Buried Warning Signs
Summary: A confidential FS-ISAC alert drafted for banks and law enforcement in August 2009 warned that organized cyber thieves were stealing at least $1 million a week from small and mid-sized U.S. businesses, but the final version was significantly watered down. Removed from the alert were monetary damage estimates, including an assessment that the total economic impact could reach hundreds of millions of dollars, mentions of Russia, Ukraine and Moldova as destinations for stolen funds, and references to Moneygram and Western Union.
Why it matters: The FBI told the reporter the $40 million in losses dated back to 2004, while sources could not recall such cases before late 2008, and dozens of victim companies asked not to be named, so the public record of the damage was thinner than the losses themselves.
Read the original at Krebs on Security ↗
- Topics
- Cybercrime & Law Enforcement
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