The recent acquisition of McAfee by Intel highlights that security is now a fundamental component of online computing.
Reportedly, more than 100,000 personal computers in Britain have been infected with various forms of the Trojan virus.
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The Zeus v.3 virus renders the two-step authentication procedure of banks consisting of one-time passcodes and ID tokens useless because the malware, once downloaded from an advertisement on a website or an email, lies dormant on the victim's system and records the account number and password each time the victim logs on to his or her banking website. In an attack that is reportedly in progress, the computer virus, known as Zeus v.3, swiped the online banking identity of victims as they accessed their accounts, and robbed accounts with a balance of at least £800 while the victims viewed fake statements online. In one of the most shocking and sophisticated cyber attacks to date, hackers reportedly stole at least £675,000 from 3,000 online bank accounts in the United Kingdom recently, using a “Trojan” virus that is to be considered one of the most sophisticated types of malware programs created.
The Information Technology Act needs to make a paradigm shift, in tune with new developments in the field, in order to protect national interests.
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