Cybercrime defence spending in Asia Pacific looks set to rise as attacks increase
With the cost of cybercrime tools falling and use of digital and mobile technologies proliferating, financial institutions that are inadequately protected could well end up paying a heavy price.
Microsoft, working with major financial institutions and US Federal Bureau of Investigations, recently took down more than 1,000 botnets controlled by the Citadel banking Trojan. According to some reports, the Citadel Trojan has cost banks more than $500 million in losses over the past year and a half.
Banking Trojans operate by infecting web browsers and – after lying dormant – spring into life when the infected browser accesses an online bank account. At this point, the Trojan captures the login information and passes it to a controller while the computer is often drafted into a botnet;…
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Categories: Operational Risk & Security
, Technology & Operations
, Citadel Trojan