Latest news with #RichardFrost
Zawya
5 days ago
- Business
- Zawya
Weaponising the threat: The changing face of cybercrime
Companies and high-profile individuals are using cyber-attacks as a way of discrediting and disrupting their competitors, says Richard Frost, Head of Technology and Innovation at Armata Cyber Security. Cyberthreats have been weaponized for years. Companies use hackers to infiltrate competitors and steal data or ruin their reputation. Fake news and false information disseminated to erode customer trust. Online smear campaigns designed to give one company or high-profile person an edge over another. These cases aren't as rare as they sound, and they are evolving – the hacks themselves are being used to discredit and disrupt. False accusations, witch hunts, distractions – these are some of the core approaches that can be used to damage a competitor or a high-profile person. It doesn't matter whether or not the company taking credit actually perpetuated the attack. Their goal is to cast a shadow, to create deeper disruption and it often works. False accusations are perhaps one of the most insidious. A company blames someone for a successful attack, creating a witch hunt which has media and investigators digging into their business and activities. One of the most well-known cases of such an attack was when the hacking group Anonymous accused a Canadian man of attacking Amanda Todd online. After a lengthy investigation, the man was cleared but not after the incident had caused significant damage to his life and reputation. On the corporate side, ExxonMobil was accused of commissioning hackers to target climate activists – claims that lacked definitive proof. But what about hacks used as a form of misdirection in a move that's as old as the Colosseum? There are several notable examples of how hacking accusations were used to misdirect others and distract from other activities. The Sony breach false claim in 2023 is a case in point. A ransomware group claimed to have hacked the company and stolen information which had a serious impact on Sony's reputation. While Sony did prove the claims were false, the damage was done. Epic Games experienced a similar attack in 2024 when a Russian hacking group made the same claim. Epic rapidly proved them wrong, but the hacking group got what it wanted – credibility among its peers. These acts of misdirection and fake claims always have a motive. Money, notoriety, reputational damage or gain, manipulating markets and bringing down a competitor. While the hack has the headlines, people are too busy watching to notice what is actually happening in the background. It's a similar tactic used by cybersecurity companies. There are tools that allow security teams to misdirect attacks. These dummies keep the threats away from the primary systems, distracting them while teams orchestrate a defence. Then there's the other element to these attacks. Companies use them to get information from their competitors so they can gain a market advantage. The Industrial Spy marketplace is exactly what it says on the tin, for example, a marketplace that sells stolen trade secrets to companies willing to pay. Their packages can cost in the millions. KnowBe4, a security training awareness company, discovered that its new employee was, in fact, an operative pretending to be a software engineer. The moment they received their Mac workbook, they started to plant malware in the company. While this example isn't quite in the same lane as corporate espionage, it was a crime committed by a state operative from North Korea with the goal of infiltrating and tearing down a US company. What makes these attacks increasingly vicious is how they're being twisted to fit new motives or to protect companies from being indicted. Companies are employing dirty tactics to stay ahead of the game and divert suspicion. Like, getting the hackers to attack them as well as their competitor so they can claim they had nothing to do with it. Then potentially turning accusations around back on their competitors to suggest they were responsible in the first place. One hand is waving so the other hand can't see what's happening, and the permutations are only growing more convoluted and sophisticated. Organisations need to pay attention to these threats, recognising that they are introducing complex new ways of affecting business and reputations. Defending against them needs accurate records, superb security support and visibility into the entire business ecosystem.
