UK Hosts Global Coalition To Tackle Growing Cyber Threats - 1

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UK Hosts Global Coalition To Tackle Growing Cyber Threats

  • Written by Kiara Fabbri Former Tech News Writer
  • Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor

In a Rush? Here are the Quick Facts!

  • The UK Government is formulating a response to ever-increasing cyber attacks
  • £1.3 million is being allocated to better cyber skills training in England & Northern Ireland
  • The funding will be distributed via grants for local projects & apprenticeships

The UK Government has just announced plans to convene a global coalition to address the increasing threat of cyberattacks and bolster cyber skills.

The three-day talks, starting on Monday at Wilton Park in West Sussex, will bring together leading nations like the US, EU, Canada, and Japan, as well as international organizations like the WEF and OECD.

The meeting comes in response to recent cyber incidents impacting UK institutions and reveals a significant skills gap, with nearly half of British businesses lacking adequate cyber protection.

Examples include cyberattacks on London public institutions like the NHS and Transport for London . Additionally, a South London school was recently forced to close due to a cyberattack .

A recent report has also revealed that the number of active ransomware groups has increased significantly in the first half of 2024.

The coalition’s discussions will focus on enhancing cyber skills and developing new standards, with a report on these topics expected by the end of the year.

In addition to the international talks, the UK is launching a new £1.3 million scheme to support cyber skills training in England and Northern Ireland. This funding will provide grants of up to £150,000 for local projects, including apprenticeships and new cyber security innovations.

The UK government has also designated data centres as Critical National Infrastructure (CNI) to bolster security and support during critical incidents. This move aims to enhance national cyber resilience, and support the growing cyber security industry.

Additionally, the UK is collaborating with CREST International to launch the CREST Cyber Accelerated Maturity Programme (CAMP). This program aims to offer mentoring to cyber service providers. It will also invite countries from Europe, Africa, South-East Asia, and the Middle East to participate as partners.

Cyber Security Minister Feryal Clark highlighted the need for improved cyber defenses and legislative changes.

“But this is a shared challenge, which is why we’re bringing together global allies to discuss and agree steps to keep us safe online, improve cyber skills and protect our economy and public services,” Clark adds.

Binance Warns Of ‘Clipper Malware’ Targeting Crypto Users - 2

Image by Marco Verch, from CcNull

Binance Warns Of ‘Clipper Malware’ Targeting Crypto Users

  • Written by Kiara Fabbri Former Tech News Writer
  • Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor

Binance has issued an alert on Friday about a growing malware threat known as “Clipper malware,” which is targeting cryptocurrency users and causing significant financial losses.

The malware works by altering wallet addresses during transactions, leading victims to unknowingly send cryptocurrency to an attacker’s wallet.

In a blog post Binance explains that the malware intercepts data copied to the clipboard and replaces legitimate wallet addresses with those controlled by attackers. Users typically copy and paste wallet addresses during cryptocurrency transfers, and if they fail to notice the altered address, their funds are sent to the wrong recipient.

Binance has observed a noticeable increase in such incidents, particularly since August 27, 2024. The malware is primarily spread through unofficial apps and plugins, with Android users being particularly vulnerable.

However, iOS users are also at risk. Many unsuspecting victims download the malware while searching for software in their local languages or through unapproved sources.

These threats highlight a persistent problem within the crypto industry. The FBI recently reported that crypto investors lost $5.6 billion to scams and hacks in 2023.

Adding to the concern, the alert follows a recent report from the Federal Trade Commission, released last week, which highlighted an increase in fraud at Bitcoin ATMs . On top of this, ransomware attacks are on the rise , with active groups increasing by 56% in 2024.

In response, Binance’s security team has implemented several countermeasures. They have blacklisted suspicious wallet addresses to prevent further fraudulent transactions and notified affected users about the malware.

Binance also urges users to report incidents to help them identify and analyze the specific apps and plugins involved in the attacks.

To protect themselves, Binance advises users to verify the authenticity of any apps or plugins they download, double-check wallet addresses before making transactions, and ensure they have reliable security software installed on their devices.

Regular updates to security software are essential in guarding against evolving threats like Clipper malware.

This alert serves as a reminder of the risks inherent in cryptocurrency transactions and highlights the importance of taking proactive steps to safeguard digital assets.