May 2017 Edition

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Welcome to this month’s release of McCann Cyber Investigations: Insight Delivered. Read below for the best in expert commentary on cyber issues such as modern hackers, legal cases, and much more.

  • Hackers Don’t Wear Hoods

    May 1

    Conducting a risk assessment is critical for understanding and addressing vulnerabilities in a system, organization, or for individuals. A risk assessment conducted today must address the risk of cyber crime, which includes a wide variety of attack types as well as a variety of motives. This article addresses one component of cyber crime: the hacker and his stereotype. While the image of a dark hooded figure gets all the right emotional responses from the viewer; it also perpetrates a myth that exposes organizations and individuals to additional risk. This article describes the different types of hackers, provides a more detailed overview of one type of hacker, the criminal hacker, and explains how the use of anonymizing services contribute to the emergence of a new category of criminal activity: crime as a service. + READ MORE

  • Onshore Offshoring

    May 1

    Written By: Dorothy A. Filippov, MBA, CFE , MAFF At the Blockchain Summit in D.C. this past week, hosted by the Digital Chamber of Commerce, I had the opportunity to meet regulators, developers, and others interested in harnessing characteristics of the blockchain.  Among those were two men from a New York family office.  A family office is a private company that manages the wealth of a family, usually accumulated over generations, through coordinating financial, tax, and legal professionals in one firm.  The family office specializes in protecting a family’s wealth through trusts, intricate tax structures, investments, and the like. What were these guys doing at a blockchain conference in D.C.?   + READ MORE

  • Bitfinex vs Wells Fargo

    May 1

    Bitfinex, the bitcoin exchange known for its unconventional hack response, filed suit against Wells Fargo.  The bank recently suspended all user accounts transacting in virtual currency, citing that the action caused imminent and irreparable harm; the suspension happened without any notification to the users.  According to the complaint, Bitfinex follows all applicable laws including checking its customers against the Thomson Reuters World-Check database, filing Suspicious Activity Reports, and registering as a money services business.  The main difference between a financial institution and bitfinex, according to the complaint, is that a financial institution can engage in fractional reserve banking, allowing that institution to make repeated loans on one initial deposit. The reason Wells Fargo’s suspension was harmful to Bitfinex is that Bitfinex must make available every deposit to its customers upon request.   + READ MORE

  • Eight Month Response Text

    May 1

    When your bitcoin exchange gets hacked and your bitcoins are stolen, there’s nothing you can do, right? Wrong.  The Bitfinex hack is the second largest exchange hack since the influx of cryptocurrency; second only to the infamous Mt. Gox. Mt. Gox suspended trading, shut down, and filed bankruptcy, which resulted in protests outside its offices.  Bitfinex, on the other hand, engaged in a response plan that involved engaging its user community, maintaining transparency, and creating a new token. + READ MORE

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