Zawya
18-03-2025
- Business
- Zawya
Crypto in South Africa: Between Progress and Precaution – What You Need to Know
As cryptocurrency gains momentum and legitimacy, it's becoming increasingly important for people to pay attention to financial security, says Richard Frost, Head of Technology and Innovation at Armata Cyber Security The Consensus Web3 and Crypto Perception Survey says that most South Africans have purchased cryptocurrencies. Most have bought Bitcoin (67%), less have bought Ethereum (29%) and BNB (25%). It also found that South Africa is one of the leaders when it comes to the adoption of cryptocurrencies worldwide and 47% of those surveyed call it 'the future of money'. The South African Reserve Bank (SARB) announced in its Digital Payments Roadmap that it has digital payment plans for the country as it looks into the potential of central bank digital currencies (CBDC). While banks remain slow on the uptake, there are plenty of ways for people to pay for goods and services in the country. Pick n Pay customers have spent more than R1 million a month on groceries using crypto, says Luno; Deloitte has found that 85% of merchants in their survey are expecting to have crypto as a standard payment option by 2030; and Moneyweb reported that users can now buy anything from a Vespa to art using their hard-earned crypto. Currently, Nedbank and Absa customers can use cryptocurrencies in conjunction with their banking services through their approved providers – Luno and Ovex respectively. The problem is that crypto isn't entirely secure and comes with serious risks for users. This has already been recognised by banks like Capitec who suspended their EFT and crypto wallet payments in October 2024 due to fraud. This move flies in the face of the narrative that crypto payments are an easier route for the unbanked as they demystify digital financial management for many people, and bypass the natural suspicion that many people have for financial institutions. Anecdotally, many people opt into crypto because it isn't a landscape dominated by banks. Realistically, however, crypto comes with risks that aren't as easy to identify as those that come with traditional payment methods such as bank cards and cash. The first issue is that often crypto payments can be made anonymously which can have benefits but equally minimises the chances of redress if someone defrauds you. Financial institutions conform to FICA and have systems in place to protect customers that have been defrauded, but crypto can be something of a wasteland where it's easy to steal money and get away with it. There is no way to track transactions once the money has moved out of the account. Hacking a crypto wallet is a good way of stealing money while staying anonymous. This really underscores the challenge with crypto – there's not a lot you can do to protect it. You are reliant on the company controlling the wallets, like Luno, and if someone accesses your account using your credentials and gets through the defences, the funds are gone. The same thing can happen with a bank, but the banks are regulated and there is a chance that you can get your money back. Which begs the question – can users benefit from the ubiquity of cryptocurrency and its ability to cross borders and wallets with ease while still putting additional protective measures in place? The first is to try and make sure that the payment methods being used are legitimate. Is it a valid person requesting funds from you? So, when you receive an invoice, check that the wallet and details are correct before making payment. Then, there are the essential safety protocols that should be implemented with your wallet from the outset. Have two-factor authentication, use strong passwords that are too challenging to hack, backup your wallet, place additional biometric or two-factor authentication protocols on all your devices that you use to access your cryptocurrency wallets, and remember to always be aware of scams and phishing. These methods should also be bolstered by avoiding the use of public Wi-Fi when making transactions, ensuring your devices are up to date with security updates, and that you are aware of trending security issues or threats. If you double-check all these areas before you make a transaction, and stay on top of all transactions on your account, then you will be in more control over your crypto transactions and minimise the risk of fraud. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Bloomberg
21-02-2025
- Business
- Bloomberg
Alibaba Adds $123 Billion in Value in Stunning Comeback Rally
It's been Alibaba's day, week and month. The company has added $123 billion in market value in February, helped by a DeepSeek-driven rally in Chinese tech stocks, its tie-up with Apple to roll out AI features in China and Beijing's rehabilitation of co-founder Jack Ma. Its shares rose 15% in Hong Kong on Friday alone after Alibaba reported higher sales and said it will boost spending on AI over the next three years. The surge comes after the company was earlier hammered by a government crackdown on the tech industry and a post-Covid slump in its business. Even after jumping almost 60% this month, Alibaba shares are still down by more than half from their 2020 peak, meaning there's still plenty of room for the rally to continue. —Richard Frost Standard Chartered will hand back $1.5 billion more to shareholders as it reported fourth-quarter earnings that beat estimates, boosted by a strong performance in its trading and wealth business. The London-headquartered bank announced a fresh buyback which would bring total shareholder distributions to $4.9 billion since 2023. The bank is in the midst of a corporate cost-saving program. CEO Bill Winters saw his total pay package jump 46% to £10.7 million ($13.6 million).
