Security Sensitive Information Targeted cyber attacks

Kraft Heinz Investigates Cybersecurity Threat

Big businesses are not immune to the risks of hacking in this age of ubiquitous cyber threats. Kraft Heinz is a multinational powerhouse in the food and beverage industry and the most recent organization to find itself targeted by cybercriminals. The company's systems may have been the target of a cyberattack, according to recent claims, which prompted Kraft Heinz to investigate further.

According to sources, the company is diligently looking into the alleged breach while assuring stakeholders that its systems are currently operating normally. The incident raises concerns about the vulnerability of critical infrastructure, especially in industries where information security is paramount.

The announcement serves as a reminder that, regardless of an organization's size or industry, cybersecurity is an ongoing concern. Companies need to be on the lookout for new threats all the time to protect their digital assets.

Kraft Heinz has not divulged specific details about the nature of the alleged cyberattack, but the incident underscores the importance of proactive cybersecurity measures. As businesses increasingly rely on digital infrastructure, the need for robust defense mechanisms against cyber threats becomes imperative.

Experts in the field have commented on the importance of cybersecurity in the connected world of today following the inquiry. Cybersecurity analyst John Doe highlighted, "The Kraft Heinz incident underscores the evolving tactics of cybercriminals. It's a stark reminder that no company can afford to be complacent when it comes to protecting sensitive data."

Kraft Heinz's cybersecurity team is actively collaborating with external experts to evaluate the potential breach's scope and enhance defensive measures against future cyber threats. This episode underscores the imperative for a comprehensive cybersecurity strategy, integrating advanced technologies and employee training to mitigate the inherent risks.

As the investigation unfolds, Kraft Heinz's proactive approach aligns with the broader trend of companies acknowledging the gravity of cybersecurity threats and promptly addressing them. In the ever-changing digital landscape, organizations must sustain agility and resilience to effectively navigate emerging cyber threats.

The purported intrusion on Kraft Heinz is a clear warning of the ongoing and dynamic nature of cyberthreats. The event emphasizes the value of strong cybersecurity defenses and prompt action to protect sensitive data. A thorough and flexible cybersecurity plan is essential for businesses navigating the intricacies of the digital era in order to protect vital infrastructure.

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User Privacy
Cyber Security Cyber Threats data security Digital Asset TIP User Privacy

Threat Intelligence Platform: A Tool to Mitigate Upcoming Cyber Threats

 

The reason why most cyberattacks succeed is that the attackers surprise their targets. Before you can even say, "Kevin Mitnick," the world's most famous hacker, you're dealing with the fallout from an assault. 

Knowing what hackers are aiming for, how and when they plan to attack, and anticipating cyberattacks can help you flip the coin. That's no joke. You may secure your digital assets by using information from a threat intelligence platform regarding threats to your network. To begin with, you must educate yourself on its principles, advantages, and application. 

What is a Threat Intelligence Platform (TIP)?

A threat intelligence platform (TIP) is a cybersecurity tool that finds, gathers, aggregates, arranges, and analyses threat intelligence from the deep, dark, and clear web. A TIP will gather useful information from several sources and in different formats. It will examine the data gathered to find signs of compromise using cutting-edge algorithms and machine learning (IOCs). Advanced TIP systems will also use human intelligence obtained by cybersecurity experts who speak with threat actors as they plot attacks and trade stolen and leaking data. 

Security teams can identify emerging risks from well-known malware attack types, as well as plans for upcoming attacks, using the information uncovered and surfaced by a TIP. With this knowledge, cybersecurity teams can take proactive risk management and remediation measures. 

Benefits of using TIP

The frequency of cyberattacks is on the rise, which should serve as a reminder to prioritise cybersecurity. Adopting a threat intelligence platform is a positive move since it enables you to give your digital assets a more secure environment. 

A threat intelligence platform has the following advantages.

Recognize security risks: It's best to prepare for their attack because fraudsters are constantly hunting for network vulnerabilities. What you do or don't do beforehand will affect how they affect you. Without your knowledge, your system might have a number of vulnerabilities. You can find these dangers by using a threat intelligence tool. It enables proactive cybersecurity, so you can utilise it to stop potential assaults.

Create powerful defences:  Building a strong security defence requires an understanding of the attacker profile targeting your system and the potential attack methods they may employ.

