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Corporate Spies Hack Billion Dollar Corporations

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symantecAs early as 2013 Twitter, Facebook, Apple and Microsoft reported they had been compromised by a zero day Java exploit. Symantec believes they have identified a group of corporate spies responsible for the hacks and linked them to many more high-profile crimes. The team of hackers has a suite of internally developed tools at their disposal and uses working knowledge of an organization to target specific data.

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Symantec’s research links the group to crimes going back to 2012. The three heaviest targeted regions are the USA, Europe and Canada with 17, 12 and 4 attacks respectively. Dozens more attacks took place in different regions around the globe. The hackers breached the iPhoneDevSDK.com website and used it to deliver a previously undiscovered Java exploit to victims’ computers.

“Morpho is a group of highly capable, professional attackers who perform corporate espionage with a laser-like focus on operational security. The team is a major threat to organizations that have large volumes of proprietary intellectual property, all of which is at risk of being stolen by this group for monetary gain.” – Symantec reports on their site.

The attackers appear to be motivated by financial gain, either by using the information themselves for their own benefit or selling it to a third party.

Little public information has been available about this group before. Prior to their discovery, the majority of documented cyberespionage attacks were from politically oriented targets like governments, central banks, and defense contractors. Governments have been known to sponsor hackers, some going so far as to attack private sector business to steal intellectual property.

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corporate spy hackerThis discovery documents the existence of a new type of hacker previously at home only in cyber punk and dystopic future fantasy novels – Corporate-backed Hackers-for-Hire.

The hacking behavior of corporate spies is distinguished from those of government hackers in a few ways. First, government spies harvest massive amounts of information. The goal is to turn over foreign intellectual property to national interests to gain an advantage of competitors. Second, the incentive for a government hacker to avoid detection is much lower. They have the support – or plausible deniability – of a nation state.

Also read Amazon Echo: Spy Tool of Innovation

Corporate spies and their hacks are more likely to target specific information. Their backers don’t have military resources or the excuse of national defense as a fall back. Their non-existent corporate contracts likely have a clandestine clause. If Morpho, or another private sector hacking organization, reached out and touched and unnecessary system it would add to the chance of getting caught. Furthermore, it’s one more thing to clean up after reaching their objective.

Symantec believes Morpho is a small, well resourced team of hackers operating out of the East Coast timezone (EST). The data they steal is likely the result of jobs from a Hacking-As-A-Service business model run on the Dark Web. They advice all organizations to be aware of the persistent threat of corporate espionage groups. Their Morpho analysis shows that sophisticated teams are able to traverse different sectors of industry with minimal retooling. To protect their own users Symantec released a number of antivirus signatures and technical description of the backdoors in the Morpho toolkit.

Images from Jo Schmaltz and Shutterstock.

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  1. Me

    July 11, 2015 at 7:11 am

    Good, centralisation by these companies allow a few to manipulate it all
    Scum, all of them

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Breaches

Uber Is Paying Hackers to Keep Quiet

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Uber Technologies Inc. has reportedly paid hackers to delete scores of private data stolen from the company in a security breach that was concealed for over a year. The revelation provides further confirmation that, when it comes to cyber security, crime does pay.

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Massive Data Breach

According to Bloomberg Technology, hackers retrieved the personal data of 57 million Uber customers and drivers at some point last year. Nobody heard about it because the rideshare company paid the hackers $100,000 to keep quiet. A purge at the front office of Uber also ensured that the massive cyber breach was kept under wraps.

The compromised data was from October 2016 and included the names, phone numbers and addressed of 50 million Uber riders globally. About seven million drivers had their personal information accessed as well.

At the time of the cyber attack, Uber was inundated with a slew of legal issues stemming from alleged privacy violations. Rather than shine even more negative spotlight on the company, Uber executives decided to pay hackers to stay quiet.

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“None of this should have happened, and I will not make excuses for it,” Dara Khosrowshahi, who took over as CEO in September, said in a statement that was published by Bloomberg. “We are changing the way we do business.”

Hackers have done a masterful job infiltrating companies and governments in recent years. As a reminder, recent cyber attacks levied against Yahoo!, Target Corp and Equifax Inc. dwarf Uber’s 57 million compromised accounts.

Various reports indicate that cyber attacks are bleeding the global economy dry. One report, issued by the World Economic Forum, suggests that cyber crime cost the world economy $445 billion in 2016. If cyber crime were its own market cap, it would exceed Microsoft Inc., Facebook Inc. and ExxonMobil Corp

The Fall of Uber?

Uber revolutionized the ride-hailing business over the span of seven years by giving more power to the consumer. Several missteps later, the company finds itself in legal hot water, with its future appearing less certain than it did just one year ago.

The rideshare company faces at least five U.S. probes ranging from bribes to illicit software and right up to unethical pricing schemes. According to another Bloomberg report, Uber is under investigation for violating price transparency regulations, not to mention the alleged theft of documents for Google’s autonomous cars.

