Description: When the City of Fredericton’s Instagram account was hacked recently, City officials knew where to turn. Enter Gray Wolf Analytics, a local cybersecurity company that had already been in talks with city hall regarding a pilot project. Gray Wolf used its cryptocurrency expertise to upend an attempted ransom demand and to provide valuable intelligence on the hackers that the City in turn could deliver to law enforcement. By using the public ledgers of the cryptocurrency, Gray Wolf was able to determine the perpetrators of the hack without violating various privacy issues for other crypto-owners.

Date:  November 26, 2021

Source:  financialpost.com

 Link: https://financialpost.com/fp-finance/cryptocurrency/when-hackers-hit-the-city-of-fredericton-these-crypto-sleuths-pilot-project-became-a-trial-by-fire

Discussion points:

1) Has your town or your university ever been hit by a hack?

2) What security procedures does your university have for student users of campus systems?

3) On page 6-7 of Wiley’s Understanding Financial Accounting we see five limitations of internal control. Which one(s) of these five do you think that hackers would be most likely to take advantage of?