Beware The Dyre Wolf. Cyber Criminals
Beware The Dyre Wolf
With recent worry about coyotes roaming New York City and New Jersey streets, a wolf problem has gone pretty much unnoticed. According to Reuters, IBM has uncovered a sophisticated fraud scheme dubbed “The Dyre Wolf” and run by a well-funded Eastern European gang of cyber criminals that uses a combination of phishing, malware and phone calls to net more than $1 million from large and medium-sized U.S. companies.
The scheme represents a new level of sophistication. According to the firm, attackers have been targeting workers by sending spam email with unsafe attachments to install a variant of the malware known as Dyre. The malware then waits until it recognizes the user is navigating to a bank website and instantly creates a fake screen telling the user the bank’s site is having problems and to call a certain number. Users who call that number reach an English-speaking operator who already knows what bank the users think they are contacting. The operator then seeks to elicit the users’ banking details and immediately initiates a wire transfer to take money out of the relevant account.
While most risk management programs cover risks like workers’ compensation and property liability, it doesn’t cover hacker attacks. Cyber insurance pays for privacy attorneys to sift through state and federal data breach laws. There might also be regulatory fines and costs for setting up call centers, credit monitoring and help with reputation management.
How you prepare for a cyber attack is important. One reason payouts sometimes fall short is an underwriter might decide the insured was negligent on security, even for something as simple as failing to advise staff regarding known fraud schemes.
As targeted network attacks continue to proliferate, forward thinking organizations are transferring their risk to cyber insurance products. Contact your KMRD Partners relationship manager to review your organization’s cyber insurance risks before one minute from normal strikes.
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