Electronic payments, one of the key pillars of the digital economy, have helped improve the economic and social well-being of billions of people around the world, especially in this time of pandemic. Closer to home, the Asia-Pacific region (APAC) is the biggest contributor to global payments revenue, with analysts expecting the industry to exceed $ 1,000 billion in revenue by 2022 or 2023.
With the proliferation and rapid adoption of digital payments here, industry players in this dynamic ecosystem are clearly playing a high-stakes game, aggressively expanding into multiple markets with creative marketing solutions in the hope that every click would represent a small but significant step towards market dominance.
To better understand the pulse of digital payment users in the region and the security implications of this trend, Kaspersky is hosting a virtual press conference today on the topic “Marking the Money Flow in APAC”.
The global cybersecurity company aims to explore the growing adoption of e-money and deepen the cyberthreats that accompany it through leading presentations from elite Kaspersky researchers and an industry expert. Company executives will also join the session with journalists from 12 countries in the region.
“The growing demand for digital payments has transformed the way we transact online and offline. Businesses are now digitizing their operations to generate additional revenue through digital payments, while consumers depend heavily on it due to the ease and convenience it offers. It is clear that the demand for fast, efficient, and low-cost payment experiences will drive further innovation in this space, and we are seeing this happening with the emergence of real-time payment rails, ”comments Chris Connell, Director general for Asia-Pacific. at Kaspersky.
To focus on the “new generation of financial attacks,” one of Kaspersky’s elite researchers, Vitaly Kamluk, will also discuss what targeted financial attacks look like today, who is the primary target and what is the target. magnitude of theft.
Kamluk, Director of the Global Research and Analysis Team (GReAT) for APAC at Kaspersky, takes the audience back to the infamous Bangladesh Bank Heist attributed to an APT group named BlueNoroff, considered the financial subdivision of a plus large Lazarus gang that carries out traditional cyber espionage.
He also explains how this group has evolved from the heist that hit the headlines and now focuses on the growing value of cryptocurrency.
“Even years after the Bangladesh Bank Heist incident, SWIFT, commercial banks and the rest of the financial sector were closely following BlueNoroff compromises and money theft from less secure banks around the world. Due to a lot of attention over time, BlueNoroff has had less and less success in its operations, which also required a lot of extra money laundering efforts and covering their tracks. That’s when they started turning to cryptocurrency, the price of which has also skyrocketed, ”says Kamluk.
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