Podcast
Questions and Answers
What is the estimated cost of malicious cyber activity to the US economy in 2016?
What is the estimated cost of malicious cyber activity to the US economy in 2016?
What is a potential consequence of a vulnerability in a database?
What is a potential consequence of a vulnerability in a database?
What is the name of the attack that resulted in the deletion of thousands of databases?
What is the name of the attack that resulted in the deletion of thousands of databases?
Why is it important to ensure the security of systems?
Why is it important to ensure the security of systems?
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What is a common weakness in databases that can lead to vulnerabilities?
What is a common weakness in databases that can lead to vulnerabilities?
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In what year did the United States Council of Economic Advisors publish the report on the cost of malicious cyber activity?
In what year did the United States Council of Economic Advisors publish the report on the cost of malicious cyber activity?
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What is a consequence of not having a properly secured database?
What is a consequence of not having a properly secured database?
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What was the vulnerability that allowed the Equifax identity theft?
What was the vulnerability that allowed the Equifax identity theft?
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What was the estimated amount of money lost by the Bank of Bangladesh due to a SWIFT vulnerability?
What was the estimated amount of money lost by the Bank of Bangladesh due to a SWIFT vulnerability?
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What can happen to a company's reputation if it gets hacked and does not disclose it?
What can happen to a company's reputation if it gets hacked and does not disclose it?
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What happened to the Chief Security Officer of Uber after the breach in 2016?
What happened to the Chief Security Officer of Uber after the breach in 2016?
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What can happen to a system if a vulnerability is exploited?
What can happen to a system if a vulnerability is exploited?
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What type of attack took down the internal systems of Banco Estado in Chile?
What type of attack took down the internal systems of Banco Estado in Chile?
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How many customer names, email addresses, and mobile phone numbers were accessed by attackers in the Uber breach?
How many customer names, email addresses, and mobile phone numbers were accessed by attackers in the Uber breach?
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What was the amount of money paid by Equifax in fines for the 2017 breach?
What was the amount of money paid by Equifax in fines for the 2017 breach?
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What type of vulnerability allowed attackers to steal $60 million from the Taiwanese Far Eastern International Bank?
What type of vulnerability allowed attackers to steal $60 million from the Taiwanese Far Eastern International Bank?
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Study Notes
Importance of Database Security
- A failure to secure databases can lead to severe consequences, including data theft and financial losses.
- Attackers may steal data for their own purposes, such as identity theft.
Equifax Breach (2017)
- Attackers gained access to names, social security numbers, birth dates, and address information of over 147.9 million Americans, 15 million British citizens, and 19,000 Canadian citizens.
- The breach was due to a vulnerability in Apache Struts that was announced on March 7.
- The attackers exploited the vulnerability on March 12 and stole sensitive information.
- The breach led to the departure of the CIO and CISO and over $500 million in fines.
Financial Losses
- In 2016, attackers exploited a vulnerability in the SWIFT network to steal $81 million from the Bank of Bangladesh.
- Similar attacks led to losses of $12 million from Wells Fargo and $60 million from the Far Eastern International Bank.
Reputation Impact
- Data breaches can damage an organization's reputation and lead to financial losses.
- In 2016, Uber suffered a breach that exposed 25.6 million customer names, email addresses, and mobile phone numbers.
- Uber paid $148 million in fines and its CSO was charged with obstruction of justice and misprision of a felony.
Uptime and Availability
- Attackers can cause outages, downtime, and unavailability of systems by exploiting vulnerabilities.
- Ransomware attacks can bring down entire networks, such as the attack on Chile's Banco Estado in 2021.
Cost of Malicious Cyber Activity
- The United States Council of Economic Advisors estimated the cost of malicious cyber activity to the US economy at $57-109 billion in 2016.
Data Loss
- Losing data can be more damaging than losing money, especially if sensitive information is exposed.
- The "Meow Attack" in 2020 saw thousands of databases with no passwords or default passwords being deleted without warning.
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Description
Learn about the significant financial costs of malicious cyber activity to the US economy, as reported by the United States Council of Economic Advisors. This quiz explores the financial and other impacts of vulnerabilities on organizations.
