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When coders and online security researchers find errors in websites or software, the companies behind the programs will often pay out a bounty to the person who discovered the issue. The programs are intended to create an incentive for researchers to privately report issues and allow vendors to release fixes before hackers take advantage of flaws. A 17-year-old German student says he found a security flaw in PayPal's website but was denied a reward because he's too young. On PayPal’s website, the company lists the terms for rewarding people who find bugs, but mentions nothing about the age of the discoverer.  The details of the vulnerability, i.e cross-site scripting flaw (XSS), is posted on Full Disclosure section. In Past we have seen that many times PayPal tried to cheat with new security researchers by replying various reasons on reporting bugs i.e "already reported by someone else", "domain / sub-domain is not under bounty program", ...

Researchers at the Technion-Israel Institute of Technology in Haifa have created an advanced biological computer using only bio molecules such as DNA and enzymes.  There's no traditional CPU or hard drive powering the bio-computer, no hardware or software, nor is there any tangible interface to the system. The computing devices having ability to interact directly with biological systems and even living organisms. No interface is required since all components of molecular computers, including hardware, software, input and output, are molecules that interact in solution along a cascade of programmable chemical events. Researchers believe that a sufficiently advanced biological computer could have the computational power of a universal Turing machine, able to simulate other computers. This would allow for simple customization of such processors. In addition to enhanced computation power, this DNA based transducer offers multiple benefits, including the abili...

Secret and highly sensitive and $630 million building blueprints outlining the layout of Australia's top spy agency's new headquarters have been stolen by Chinese hackers. According to a report by the ABC 's Four Corners, the blueprints included floor plans, communications cabling, server locations and the security systems. The cyber attack, launched on a contractor involved in work at the site, is one of the reasons completion of the new building has been delayed. Companies including BlueScope Steel and Adelaide-based Codan, which makes radios for military and intelligence agencies, are also said have been targeted by the Chinese. Under this major hacking operations, hackers successfully breached the Defence Department's classified email system, the Department of Prime Minister and Cabinet, and the Department of Foreign Affairs and Trade. A separate attack on the Defence Department involved an employee sending a highly classified document from his des...

For all the talk about China and the Syrian Electronic Army, it seems there's another threat to U.S. cyber interests i.e Iran. Series of potentially destructive computer attacks that have been targeting American oil, gas and electricity companies tracked back to Iran. Iranian hackers were able to gain access to control-system software that could allow them to manipulate oil or gas pipelines. Malware have been found in the power grid that could be used to deliver malicious software to damage plants. The targets have included several American oil, gas and electricity companies, which government officials have refused to identify. The officials stated that the goal of the Iranian attacks is sabotage rather than espionage . Whereas, The cyber attacks from China however, are more aimed at stealing information from the U.S. government that is confidential, as well as from private business.  Mandiant announced that the Chinese government was backing the attacks. However, of...

Liberty Reserve , a payment processor similar to Paypal was down on Saturday after the founder of Liberty Reserve, Arthur Budovsky Belanchuk , 39, on Friday was reportedly arrested in Spain by Costa Rican authorities after his they raided suspect´s home and offices in San José and Heredia. Mr. Belanchuk, a Costa Rican citizen of Ukrainian origin, was under investigation since 2011 after authorities flagged his firm for money laundering . Investigators say that Budovsky’s businesses in Costa Rica , including Liberty Reserve , were used to launder money for child pornography websites and drug trafficking. Liberty Reserve is a largely unregulated money transfer business that allows customers to open accounts using little more than a valid email address, and this relative anonymity has attracted a huge number of customers from underground economies, particularly cyber crime . It allowing users to nearly anonymously open accounts with limited documentation of identity. Dep...