According to a recent story in SearchSecurity.com UK, the EU Emissions Trading System was recently suspended by the European Union following what was described as "recurring security breaches in national registries over the last two months." The thefts involved $38 million worth of carbon credits.
Bloomberg reported that the latest breach occurred at Prague-based Electricity Market Operator (OTE), a government owned energy trading platform where over $7 million worth of carbon credits had been stolen and sold in the open market.
The Bloomberg story also reported that the OTE was due to introduce additional security measures on January 19th but the breaches occurred before they were able to do so.
The carbon credit market is poised for growth but with that will also come the growth of carbon credit fraud. Unfortunately, the carbon market looks to be a very lucrative market for hackers and cyber criminals. Without the implementation of additional layers of security, like strong authentication, more incidents like these are possible.
According to a recent Forrester report, commissioned by Symantec, only 30 percent of enterprises use strong authentication as the primary method for authenticating employees and contractors into a corporate network. The report helps shed light on the shortfalls of today's outdated network access policies and steps that can be taken to create a more secure enterprise. The full report and supporting information can be found here.