Philippines. These fraudulent transactions led employment completed trust for online activities and went through the payment and transfer system of the bank. However, the banking system was able to prevent the attempted transactions to defraud tional US$850 million. an addi- After the discovery of launched and the discovery was made Web market functions where it offers to the hacked Put these together and the cost of cybercrime by the bank for and cyber espionage global economy payment and fund transfers. to the is probably measured in the hundreds of billions of dollars. To put this in Further analysis also indicated that the perspective, the World malware GDP was about $70 trillion in 2011. A $400 linked to the attack showed a Bank says that global sophisticated functionality for interacting with billion loss—the interruptions. the local SWIFT Alliance Access software probable costs—would running on the Bangladesh percent of global income. On December 23, 2015, a disruptive’ it is also still relatively attacks * Reputational damage that a been used to gather information on used networks, recovery from cyber continuous service without disruptions or various wares and caters to a niche set of customers. Although insurance, and and had international underground ¢ The additional cost of securing malware was installed in the bank’s systems the procedures similar to the Deep disruptions, and reduced company the attack, a forensic investigation was The German * Opportunity costs, including service and to a loss of US$101 million when these were Bank infrastructure. It was concluded that the high end of the range of be a fraction of a But this begs several important questions about the full cyber-attack on the electricity distribution conduct of the criminals are geared companies Prykarpattya Oblenergo more sophisticated attacks on network the victims from the cumulative effect of parallel sites as well as cross-market Oblenergo in Western intrusions. cybercrime advertising. caused new, its Russian counterparts support, such as shared provide them resources and region experienced For any young underground criminal aspirant, the Brazilian market provides the avenue reach instant superstardom They to for notoriety. mostly focus on banking Trojans. Most Ukraine® a major power outage. and Kyiv occurred and The The Components of Malicious Cyber Activity a blackout for several hours affecting more than 220,000 consumers. Upon towards investigtion, six months In the “Economic Impact of Cyber Crime and before the attack, phishing emails were sent Cyber Espionage” to the offices of power utility companies computer security software company, in report by McAfee, a global the of these budding cybercriminals are young Ukraine which contains malicious Microsoft count in estimating losses from cybercrime, and to flaunt and operate on the Office documents. cyber espionage, and malicious cyber activity bold enough “Surface Web” by frequenting media sites. However, popular social they mostly work subsequently enabled down into six parts * The loss of intellectual property and business confidential information * Cybercrime, which costs the world hundreds of millions of dollars every the attacker to trigger year the outage. ¢ The loss of sensitive business cases in 2015 and 2016 respectively, as an the importance Infrastructure? was broken network and open the circuit breakers that This section mentions two most prominent Critical Information to obtain direct remote control of aspects of the GLOBAL AND REGIONAL THREAT LANDSCAPE to emphasize was able to credentials that allowed the attackers to gain independently from one another. example The malware gather intelligence and managed of the (Cll) in our nation. Any attack can erode our trust in the system that we rely heavily on to provide In February 2016°, an attacker was able to information, including possible stock access the SWIFT market manipulation (Society for Worldwide Interbank Financial Communication) system of the Bangladesh Bangladesh to and cyber espionage’. THE PHILIPPINE THREAT LANDSCAPE This section of the document provides a background on the early initiatives that the government has undertaken lishing security in our citing cases of threats and into the government to start estab- cyberspace as well as recent breaches system. The Context of Cybersecurity in the Philippines The dynamic and fluid changes environment make in the cyber the challenges, threats more complex. risks, and The government is Bank and instructed the New York Federal Bank to transfer money payment benefit to the acquirers and the damage Reserve from an account in Bank to multiple accounts in the 10 3. http://www.gov.ph/2012/09/12/republic-act-no10175/ 4 http://www.express.co.uk/news/uk/731832/UKfaces-BLACKOUTS-cyber-hackers-threaten-energysupplies 5 https://www.symantec.com/content/dam/ symantec/docs/reports/istr-21-2016-en.pdf 6 http://www.reuters.com/article/us-cy ber-banking-swift-exclusive-idUSKCNOXM2DI 11