Expert Reaction on City Index breach

Organised cybercrime is on the increase and financial details continue to be a top target. Criminals will always try to gain unauthorized access to where the money is and the global stock markets and FX market surely has a lot of it, making it a very attractive target. However, stealing the numbers alone are no longer sufficient value and it means cybercriminals are more coordinated in their attacks to steal as much data as possible to increase the rewards of the crime.

Digital Insider trading is also another area on the increase by criminal hackers which is why companies such as City Index are a prime target, not to deploy ransomware like most security incidents, but to gain insights on making small changes to data that could result in billions in financial profit for criminal organizations or Nation States which is untraceable.

The value of credit card data alone being sold on the dark markets is at an all-time low usually somewhere between $3 – $10 but can go much higher depending on credit limit. However, verified credit cards or credits cards that have been combined with other sensitive personal information such as name, DoB and home address can go for much more. This is why data breaches containing personal data are a growing concern as it can lead to identity theft or access to greater privileges or data.

City Index has recommended to reset passwords though I would recommend to even do more; get a password manager that makes unique, complex passwords as well as use Multi-Factor Authentication where possible. This should act as an important reminder never to reuse passwords and today it should be common sense to be using a password manager to make your online security more manageable and secure.