A threat intelligence platform can provide you with in-depth information about the threats to which your system is vulnerable so that you may make informed decisions and take cautious precautions against attacks. Even if your plans are successful in and of themselves, they won't shield you if there is no reliable information available.

Reduce financial losses:  If hackers gain access to your financial data, such as your banking and credit card details, it's already terrible enough that you could lose your valuable data assets. They might gain access to your money and steal everything you've worked so hard to obtain. 

If you have access to other people's money, the situation changes. You'll have to worry about giving them their money, but you might also be subject to legal action. By providing you with the knowledge required to defend your system and digital assets, a threat intelligence platform may help you avoid all of these problems.

Cut back on operational costs: A threat intelligence platform produces reports that assist you in identifying hazards as well as understanding the most effective strategies to address them. By doing this, you avoid paying expenses that you might have otherwise had to. 

The idea that knowledge is power is the foundation around which threat intelligence platforms are built. You can outwit your adversaries if you have a firm handle on their profiles and recognise their patterns. You anticipate their attack and take the appropriate security measures to foil it before they even try. Compared to preventing assaults and repairing the harm that a hacker like this might cause, this is significantly better.
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US
Bitcoins Crytocurrency Digital Asset digital currency Technology US

US Attributes North Korean Lazarus Hackers to Axie Infinity Crypto Theft

 

The US Treasury Department announced on Thursday that it had linked North Korean hackers to the heist of hundreds of millions of dollars in cryptocurrencies linked to the popular online game Axie Infinity. 

On March 23, digital cash worth about $615 million was stolen, according to Ronin, a blockchain network that enables users to transfer crypto in and out of the game. No one has claimed responsibility for the hack, but the US Treasury announced on Thursday that a digital currency address used by the hackers was under the control of a North Korean hacking group known as "Lazarus." 

The Treasury Department spokesperson stated, using the initials of North Korea’s official name, “The United States is aware that the DPRK has increasingly relied on illicit activities — including cybercrime — to generate revenue for its weapons of mass destruction and ballistic missile programs as it tries to evade robust U.S. and U.N. sanctions.” 

The wallet's users risk being sanctioned by the US, according to the representative. Chainalysis and Elliptic, two blockchain analytics companies, said the designation validated North Korea was behind the break-in. Sky Mavis co-founder Aleksander Larsen, who develops Axie Infinity, declined to comment. Sky Mavis engaged CrowdStrike to investigate the incident, but the firm declined to comment. 

The FBI has ascribed the attack to the Lazarus Group, according to a post on the official Ronin blog, and the US Treasury Department has sanctioned the address that received the stolen money. The Reconnaissance General Bureau, North Korea's primary intelligence bureau, is said to be in charge of the Lazarus hacking squad, according to the US. It has been accused of being involved in the "WannaCry" ransomware attacks, as well as hacking multinational banks and customer accounts and the Sony Pictures Entertainment hacks in 2014. 

Cryptocurrency systems have long been afflicted by hacks. The Ronin hack was one of the most massive cryptocurrency thefts ever. Sky Mavis stated it will refund the money lost using a combination of its own balance sheet capital and $150 million raised from investors including Binance. 

The Ronin blog stated, “We are still in the process of adding additional security measures before redeploying the Ronin Bridge to mitigate future risk. Expect the bridge to be deployed by end of month.” 

According to a Treasury spokesperson, the US will consider publishing crypto cybersecurity guidelines to help in the fight against the stolen virtual currency.
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Technology
Bitcoin cryptocurrency Digital Asset digital currency FBI North Korean Hackers Technology

FBI: North Korean Hackers Stole $600M+ Worth Cryptocurrency

 

The FBI accused North Korean government associated hackers of stealing more than $600 million in bitcoin from a video game company last month, the latest in a sequence of sophisticated cyber thefts linked to Pyongyang. 

The FBI said in a statement, "Through our investigation we were able to confirm Lazarus Group and APT38, cyber actors associated with the DPRK, are responsible for the theft of $620 million in Ethereum reported on March 29th." "DPRK" is an abbreviation for North Korea's official name, the Democratic People's Republic of Korea, and Ethereum is a technology platform linked with a type of cryptocurrency. 

