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Axis Bank Claims No Monetary Loss From Cyber Attack

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In the last three months, three financial institutions have faced data breaches. The most recent case of breach was seen in the case of Axis Bank- India’s third largest private sector lender.

The bank’s servers were hacked by an unauthorised login from an unnamed offshore hacker. This after the bank received an unexpected call from an engineer at Kaspersky Lab.

Last week, Axis filed a preliminary report about the breach to RBI. The bank has hired EY, the audit and advisory firm, to carry out an investigation. Till now there are no reports of any fund transfers but the bank and EY are trying to figure out the extent of damage and data loss, if any.

In a statement, a bank spokesperson said, “Axis Bank, like many other large financial institutions, often receives security threats from across the globe. The bank has strict security protocols and procedures in place and all its online properties are monitored round the clock by its in-house team of security experts. The bank also engages best in class international and national agencies who regularly identify and neutralize threats and audit the Bank's online ecosystem.” “Safety and security of our systems and processes is of paramount importance to us and we constantly monitor and are vigilant in our efforts to combat any potential threats. We would like to state that there has been no monetary loss.”

Over the past few years, banks have been fighting cyber strikes like “distributed denial of service” (or DDoS) which slows down a bank’s system, worms that make ATMs spew out cash, and some that can divert funds to a secret destination.

Netscape co-founder blames passwords for cyberattacks

While discussing rising  security breaches in businesses and organizations, co-founder of Netscape and Shutterfly, Jim Clark weighed in on flaws which can be avoided to prevent hacks.

He referred DNC hack, machine encryption of business owners and demand of Bitcoin ransom during the discussion where he said that majority of cyber attacks take place due to the use of a weak link in cyber security well known as, passwords.

“In the end it all, in one way or another, points to this deficiency I call it, that we call a password,” Clark told the FOX Business Network’s Maria Bartiromo.

On describing in detail the flaw of using passwords, Clark said that passwords are like secrets which are shared with one person at a time and some are not shared at all.

Clark threw light on certificate concept to authenticate websites which are there to make sure that one is connected to Google or Yahoo. He said that any site visited has a certificate which is issued by a certification authority which can be implemented for users as well to replace the need for passwords.

This mechanism, says Clark, if used to authenticate users will no longer need the password. Users can be issued the certificate which can be shared with everyone because it can’t be altered and if done so, it will no longer be valid. This mechanism can end the struggle of maintaining different passwords for all online activities.

Former CIA chief admits of hacking foreign political parties

A Former CIA chief has admitted that US spy agencies have hacked thousands of international   political parties in the past.

In an interview with the  Heritage Foundation on Tuesday, Retired Gen. Michael Hayden said the main difference between the US and Russian intelligence groups that Kremlin intentionally use the stolen data as their weapon against the political parties.

Hayden said that he doesn't think that the Russian President Vladimir Putin is backing the  Republican nominee Donal Trump and want him to win the elections, but according to him they are using the hacked information to disrupt the election  process.

“This is too much of a carom shot for Putin to think he knows where that ball's going to end," says Mr. Hayden.  "I think they're doing this to mess with our heads, to erode confidence in our political process."

He continued: "By the way, I would not want to be in an American court of law and be forced to deny that I never did anything like that as director of the NSA, because I could not."

In the past, he was a director of the National Security Agency and is now heading the Chertoff Group. There is also  discussed the challenges faced by the  cyber security.

"My definition of what the Russians did is, unfortunately, honorable state espionage," Hayden said. "A foreign intelligence service getting the internal political emails of a major political party of a major foreign adversary? Ah, game on. That's what we'd do."

Recently the US intelligence community released an official statement that declares the Russia's involvement in the recent email hacks of the Democratic National Committee (DNC) and the Democratic Congressional Campaign Committee (DCCC).

The statement read, "These thefts and disclosures are intended to interfere with the US election process. Such activity is not new to Moscow — the Russians have used similar tactics and techniques across Europe and Eurasia, for example, to influence public opinion there." 

58 Million Customer Data Hacked From Modern Business Solutions

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Another massive data breach and this time the victim is- Austin headquartered Modern Business Systems. Better known as MBS, it provides businesses with database hosting solutions and data storage, among other services.

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A hacker going by the handle 0x2Taylor has leaked personal and sensitive information of 58 million customers including names, email and postal addresses, phone numbers, IP addresses from an unsecured MongoDB database, operated by a US-based data storage company.

The hacker claimed to have used search site to uncover the open database. The stolen data was posted multiple times over the past weekend and was quickly removed each time.

The hacker also shared a screenshot containing a table of 258 million rows of personal data with security researchers, which indicated that he may be in possession of additional records.

The hacker 0x2Taylor has earlier claimed to have breached Amazon servers, publishing customer credentials on Twitter.

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