Xiaomi says counterfeiters are hurting sales

Xiaomi, a company that has arguably been influenced by Apple products, is now complaining about counterfeiters.

Xiaomi recently explained that counterfeiters copied the design of its Mi Power Bank last year and ultimately caused a huge detriment to sales of its accessory. According to Bloomberg, Xiaomi sold 14.6 million Mi Power Bank Units—an impressive figure already—but that that company had originally expected to sell twice that many. Losses may total as much as $115 million.

“What is the biggest problem? There are many fakes,” Xiaomi CEO Lei June said recently. “If there were no counterfeits, our sales would be double or triple. The product has been recognized by everyone.” Xiaomi sells three different Mi Power Bank models, including one with a 5,000mAh battery, a 10,400mAh model and a 16,000mAh model.

Several of Xiaomi’s phones have been accused of ripping off of Apple’s product designs, some of which probably helped it become the world’s largest smartphone OEM in China. Is this a classic case of “what goes around comes around?” Seems so.

 

 

 

Cyber crime: What every business needs to know

 

Ask anyone involved in fighting cyber crime on a daily basis about what businesses should know, and the first thing they will say is that no organisation is immune.

The second most frequently raised point is that no business can afford to ignore cyber crime, which is estimated to cost the global economy around $445bn a year.

AETB – FOTOLIA

The losses are both direct and indirect, with many businesses citing downtime or lost productivity as a costly side-effect of some cyber criminal activity.

The reality is that every business connected to the internet can expect to fall victim to cyber crime at some point as criminals expand their ability to steal money directly or to turn stolen data into money.

The problem is that, while most information security professionals are aware of the threat cyber crimes poses to the business, senior executives are often unaware of the scale of the problem.

Despite increased media coverage of high-profile breaches, many top executives still believe their organisation has no valuable data and will not be targeted.

“But just being connected to the internet makes any company interesting to cyber criminals,” says Phil Huggins, vice-president of security science at global digital risk and investigations firm Stroz Friedberg.

“Any company connected to the internet is a resource that can be exploited by criminals because of the data it holds.”

However, there are indications that awareness is growing, with 61% of respondents to PricewaterhouseCoopers’ 2015 Chief Executive Survey expressing concern about cyber threats and a lack of data security, up 13% from 2014.

LESSONS TO BE LEARNED: PART ONE

  • Employees are the weakest link due to phishing and social engineering;
  • Security awareness training for employees is essential;
  • Credential theft and abuse is a common and powerful tactic use by cyber criminals;
  • Cyber criminals target organisations with computing resources that they can rent out;
  • Extortion, where data is held ransom, is an increasingly common cyber criminal activity;
  • DDoS attacks or threats of DDoS attacks are also being used to blackmail businesses.

Cyber criminals collaborate

Another challenge is that cyber criminals collaborate across various groups to combine a wide variety of intelligence and attack methods.

“Cyber-crime operations generally use a combination of all the different exploits available and build a campaign layer by layer,” says Charlie McMurdie, senior cyber crime advisor at PricewaterhouseCoopers (PwC) and former head of the UK police central e-crime unit.

“They will do their research, they will look at open-source intelligence opportunities, they will look at physical vulnerabilities, they will look at what a target company is working on, they will use technical exploits, and they will send in phishing emails to get a foot in the door, so they can engineer themselves into a position they can cause more harm,” she says.

Social engineering through techniques such as phishing emails is a key and common element to all major cyber crime campaigns, which underlines the importance of cyber security awareness training.

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A ‘Culture of Cybersecurity’ Is Best Small Business Defense

by Nicole Fallon, Business News Daily Assistant Editor   |   November 10, 2014 12:00pm ET

By now, most business owners are aware that, regardless of your business size, no one is immune from the risk of a cyberbreach. Today’s hackers are highly sophisticated and have the means to attack any target they choose.While most small businesses don’t live in blissful state of ignorance about the need for
cybersecurity, many still haven’t taken sufficient measures to guard themselves against hackers. A recent infographic by the National Cyber Security Alliance (NCSA) reported that 71 percent of security breaches target small businesses, and nearly half of all small businesses have been victims of cyberattacks. Perhaps most alarming of all is the fact that 60 percent of small businesses that suffer a breach go out of business after six months, according to Experian.”Small businesses by their nature are more fragile than larger enterprises,” said Michael Kaiser, executive director of the NCSA. “They likely haven’t taken the time to develop a contingency plan or response plan in the case of a cybersecurity incident and when an event happens, they don’t have what they need in place to recover.” Continue reading

Sony hack: How cybercrime just got even more complicated

By Steve Ranger | December 19, 2014 — 21:25 GMT (13:25 PST)
http://www.zdnet.com/article/sony-hack-how-cybercrime-just-got-even-more-complicated/

The Sony Pictures hack combines together celebrity, cybercrime and geopolitics in one dramatic package – worthy of a movie in itself. Now the FBI has now pointed the finger at North Korea over the attack, which combined destructive malware with the theft of huge amounts of corporate data, rendered thousands of Sony’s computers inoperable and forced it to take its entire network offline.
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