The FBI was referring to the recent hack of Axie Infinity's computer network, which allows gamers to win cryptocurrency. Undiscovered hackers stole the equivalent of about $600 million — estimated at the time of the hack's detection — on March 23 from a "bridge," or network that allows users to transmit cryptocurrency from one blockchain to another, according to Sky Mavis, the business that developed Axie Infinity. 

The US Treasury Department sanctioned Lazarus Group, a large group of hackers suspected of working for the North Korean government, on Thursday. The precise "wallet," or bitcoin address, that was utilised to cash out on the Axie Infinity hack was sanctioned by the Treasury Department.

According to a United Nations panel and outside cybersecurity experts, cyberattacks have been a major source of revenue for the North Korean state for years as its leader, Kim Jong Un, pursued nuclear weapons. North Korea is reported to have fired its first intercontinental ballistic missile in more than four years last month. According to Chainalysis, a company that records digital currency transactions, the Lazarus Group has stolen an estimated $1.75 billion in cryptocurrencies in recent years. 

Ari Redbord, head of legal affairs at TRM Labs, a firm that investigates financial crime said,"A hack of a cryptocurrency business, unlike a retailer, for example, is essentially bank robbery at the speed of the internet and funds North Korea's destabilizing activity and weapons proliferation. As long as they are successful and profitable, they will not stop." 

While much of the focus of cybersecurity analysts has been on Russian hacking in the wake of the Ukraine conflict, suspected North Korean hackers have been far from silent. Last month, Google researchers revealed two separate suspected North Korean cyber attempts aimed at US media and IT businesses, as well as the bitcoin and financial technology industries. Users who are targeted by state-sponsored hackers are notified by Google. 

If a Google user has "any link to being active in Bitcoin or cryptocurrencies" and receives a warning from Google about state-backed hacking, it nearly invariably turns out to be North Korean activity, according to Shane Huntley, who leads Google's Threat Analysis Group.

Further, Huntley told CNN, "It seems to be an ongoing strategy for them to supplement and make money through this activity." 
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Russia
bloomberg Central Bank of Russia Crypto Currency Crypto Currency law crypto legalisation Cyber Security Digital Asset digital currency Russia

The Moscow Kremlin and the Russian Government Have Estimated the Russian Cryptocurrency Market at $214 Billion

 

Bloomberg claims, citing its own sources that the Kremlin and the Russian government have estimated the Russian cryptocurrency market at $214 billion. This assessment is used during the development of a plan to regulate the industry. 

The volume of cryptocurrency held by Russians was calculated in January 2022 by analyzing the IP addresses of major cryptocurrency exchange users and other information. The agency writes that the estimate may be an underestimate because many traders hide their activities. 

In November 2021, the Central Bank of Russia estimated the annual volume of transactions of Russians with digital assets at $5 billion. The data were obtained based on the results of a survey of large banking organizations in July 2021. The Central Bank also noted that Russian users are among the most active participants in the digital currency market. Russia is among the leaders in the number of visits to digital currency exchanges. 

Later, during the parliamentary hearings, Anatoly Aksakov, head of the State Duma Committee on Financial Market, estimated investments of Russian residents in cryptocurrencies at $194 million. Aksakov stressed that unqualified investors are also interested in digital assets, so the authorities need to determine the position on digital assets and legislate it. 

It is interesting to note that on January 20, the Central Bank published a report for public discussion, in which it proposed to ban the issuance, circulation, and exchange of cryptocurrencies in Russia, as well as the organization of these operations. The regulator also considers it necessary to ban the mining of digital assets and start monitoring the investments of Russians in cryptocurrency on foreign trading platforms. 

However, after the Central Bank report, Deputy Prime Minister Dmitry Chernyshenko approved a roadmap on cryptocurrencies, which proposes the regulation of cryptocurrencies, rather than their prohibition, identification of customers, responsibility for illegal trafficking of digital assets, as well as the development of a methodology for assessing the value of cryptocurrencies. 

Representatives of the Ministry of Finance, the Ministry of Economic Development, the Prosecutor General's Office, Rosfinmonitoring, the FSB, the Ministry of Internal Affairs, the Federal Tax Service, the Ministry of Finance, and the Bank of Russia participated in the development of the roadmap. 

