Counter measures to Combat Covert e-attacks

e-risk analysis™

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

Background:

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).