Staying on top of news in the cybersecurity industry can sometimes feel like a full-time job in itself. Each day it seems as though another company has suffered a new data breach, we’re being warned of a new ransomware strain, or there’s a new scam to watch out for (unless you’re a MailGuard user).
To help, each month we’ll share a handful of posts from our social media that we found important or interesting. In no particular order, here’s a roundup of the stories that grabbed our attention in July:
- Private Insurance Companies are Backing Out of Covering Cyberattack Damages, US Watchdog Says
The Government Accountability Office are calling for a federal cyber insurance option after private insurance companies across the US have made it clear they are no longer willing to pay out for damages associated with cyberattacks.“This decision will leave a lot of American businesses vulnerable to financial loss unless the US government creates an insurance model that can benefit both the private insurance companies and the businesses.”
Read more here: https://www.theverge.com/2022/6/23/23180115/gao-infrastructure-catastrophic-financial-loss-cyberattacks-insurance
- Australia’s Major Banks Look to Dynamic CVV to Combat Payment Fraud
Three of Australia’s ‘Big Four’ banks, NAB ANZ and Westpac have now introduced dynamic card verification value (CVV) in response to growing cybercrime and card fraud rates across the country. In the 12 months that led to June 30, 2021, payment fraud via card transactions cost Australians more than $490 million.With dynamic CVVs, “the three verification digits of a digital payment card routinely change for greater online security”. Westpac introduced the feature in 2020 and in this time, Head of Fraud, Benjamin Young says the bank has seen an 80% reduction in fraud in comparison to customers who only use a static CVV.
Read more here: https://www.itnews.com.au/news/australias-major-banks-look-to-dynamic-cvv-to-combat-payment-fraud-582304
- Fewer Fall Victim to Data Breaches as Attackers Switch to Business in 2022
New research from the Identity Theft Resource Centre has shown the number of victims from data breaches is down 45% in H1 2022 compared to the first half of last year, which saw record breaking numbers.However, it’s not all good news. “Researchers suggest this is partially down [to] a switch by criminal hackers away from individuals. Instead, they are targeting businesses through vectors including supply chain attacks and business email compromise. Criminal groups appear to be focusing on companies, government agencies and institutions.”
The research also showed that phishing remains the leading cause of data breaches. There’s truly never been a better time to fortify your business’s email defences.
Read more here: https://www.infosecurity-magazine.com/news/fewer-victim-data-breaches/
- Carnival Fined US$5m for Cybersecurity Violations
Carnival Cruises have joined a growing list of businesses facing repercussions for inadequate cybersecurity, after having been fined USD $5 million for their handling of four data breaches between 2019 and 2021. For one of the breaches, the cruise line was sued by 46 attorneys general, for which they reached a USD $1.25 million settlement.New York's Department of Financial Services have said that Carnival Cruises failed to report one breach and “violated a state cyber security regulation by failing to use multi-factor authentication that would make it harder for wrongdoers to access its internal network.”
Read more here: https://www.itnews.com.au/news/carnival-fined-us5m-for-cyber-security-violations-581881
- Veterans Complete SANS Cyber Course
SANS Institute’s innovative Veteran Cyber Academy is celebrating its’ first class graduating in a ceremony held at the Australian War Memorial in Canberra. The security training and certifications provider offers a 16-week program to Australian veterans with minimal cyber security experience in the hopes of creating career opportunities beyond the Australian Defence Force while also working to address the skills shortage in the industry.
“These students have shown an incredible level of high achievement with GFACT exam scores, averaging at 87 per cent and the highest score being 97 per cent, well above the industry norm,”
Read more here: https://www.cybersecurityconnect.com.au/defence/8029-veterans-complete-sans-cyber-course
The MailGuard team attempts to make your professional life that bit easier by sharing important stories and industry updates across multiple channels.
- Follow our CEO, Craig McDonald on his LinkedIn and Twitter, for a mix of the two, as well as polls and professional insights.
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