At William Paterson University’s 5th Annual Cyber Security and Big Data Analytics Symposium, companies exchanged ideas and experiences about how they are using technology to thwart crime. One such example was IBM using blockchain technology to track every time someone opened or closed a bike’s electronic lock and its GPS location. An owner using a phone app can report theft to police who share the information with insurance companies.
FBI Cyber Task Force Supervisory Special Agent Brett Yaeger demonstrated how criminals hit the darknet to do their dirty work — even ones behind bars. The conference could easily be subtitled “businesses beware.” Yaeger warned about ransomware, which is an attack on a company’s system to steal or block access to its own records and information, unless it pays a ransom.
Cybercrimes are growing in frequency and sophistication, often with ransomware demands placing companies in compromising positions. New Jersey’s Chief Information Security Officer Michael Geraghty says there are two kinds of companies: ones that have been breached and ones that don’t know they have been.