India steps up cyber-crime battle

NEW YORK — Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a US$45-million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say.

BOSTON (Reuters) - Microsoft Corp and the FBI, aided by authorities in more than 80 countries, have launched a major assault on one of the world's biggest cyber crime rings, believed to have stolen more than $500 million from bank accounts over the past 18 months.

The government is set to announce new measures to tackle cyber crime on Friday as Britain's internet and electronic communications network comes under increased attack from hackers and foreign intelligence agencies. As part of the strategy, a new police Cyber Crime Unit will be formed alongside a team at the intelligence agency GCHQ which will fine-tune the country's military capabilities in the virtual world. A joint initiative between the public and private sector will also be launched to deal with cyber threats and develop responses to intrusions and attacks.

? We face a stark choice between a potential Orwellian state and lives ruled by cyber-terrorist

BOSTON — Microsoft Corp and the FBI, aided by authorities in more than 80 countries, have launched a major assault on one of the world’s biggest cyber crime rings, believed to have stolen more than US$500 million from bank accounts over the past 18 months. Microsoft said its Digital Crimes Unit on Wednesday successfully took down at least 1,000 of an estimated 1,400 malicious computer networks known as the Citadel Botnets.

The cyber cell of Delhi Police's Economic Offences Wing has registered four cases of cyber crime in the past two days following complaints.

Cyber security should feature among the top three board-level concerns, according to a new report from Chatham House, with policy coming under the umbrella of traditional security arrangements and board directors involved in scenario-based training for cyber attacks. The think tank identified only one example of an outstanding cyber security messaging strategy within the UK financial services sector, while at the other end of the spectrum the directors of one large insurance company admitted they had no idea how they should manage or mitigate a cyber attack.