Counter measures to
Combat Covert e-attacks
London, UK, 15:30 GMT 26th October 1999 - On the eve of the mi2g
software event on "How to manage e-risk?" organised in
conjunction with Reuters and First Tuesday, it was revealed that most of the
serious electronic attacks taking place against financial institutions, multi-nationals
and major on-line businesses are highly covert and seldom become public knowledge.
Whilst the headlines are grabbed by publicity seeking hacker attacks on web
sites, where graffiti is splashed across the screen or data is visibly lost,
it is becoming clear that the piracy of intellectual property and internet
based financial fraud is taking place in much more subtle ways and over a
longer period of time. Each incident may cause the target organisation damage
to the tune of £25 to £40 Million.
On 27th October, mi2g software will reveal to an audience of over
100 CEOs, CTOs, COOs and partners of financial institutions, multi-nationals,
major on-line businesses and professional practices, that off-the-shelf technology
solutions are no longer enough to combat sustained electronic attack from
Hacker Activated Code (HAC).
"HAC modules may be embedded and lie undetected in the victim's computer
network for several months before exporting sensitive information to the attacker's
computer system anywhere on the planet", according to DK Matai, Founder
of mi2g software.
Subtle e-attacks, which are normally not detected in time, are not discussed
by the victim organisation for fear of share price collapse or copy cat attacks
that exploit the same vulnerability. In over 55% instances, the organisation's
employees or contractors exposed to sensitive network information have played
a part in sustaining and developing the e-attack.
The e-risk management forum will discuss the integrated 4-way mi2g
matrix to address covert electronic attack on large organisations:
1. Technology dimension including Bespoke Security Architecture
2. Legal dimension including Downstream Liability and Data Protection
3. Human resource dimension including physical issues
4. E-risk insurance cover that protects the revenue stream and e-liabilities
1. mi2g software presented seminars on e-risk at Richards Butler on
4th August and Hammond Suddards on 8th September. A total of 220 CEOs, FDs
and Partners from USA, Germany, Japan and Britain have attended the events
which highlight the threat to e-commerce systems from Cyber Warfare. We presented
an update on all major e-risk incidents and trends within the escalating threat
to e-commerce businesses, financial institutions and multi-nationals. Future
seminars on e-risk are planned for November 99.
2. Downstream Liability is the real possibility of litigation
arising from customers and businesses that have bought a product or a service
from a vendor in good faith and have surrendered personal and financial information
about themselves for a declared purpose only.
3. The total cost of servicing Cyber Warfare incidents worldwide is
likely to exceed £12.5 Billion in 1999 according to mi2g software.
In the last ten months, there have been three major virus attacks and several
full scale Cyber Attacks. Melissa in March, Chernobyl in April and the fatal
ExploreZip in June cost corporations huge unplanned and unbudgeted resources.
Variants of these three and other lethal viruses have been emerging at a steady
rate to date.
4. mi2g software (www.mi2g.com) is a leading edge London based e-commerce
enterprise specialising in e-risk management and bespoke security architecture.
5. e-risk, e-risk analysis, e-risk management, How to manage
e-risk?, Downstream Liability, e-risk insurance, Bespoke
Security Architecture are trade marks of mi2g software (mi2g.com).