Naritas Finance

..



.

SME Business News

GDPR opens doors for cyber criminals

  • Written by Murray Goldschmidt, COO at Sense of Security


Last month, the world saw the unveiling of the European General Data Protection Regulation (GDPR). Its aim is to protect and empower all European Union (EU) residents, whether in Europe or overseas, when it comes to their data privacy. It also serves to reshape the way organisations operating in the European market approach data privacy.


In a nutshell, the GDPR wants EU residents to have complete control over their personal data by simplifying the regulatory environment. However, companies around the world are choosing to implement the regulation across all customers to ensure their data is also protected, and to streamline the compliance process. This is why many of our inboxes are now flooded with updated privacy statements from global brands.


However, as residents and businesses welcome the introduction of GDPR, so do cyber criminals.


GDPR may lead to an increase in sophisticated ransomware attacks

Businesses are undertaking specific measures to improve their cyber security capability in order to protect the data they have, and to comply with GDPR. However while this may thwart lower level attacks, it is very likely to attract higher concentrations of strategic and sophisticated attacks likely to devastate an organisation.


For example, in some instances it will be less costly for a business to give in to a ransom demand than to inform customers when a breach occurs. If it costs a dollar to notify each user, and a company has 500,000 users, there’s already a cost of half a million dollars before any fines or further expenses are calculated. Hackers use this to their advantage by demanding a smaller amount as ransom, incentivising companies by providing the “lesser of two evils” option.


Not only does paying a ransom potentially cost less than reporting, but hackers convince companies that they’ll waive the reputational damage that comes with a public breach, by attempting to sweep it under the rug.


Further to that, GDPR outlines that organisations have a 72 hour reporting period once they have been made aware of a breach, to notify the right authorities. Hackers can take advantage of this small window by applying pressure on an organisation to act on a ransom demand. We’ve seen examples of ransom payouts in the cases of Uber, Yahoo and Equifax - showing that a breach is likely to surface no matter what steps companies take to hide it.


GDPR could make it harder to protect residents

The GDPR also adds increased complexity to incident response. Services which provide vital information to security researchers and law enforcement agencies to identify the origins of phishing scams or malware distribution sites are finding it difficult to comply to the regulation.


The Internet Corporation for Assigned Names and Numbers (ICANN) is currently struggling to get their WHOIS system, used to query domain name registrant databases, to comply with the GDPR. This is unlikely to occur until at least December 2018, meaning agencies and researches will have a difficult time investigating potential cyber attacks, and leaving themselves open to hackers in the meantime.


The increase in strategic, sophisticated attacks and their impact further drives the need for organisations to remain vigilant. Knowing the type of data held, how it is protected and even if it is required, needs to be assessed and appropriate action undertaken to reduce risk. This, in line with appropriate governance, technical controls, detection and response capabilities need to be focal points for all organisations, large and small.


By Murray Goldschmidt, COO at cyber security firm Sense of Security

Business Daily Media Business Development

Bahrain Property Show 2018: How does it reflect the real estate market development in Bahrain

It is no secret that the Arabian Peninsula and the Gulf Cooperation Council (GCC) countries are currently going through a lot of pivotal changes. Such changes do not include economic or po...

News Company - avatar News Company

Di Jones real estate recognises high achievers

Di Jones celebrated its outstanding performers on Saturday (24 February 2018) evening at the Di Jones Real Estate Annual Awards.                               The black-tie Gala Dinner s...

Helen Hull - avatar Helen Hull

Five Reasons Melbourne Rules

If you are traveling in Australia and have left Melbourne off your destination list, then you are going to want to reconsider. Many people consider Melbourne to the best city in the world...

News Feature Team - avatar News Feature Team

Making Friends During Your Campsite Stay

Part of the excitement of vacation is meeting people who you would never otherwise encounter. Staying at a campsite isn’t just about taking in nature. It’s also about sharing the beauty of n...

News Feature Team - avatar News Feature Team

Have More Fun On Your Business Trips

Whether you are a traveling salesman or someone who finds themselves on the road more than in their office you probably are grateful for any tips you can get especially if they involve havin...

News Feature Team - avatar News Feature Team

Traditions of Rural Bali at Villa Sabana

A Privileged Insight into the Traditions of Rural Bali at Villa Sabana  Situated in the traditional village of Pererenan near Canggu, Villa Sabana is peacefully secluded in a semi-rural...

Linda Lim - avatar Linda Lim

Business Daily Media Business Reports

Di Jones real estate recognises high achievers

Di Jones celebrated its outstanding performers on Saturday (24 February 2018) evening at the Di Jones Real Estate Annual Awards.                               The bla...

Helen Hull - avatar Helen Hull

Eclipse Travel Expands Operations to New Zealand

Eclipse Travel, specialists in key adventure destinations such as Antarctica, the Arctic, Africa and Latin America, have announced today their expansion of operations to ...

Yvonne Kong - avatar Yvonne Kong

How medical professionals can benefit from an overall wealth management solution

As a health care professional, you have made it your life's work to focus on the care and health of the general public. While this kind of work can be extremely rewarding...

News Feature Team - avatar News Feature Team

Why Pinterest Should Be Part of Your Marketing Strategy

Pinterest is a growing social media platform that can deliver significant traffic to your website and new followers to your brand. With it’s steady growth and outrageous ...

Greg Nunan - avatar Greg Nunan

The top reasons why gyms fail

Steve Grant is a Business Coach and Founder of GymHub.com.au   Every month thousands of new trainers walk out of their 6-month course with the qualifications needed ...

Steve Grant - avatar Steve Grant

WHITE LABEL NOBA’s Winter 2016 season: Earth + Country

Taking cues from the warm winter colours of tobacco and caramel, and combining them with the strength of navy and the embracing lightness of whites and creams; and then...

Kath Rose - avatar Kath Rose

Former Etihad boss brings substantial event insight to PMY Group Board

Paul Sergeant PMY Group, the architects of the digital insurgency occurring at major venues across Australia and New Zealand, are delighted to welcome 35 year even...

Annie Konieczny - avatar Annie Konieczny

More training for coffee making than property sales: REINSW

Sydney 9 May 2016. An overhaul of education and training standards for the real estate profession must take place to help prevent illegal activities, according to the Rea...

Helen Hull - avatar Helen Hull