Category: Report & Surveys

1
Cybersecurity: location, location, location
2
Cyber-criminals outspend organisations more than 10 times in bid to find cybersecurity weaknesses – who says cyber-crime doesn’t pay?
3
Research reports say risks to smartphone security aren’t phoney
4
Report savages US Government agencies’ cybersecurity efforts
5
Report says Digital Rights are Human Rights
6
Over half of notifiable data breaches caused by human error
7
Cybersecurity vulnerability revealed after NSW Government agency’s 49-day hack
8
De-identification of Data and Privacy
9
Cybercrime most costly to financial services
10
One-third of US businesses suffer data breaches: How will you protect yourself?

Cybersecurity: location, location, location

Authors: Cameron Abbott and Sara Zokaei Fard

According to a report published by BitSight on 4 December 2018, “Are the New European Cybersecurity Regulations Working?”, Europe is one of the only exceptions to a global decline in security performance. There are regular occurrences of cybersecurity compromises around the world, with some sectors such as Technology consistently performing weaker than others. Companies in the Finance sector continue to be the world’s strongest cybersecurity performers, due to their high regulative overlay. While “continental cybersecurity performance continues to decline”, in Europe, cybersecurity performance is improving to an extent unlike any other continent in the world.

The General Data Protection Regulation (GDPR) officially went into effect in the European Union in May 2018. The GDPR is a landmark European Union law, that sets significant punitive fines at up to 4% of global revenue if organisations do not implement a broad set of cybersecurity requirements in certain circumstances. In the months following the implementation of the GDPR, European security performance has consistently improved and now significantly surpasses all other continents. In this same time frame, Oceania’s cybersecurity performance has spiralled downwards.

BitSight states “the chorus for GDPR-style regulation is growing internationally”. The statistics certainly support this.  However others argue that countries like the US demonstrate significant competitive advantage in developing highly valuable big data and social media intellectual property because of the lower regulatory environment encouraging innovators.  The value to economies of these industry segments is significant.

Cyber-criminals outspend organisations more than 10 times in bid to find cybersecurity weaknesses – who says cyber-crime doesn’t pay?

By Cameron AbbottRob Pulham and Colette Légeret

Cyber attackers are able to search for that one weak link in corporations defences whereas corporates have to create a completely strong chain of defence against every possible scenario.  This asymmetrical fight would you think mean organisations would have to outspend attackers by many multiples.

However, according to software company, Carbon Black, the situation is worse than that because it appears that cyber criminals are outspending corporation!  Cyber-crime is big business, and as such, cyber-criminals are spending an estimated $1 trillion each year on finding weaknesses in the cyber defences of organisations and developing new ways of attacking them, in comparison to the $96 billion spent by organisations in an attempt to secure themselves from these cyber-attacks.

Read More

Research reports say risks to smartphone security aren’t phoney

By Rob Pulham, Warwick Andersen and Sarah Goegan

Beware! Your favourite apps may be putting your phone and data at risk. Reports from Allot and BitSight have examined rising threats to the security of our mobile devices.

Read More

Report savages US Government agencies’ cybersecurity efforts

By Cameron Abbott and Sarah Goegan

You would think government agencies would have a keen focus on cybersecurity risks, but apparently not! A report by the United States Office of Management and Budget (OMB) has found that nearly three-quarters of Federal agencies reviewed have either “at risk” or “high risk” cybersecurity arrangements. 71 of 96 agencies assessed were either missing, had insufficiently deployed or had significant gaps in their fundamental cybersecurity policies, processes or tools.

Read More

Over half of notifiable data breaches caused by human error

By Warwick Andersen, Rob Pulham and Keely O’Dowd

Following on from Friday’s blog, we have looked at a particular aspect of the Office of the Australian Information Commissioner’s Notifiable Data Breaches Scheme quarterly report in more detail.

Read More

Cybersecurity vulnerability revealed after NSW Government agency’s 49-day hack

By Cameron Abbott and Harry Crawford

The NSW Government’s vulnerability to hacking has been exposed in a report by state’s auditor-general, in which it was revealed that one government agency took 49 days to shut down a hack.

This hack started with an email account of the unnamed agency being compromised and used to send out “phishing” emails to get the credentials of finance staff members. By day 20, 300 staff had clicked on the bogus link in the phishing email. 200 email accounts ended up being under the control of the hackers.

Read More

De-identification of Data and Privacy

By Cameron Abbott, Keely O’Dowd, Giles Whittaker and Harry Crawford

As promised in a previous blog post, K&L Gates have performed an in-depth analysis of the risks of relying on de-identification of data to protect privacy, in the wake of researchers successfully re-identifying de-identified medical data that was released by the Australian Department of Health in 2016.

Read the article on the K&L Gates HUB here.

Cybercrime most costly to financial services

By Cameron Abbott and Keely O’Dowd

A study by Accenture and Ponemon Institute – Cost of Cyber Crime Study: Insights on the security investments that make a difference – found cyberattacks cost financial service firms more to address and contain than in any other industry. The rate of breaches in the industry has tripled in the past five years. On average, the cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years, from $12.97 million per firm in 2014 to $18.28 million in 2017.

Read More

One-third of US businesses suffer data breaches: How will you protect yourself?

By Cameron Abbott and Harry Crawford

A recent survey has shown that nearly one-third (29%) of US businesses experienced a data breach in the previous year.

The Hartford Steam Boiler Inspection and Insurance Company, part of global reinsurer Munich Re, conducted the survey which shows that 8 in 10 affected businesses spent at least $5,000 to respond. 27 percent of the businesses spent between US$5,000 and US$50,000 to respond to the data breach and 30 percent spent between US$50,000 and US$100,000, and a considerable portion spent even more than that. The costs were not only directly financial, with two-thirds of the affected businesses reporting their reputation was negatively impacted.

Read More

Copyright © 2018, K&L Gates LLP. All Rights Reserved.