The Federal Reserve detected more than 50 cyber breaches between 2011 and 2015, with several incidents described internally as "espionage", according to Fed records. The US central bank's staff suspected hackers or spies in many of the incidents, the records show. The Fed's computer systems play a critical role in global banking and hold confidential information on discussions about monetary policy that drives financial markets. The cybersecurity reports, obtained by Reuters through a Freedom of Information Act request, were heavily redacted by Fed officials to keep secret the central bank's security procedures. Related: Fed chief Janet Yellen says interest rates will rise'in coming months' The Fed declined to comment, and the redacted records do not say who hacked the bank's systems or whether they accessed sensitive information or stole money.
If 2016 was the year hacking went mainstream, 2017 will be the year hackers innovate, said Adam Meyer, chief security strategist at SurfWatch Labs. Meyer analyzes large and diverse piles of data to help companies identify emerging cyber-threat trends. "2017 will be the year of increasingly creative [hacks]," he said. In the past, cybersecurity was considered the realm of IT departments, Meyer explained, but no longer. As smart companies systematically integrate security into their systems, the culture hackers too will evolve.
Cyber threats have evolved into daily wars and you're gearing up to face the worst. From ransomware to destructive malware, you only have minutes to find threats before they evolve into major breaches. This video explains how cyber threats evolved and why cybersecurity defenses fail to keep up. Powered by supervised machine learning, BluVector helps defend networks today and protect against new zero day cyber threats tomorrow. Arm your network for wars that have yet to be seen.
The annual cost of cybercrime is estimated to rise to $6 trillion by 2021. Artificial intelligence (AI), frequently mentioned for its potential to accelerate innovation, boost performance and improve decision-making, is already being applied to defend against cybercrime. Because AI works well with functions that use massive amounts of data and require analysis and judgment, integrating AI-based cybersecurity technology with other defenses is a natural choice for cybersecurity professionals. Today, AI is used more extensively in cybersecurity than in any other function, with 75% of companies using AI technology to detect and ward off cyberthreats, according to the results of a recent global executive survey on AI conducted by Protiviti. Cybersecurity usage of AI is expected to grow nearly 20% by 2021. AI's significant and compelling benefits come with new risks that need to be managed.