As we head into 2018, a trio of issues is coming together to produce a perfect storm of cyber security concerns that promises a boom for spending on cyber security vendors and managed service providers.
The Equifax cyber security breach is big news right now. Here are a few of the relevant facts:
Another day another major cyber security story. This time it is ‘big four’ accountancy and consultancy firm Deloitte that has been affected. All the more embarrassing for them because Deloitte provides high-end cyber security advice to some of the world’s biggest banks, multinational companies, media enterprises, pharmaceutical firms and government agencies.
A recent court decision, involving the UK’s first ever data breach class action, has significant data protection implications for every business in the country that holds personal data on employees, customers or suppliers. The decision opens the way for victims of data breaches to sue those who hold the data, even if it has been leaked criminally by an employee.
As Mark Zuckerberg and Facebook are finding out right now, how you handle individual personal data is becoming a very hot topic. Zuckerberg has just been forced to apologise for the way in which a third party, Cambridge Analytics, has misused sensitive personal data about the lifestyle choices and political views of Facebook users.
An estimated $30bn has been wiped off the share value of Facebook in just a few days, for something that they did not even do themselves, but which they allowed others to do through harvesting information from their platform.
New academic research into the cyber crime economy has revealed that cyber gangs are now starting to copy the platform capitalism models of successful businesses like Uber and Amazon. Just like these legitimate companies, cyber criminals use data as the principal commodity they trade in, acquiring data about individuals and then selling it on to other criminal gangs for use in identity theft based fraud.