Know-How

Data thefts keep rising in spite of investment in security tools and services

Do corporations really care about your security?

Lou Covey

“Your security is important to us,” is a common phrase on corporate websites and emails, usually after some data breach that affects customers. To prove that statement, corporations invest billions of dollars in the cybersecurity industry. Most market projections say the industry is worth about $180 billion. About 15 percent of that market goes to data security. But all the indications are that we are losing the war in personal identity security That leaves is with the question: Do corporations really care about customer security?

Probably not

US Department of Health and Human Services reported recently that. in the US, there have been 2,213 breaches since 2020, with 152.1M affected individuals. That is almost half of the American population. But that is just breaches involving medical data.

The FBI reports, in the same period, more than 350 million stolen personal information records, exceeding the known population of the country. Worldwide, the number of personal identity information (PII) records exceeds one billion people.

So how bad is it? “I always tell people assume your social security number has been breached. Just assume that,” said John Meyer, senior director for Cornerstone Advisors, an organization providing security consultation to financial organizations.

So we are spending tens of billions of dollars to protect data from exfiltratation on almost a weekly basis from attacks bypassing current defenses. Is it worth the investment? Does protecting that data even matter?

Well, yes… sort of

Data security professionals say it is and it does. Communications, industry intellectual property, state secrets, and control of crucial systems must still be protected. Most professionals we talked to cite ransomware attacks as the primary reason for investing in security precuts and services.

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FBI statistics showing the break down of elder fraud. $1.2 million in investment scams is on the top. which is twice as much as the second, tech support scams

Elder fraud festers out of control

Lou Covey

As legislatures around the world try to get a handle on the growth of ransomware, another category of cybercrime is festering out of control: Elder fraud.
The FBI’s Internet Crime Complaint Center (IC3) reported more than 100,000 people in the US, 60 years and older, lost $3.4 billion total to digital scams. The IC3 pointed out that the elderly are half as likely to report a loss. So the actual crimes and losses are probably much higher.

In contrast, the total ransomware payouts last year from reporting companies was $1.1 billion according to Chainanalysis. While the total number of fraud reports to the IC3 appears to have leveled off after years of growth, elder fraud increased by 14 percent year on year.

“Combatting the financial exploitation of those over 60 years of age continues to be a priority of the FBI,” wrote FBI Assistant Director Michael D. Nordwall, who leads the Bureau’s Criminal Investigative Division, in the report. “Along with our partners, we continually work to aid victims and to identify and investigate the individuals and criminal organizations that perpetrate these schemes and target the elderly.” 

Who is vulnerable?

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Hacker taking control of Marriott Hotel customer data

Third-party security is almost impossible

Lou Covey

There are many themes arising for the RSA Conference next week including tools and services to protect against originating with unsecured third parties in the supply chain. That is a crucial issue in every industry especially with almost every company doing business with a supplier in the cloud. But the scope of the problem is almost impossible to resolve. The reasons are myriad.

With every Fortune 1000 business and government agency doing business with tens of thousands of third-party suppliers, the odds of finding one chink in the security protocols are very good for the criminals and state actors looking to do damage.

Social engineering can easily bypass the strongest technical defenses. It only takes a single lapse in digital hygiene to open the door to man-in-the-middle attacks, invite malware injections, and launch credential stuffing. It is also the favorite strategy of ransomware gangs.

Ransomware grabs headlines and remains highly lucrative for ransomware gangs. When compared to other forms of cybercrime, however, ransomware is really a minor issue. There are more than 33 million small businesses (under $100 million in revenue) operating in the United States alone representing 99 percent of all businesses. However, according to a study produced by the Black Kite Research and Intelligence Team, less than 5000 of them experienced a successful ransomware attack in the last 12 months...

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IAM in a shifting environment

Apu Pavithran

The fourth annual Identity Management Day (April 9) brought the opportunity to assess and evaluate the shifting environment plaguing Identity and Access Management (IAM).

Identity plays a pivotal role in all facets of business functions. Overseeing identity and access presents challenges in determining who should have access to what.
This process requires a contextual understanding of the roles and duties of numerous individuals within an organization, ranging from system owners and supervisors to IT, security, and compliance personnel. Managing access between all these stakeholders and decision-makers while mitigating human error, minimizing excessive permissions, and preventing inappropriate access configurations presents a formidable task.

As workforces evolve, managing access privileges becomes even more complex, raising the risk of insider threats and unauthorized access. Understanding identity management is crucial across all business activities, especially with the rise of hybrid and remote work setups.

A strong IAM strategy requires enterprises to maintain a centralized and consistent view of all devices, resources, data, and users, along with timely provisioning of access to different users. When any of these elements are insufficiently operated, both the level of cybersecurity and the quality of user experience are jeopardized.

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