What is "cyberheist"

n. A robbery that takes place in cyberspace or on the Internet.

A cyberheist is a type of computer crime committed by cyber criminals. Recently observed cyberheists have become more and more sophisticated. These attacks have been promulgated on enterprises through the use of phishing that targets employees with access to their computer systems. Using such attacks cybercriminals can bypass the antivirus security software and use social engineering to coax information out of their victim or they can simply wait for the employees to click on something in their computers. When employees click on something in their computers, the criminals get access to the computers. They then hack into the network and put keyloggers on accounting systems. In time the cybercriminals are able to obtain password and keys information. An organization’s bank accounts can then be accessed via the information they have stolen using the keyloggers.

In May 2013 a gang carried out a US$40 million cyberheist from the Bank of Muscat.