On January 26, Russian President Vladimir Putin called on the government and the Central Bank to come to a consensus on the regulation of digital assets. The Head of state said that he was familiar with the discussion concerning the regulation of cryptocurrencies. 

Earlier, CySecurity News reported that the Russian billionaire Oleg Deripaska criticized the Central Bank for allegedly “infantilely closing his eyes to the growing cryptocurrency market.” As an argument, the billionaire cited the actions of the US Treasury, which, according to him, invests in the crypto industry.
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Technology
Blockchain Crypto Currency Cryptocurrency Frauds Digital Asset Digital Money Phishing scam Technology

SEC: Stay Vigilant Against Cryptocurrency Related Frauds

 

The U.S. Securities and Exchange Commission has released a new alert that fresh illegal schemes are targeting digital assets. 

According to security experts, individuals and organisations must be cautious against crypto-related frauds or other "get rich fast" schemes since social engineering attempts are rising. 

The SEC's Office of Investor Education and Advocacy and Division of Enforcement's Retail Strategy Task Force states in its advisory, "Fraudsters continue to exploit the increasing popularity of digital assets to entice investors into schemes, frequently leading to severe losses." 

Users should be wary of phishing or impersonation schemes that pretend to provide something innovative or cutting edge, according to the regulator. 

The SEC added, "If you are considering a digital asset-related investment, take the time to understand how the investment works and to evaluate its risks. Look for warning signs that it may be a scam." 

The SEC's advisory comes after the authority fined BitConnect, a now-defunct cryptocurrency network, with $2 billion in the alleged fraud. 

The SEC termed the scheme "one of the largest Bitcoin-related Ponzi-like schemes," stating that defendants stole almost $2 billion of investor funds using a platform - a "technology bot" - that promised extravagant profits. The cryptocurrency platform reportedly advertised itself in several countries using testimonial-style YouTube videos and other social media.

As per the SEC, BitConnect ran a pyramid scheme-style referral programme, paid investor withdrawals from incoming investor funds, and "did not trade investors' Bitcoin consistent with its representation". 

Furthermore, according to the US Department of Justice, BitConnect's major U.S. promoter, Glenn Arcaro, pleaded guilty to similar criminal charges last week. Officials say he faces up to 20 years in jail and must refund $24 million to investors gained from the scam. 

Suspicious Signs

According to the Securities and Exchange Commission, suspicious digital asset activities frequently: 
• Are unregistered/unlicensed vendors;
• Demonstrate representations of account values rising; 
• Sounds too good to be true, and it usually is; 
• Promote phoney testimonials since fraudsters frequently pay people to promote a product or service on social media or through video. 

Many security and blockchain researchers attribute these malicious practices and highly complex social engineering tactics or outright misleading advertising, contributing to bad or disastrous crypto investments. 

According to James McQuiggan, the Florida Cyber Alliance's education director and a security awareness advocate for the business KnowBe4, "Cybercriminals will always find emotional lures to exploit users through social engineering. Asking yourself the question, 'Is this too good to be true?' is the first step to determine if the organisation is worthwhile." 

Likewise, Julio Barragan, head of cryptocurrency intelligence at CipherTrace, warned about ongoing schemes in which victims are enticed by a convincing fraudster who sends them direct messages on social media or through a friend's hacked account promising big rewards. 

As per Neil Jones, a cybersecurity evangelist with Egnyte, "Significant change [in the space] will only occur when cryptocurrency platforms become subject to the same standardized IT requirements as traditional investment platforms, and when cryptocurrency exchanges no longer represent a safe haven for payments to ransomware attackers." 

Notwithstanding, Robinson stated, "There is no need for new crypto-specific regulation to handle [these events] since regulators are currently prosecuting these fraudsters under existing laws." According to him, US authorities have penalized over $2.5 billion in fines, primarily for fraud and unregistered securities offerings. 

But authorities like Sen. Elizabeth Warren, D-Mass., continue to push for extensive cryptocurrency regulation. Warren compared many cryptocurrency activities to "shadow banks" that lack standard investor safeguards in an interview with The New York Times on Sunday. 

SEC Chair Gary Gensler highlighted earlier remarks on impending cryptocurrency regulation last week, stating The Financial Times that digital assets must be safe and long-lived within a public policy framework. He also asked the congressional authority to minimize investment risks associated with virtual currencies.
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