Cyberthreats stem from the malware, but monetary losses stem from money mules. I've decided to coin a new term: eFraud. I cannot think of a better way to describe the wave of fraud incidents the financial industry is facing. It's electronic.
"Once you get over the idea that we don't have permanent world peace, and people may need to attack each other in particular circumstances ... then maybe there's a lot of good things to say about cyberweapons," says Peter Sommer of the London School of Economics' Information Systems and Innovation Group.
NACHA's CEO says ACH-related fraud is often over-hyped, and occurs far less often than check- and payment card-related fraud. But when corporate accounts are breached, fraudulent ACH transactions lead to big financial losses.
In the second major healthcare hacking attempt reported to federal authorities in recent weeks, a Tampa practice has notified 156,000 individuals that a hacker accessed a server containing its practice management system, which stores patient information.
Some physician group practices that already have an electronic health record system are playing a game of "hurry up and wait" when it comes to qualifying for HITECH Act EHR incentive payments and bringing their security plans up to date.