Some governments are sensing weakness in the ride-hailing service, and are moving toward banning the Uber app entirely. London is the most prominent example of a city that has taken definitive steps to outlaw the service over a “lack of corporate responsibility.”

Even with its legal troubles, Uber is a revolutionary technology that has influenced a bevy of other innovations aimed at improving the human experience.

Featured image courtesy of Shutterstock. 

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Ethereum Notches Two-Month High as Bitcoin Offspring Triggers Volatility

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Digital currency Ethereum climbed to a two-month high on Monday, taking some of the heat off Bitcoin and Bitcoin Cash, which have slumped since the weekend.

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Ethereum Forges Higher Path

Concerns over Bitcoin created a favourable tailwind for Ethereum (ETH/USD), which is the world’s No. 2 digital currency by total assets. Ether’s price topped $340.00 on Monday and later settled at $323.54. That was the highest since June 20.

At its peak, ether was up 10% on the day and 70% for the month of August.

The ETH/USD was last down 2.2% at $315.02, according to Bitfinex. Prices are due for a brisk recovery, based on the daily momentum indicators.

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Fractured Bitcoin Community

Bitcoin and its offshoot, Bitcoin Cash, retreated on Monday following a volatile weekend. The BTC/USD slumped at the start of the week and was down more than 3% on Tuesday, with prices falling below $3,900.00. Just last week, Bitcoin was trading at new records near $4,500.00.

Bitcoin Cash, which emerged after the Aug. 1 hard fork, climbed to new records on Saturday, but has been in free-fall ever since. The BTH was down another 20% on Tuesday to $594.49, according to CoinMarketCap. Its total market value has dropped by several billion over the past two days.

Analysts say that a “fractured” Bitcoin community has made Ethereum a more attractive bet this week. The ether token has shown remarkable poise over the past seven days, despite trading well shy of a new record.

Other drivers behind Ethereum’s advance are steady demand from South Korean investors and growing confidence in a smooth upgrade for the the ETH network. The upgrade, which has been dubbed “Metropolis,” is expected in the next several weeks. Its key benefits include tighter transaction privacy and greater efficiency.

Ethereum Prices Unaffected by ICO Heist

Fin-tech developer Enigma was on the receiving end of a cyber-heist on Monday after hackers took over the company’s website, mailing list and instant messaging platforms. The hack occurred three weeks before Enigma’s planned Initial Coin Offering (ICO) for September 11.

In addition to defacing the company’s website, the hackers pushed a special “pre-sale” ahead of the ICO. While many users realized it was a scam, 1,492 ether tokens – valued at $495,000 – were directed into the hackers’ cryptocurrency wallet by unsuspecting backers.

The irony in all this is that Engima is a cryptography company that prides itself on top-notch security protocols. The company issued a statement that its servers had not been compromised.

ETH/USD (Bitfinex)

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Ethereum Prices on Track for 35% Monthly Drop

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It has been a difficult month for ethereum. The world’s No. 2 digital currency has lost a third of its value over the past 30 days following a series of cyber breaches targeting vulnerable wallets and ICOs.

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Ethereum Struggles to Regain Momentum

Ethereum (ETH/USD) was trading near $197.00 Sunday at 6:30 BST, according to Bitfinex. That represents a decline of around 5%. At current values, ethereum’s market cap was $18.4 billion.

The ETH/USD exchange rate has struggled throughout July, with prices briefly falling below $160.00. The decline, which amounted to a 60-day low, lured bargain-hunters back into the market. After surging back toward $250.00, the ETH/USD has consolidated below the $220-mark, which continues to offer strong resistance. On the opposite side of the spectrum, major support is located at $180.00.

A price recovery may prove elusive in the short-term, with the Relative Strength Index (RSI) and Stochastic indicator signalling weak underlying momentum.

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Despite its recent decline, ethereum’s value has surged more than 2,200% this year.

Cyber Attacks, SEC Weigh on Market

The ethereum network suffered a large-scale cyber breach earlier this month resulting in the loss of tens of millions of dollars. A community of ethical hackers quickly banded together to “rescue” hundreds of millions of dollars worth of tokens.

Blockchain-based trading platform Coindash was also hijacked during an initial coin offering (ICO). The breach exposed Coindash’s ether wallet address, resulting in the loss of $7 million worth of ether.

The Securities and Exchange Commission (SEC) has also taken an interest in the ethereum-based ICO market. Last week, the regulator concluded that a certain multi-million dollar token sale last year violated securities law. Although ICOs have been compared to crowd-sourcing, the SEC maintained that some tokens were in fact securities.

Analysts say the SEC ruling could impact the future of ICOs, although it remains unclear how the regulator is pursuing this market. The SEC’s July 25 press release cautions investors about ICOs in general.

ETH/USD (Bitfinex)


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