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Types of cybercrimes every business should understand.

Posted 3/11/2019

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MALWARE —$ 3.4 MILLION (AVERAGE TIME TO RECOVER - 6 DAYS):

Malware is short for malicious software. Any software intentionally designed to cause damage to a computer, server, or computer network. Bam!—this is a general term that describes any virus. It’s what you get when you combine malicious intent with software: malware.

Example: Front-desk cash registers at more than 1,200 hotels in the InterContinental Hotels Group, which includes the Holiday Inn and Crowne Plaza brands, were infected with malware that stole customer debit and credit card data between Sept. 29 and Dec. 29, 2016, according to the company.

PHISHING AND SOCIAL ENGINEERING — $1.2 MILLION (AVERAGE TIME TO RECOVER - 20 DAYS):

Phishing is an attempt by an individual or organization to gain valued information such as usernames, passwords, credit card details, or financial records by luring or tricking a target into divulging this data through a communication (email, instant message, etc.) that apparently originates from a widely trusted entity like a bank, utilities company, or web portal.

Example: A number of hotels and guesthouses featured on Booking.com have been targeted by phishing emails, resulting in users of the website being sent emails instructing them to provide payment details. Personal customer information, such as names, addresses, phone numbers, costs, reference numbers, and booking dates were included in the emails, leading customers to believe that they were legitimate.

DENIAL OF SERVICES — $1.5 MILLION (AVERAGE TIME TO RECOVER - 17 DAYS):

A Denial-of-Service attack (DoS attack) is a cyberattack in which the perpetrator seeks to make a machine or network resource unavailable to its intended users by temporarily or indefinitely disrupting services. DoS is typically accomplished by flooding the targeted machine or resource with requests in an attempt to overload systems and prevent some or all legitimate requests from being fulfilled.

Example: Global hacking collective Anonymous launched a DoS campaign to take down the Trump Hotels websites.

RANSOMWARE — $500K (AVERAGE TIME TO RECOVER - 23 DAYS):

Ransomware is a type of malicious software that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid. This is a new and very popular type of security breach that mostly affects business that need access to sensitive data in a timely manner. A cybercriminal will gain access to the company system and lock it from all use. Then, instructions to pay a ransom are left in the virus itself and money is either collected or the information is lost.

Example: At the height of the winter ski season, cybercriminals took control of a hotel's computer system and electronic key door-locking system, preventing guests from accessing their hotel rooms. The criminals demanded $1,603 in bitcoins to release the system.

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