Cyber Law Watch – Page 32 – Insight on how cyber risk is being mitigated and managed across the globe

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

Dec 12 2017

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.

Cybersecurity in the age of the Internet of Things

Dec 06 2017

By Cameron Abbott, Keely O’Dowd and Harry Crawford

The Internet of Things (IoT) allows unprecedented interconnectivity for consumers, and unfortunately for those consumers, hackers as well.

The European Union Agency for Network and Information Security (ENISA) recently released a report to provide insight into the security requirements of IoT and good practices recommendations on preventing and mitigating cyber-attacks against IoT systems. The report even includes examples of IoT cyber security attack scenarios.

Amazon Web Services announces Internet of Things (IoT) security service

Dec 04 2017

By Cameron Abbott and Giles Whittaker

Amazon Web Services rolled out an IoT service called IoT Device Defender to limit risks from unsecured IoT devices. The service will monitor an entire fleet of devices for compliance policies and best practices. As such, an organization can set the normal operational parameters and policies for a given fleet of devices and then Device Defender will make sure those policies are enforced.

Uber hack – don’t tell anyone!

Nov 23 2017

By Cameron Abbott and Allison Wallace

It’s been revealed that Uber’s database has been hacked, with the personal information of more than 57 million users and drivers worldwide compromised. That’s a big number, but we are becoming increasingly numb to this kind of revelation, with all the cyber-leaks now making the news. What was the more astounding aspect of this particular incident is the fact it has taken Uber over a year to reveal the security breach – with the attack taking place in October 2016. Read More

Do you have a weak link in your supply chain?

Nov 21 2017

By Cameron Abbott and Keely O’Dowd

Nausicaa Delfas, Executive Director and Chief Operating Officer at the Financial Conduct Authority (UK) recently presented a speech at the Cyber Security Summit and Expo 2017 in London.

During her speech, Ms Delfas cited an issue that often comes up in her conversations with firms, business people or leaders – how to manage risk that ‘lies beneath the surface’.

A New Type of Cyberattack: AI-Powered Cyberattacks

Nov 17 2017

By Cameron Abbott and Harry Crawford

Researchers are warning that AI threatens to increase the sophistication and effectiveness of cyberattacks, according to a recent blog post by the Wall Street Journal.

The Essential Eight: Strategies for Security for Commonwealth Government Agencies

Nov 16 2017

By Cameron Abbott, Keely O’Dowd and Olivia Coburn

The Federal Parliament’s Joint Committee of Public Accounts and Audit, tasked with inquiring into the cyber resilience of certain Commonwealth entities has recommended that all such entities adopt a cyber security mitigation strategy called the Essential Eight. The Committee made this recommendation in its Report 467: Cybersecurity Compliance Inquiry based on Auditor-General’s report 42 (2016-17) (Report). Tarantino’s Hateful Eight is perhaps a little more convoluted than these simple touchstones of good practice. The Essential Eight are good reading for all enterprises, not just government agencies.

Impact of Cyberattack on Merck was $135 million

Nov 03 2017

By Cameron Abbott and Olivia Coburn

Drug and vaccine manufacturer Merck & Co Inc has quantified the impact of a cyberattack on its revenue at US$135 million. The company disclosed the figure in its third quarter earnings report.

The cyberattack occurred in June and forced Merck to halt production of its drugs.

Australian Government Contractor Data Breach

Nov 02 2017

By Cameron Abbott, Allison Wallace and Olivia Coburn

The personal details of almost 50,000 Australians have been published online by a third party government contractor, who is yet to be identified. And I guess you would feel a little shy about owning up to this one!

Open for business, ransomware authors and perpetrators cashing in on emerging dark web marketplace economy

Oct 24 2017

By Cameron Abbott and Giles Whittaker

The emergence of a booming dark web marketplace has facilitated the skyrocketing ransomware sales from US$249,287.05 in 2016 to US$6,237,248.90 as of September 2017, representing a growth rate of 2,502%. This rapid growth is in part due to not only the effectiveness of ransomware as a criminal enterprise but the increased availability to partake in such activities. According to a recent report by Carbon Black, The Ransomware Economy: How and Why the Dark Web Marketplace for Ransomware Is Growing at a Rates of More than 2,500% Per Year, there are 45,000 ransomware product lines at an average price of US$10.50 and includes various do-it yourself (DIY) kits.