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Corporate bank accounts targeted in online fraud

Criminals have tried to steal an estimated $100 million from corporate bank accounts using targeted malware and money mules, the FBI said on Tuesday.

"Within the last several months, the FBI has seen a significant increase in fraud involving the exploitation of valid online banking credentials belonging to small and medium businesses, municipal governments, and school districts," the agency said in a statement.

The FBI is seeing, on average, several new victim complaints and cases every week, according to a report prepared by the Internet Crime Complaint Center and linked to in the FBI release. More...

11-04-2009 10:16

HITECH Act: What You Need to Know About New Data-Breach Guidelines

THU, OCTOBER 29, 2009 — Network World — Healthcare providers and others handling sensitive patient data are now finding the stakes raised if they suffer a data breach because of a new law known as the "Health Information Technology for Economic and Clinical Health Act," or HITECH Act.

Enterprise Data Security: Definition and Solutions Slideshow: When Rogue IT Staffers Attack: 8 Organizations That Got Burned Passed by Congress in February, the HITECH Act is now coming into enforcement by the U.S. Department of Health and Human Services (HHS) and the Federal Trade Commission (FTC), which each have been given a role to play under the law, potentially levying punishments and fines on organizations that stumble in protecting personal health information.

Depending on whether a data breach arises from a simple mistake to willful theft, fines will range in tiers from as low as $100 per violation for a slip-up regarding unencrypted data to $1.5 million or more for knowingly and willfully violating the data-breach rules, say those familiar with the HITECH Act.

"Under the HHS rule, you have to figure out if you had a data breach," says Rebecca Fayed, attorney-at-law firm Sonnenschein, Nath & Rosenthal's healthcare group division in Washington, D.C.. But the new rules, which cover both electronic and paper formats, are far from simple. More...

10-29-2009 10:36

China Expands Cyberspying in U.S., Report Says

WASHINGTON -- The Chinese government is ratcheting up its cyberspying operations against the U.S., a congressional advisory panel found, citing an example of a carefully orchestrated campaign against one U.S. company that appears to have been sponsored by Beijing.

The unnamed company was just one of several successfully penetrated by a campaign of cyberespionage, according to the U.S.-China Economic and Security Review Commission report to be released Thursday. Chinese espionage operations are "straining the U.S. capacity to respond," the report concludes. More...

10-22-2009 10:37

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