Articles Tagged with data breach

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Industry_Podcast_cover-update-final-bottom-300x169Brian Finch recently returned to Joel Simon‘s Industry Insights podcast to discuss the uptick in cyberattacks, data breaches perpetuating insider trading and strategies companies can employ to guard against these problems.

Joel Simon: It’s hard to believe it’s been more than 10 months since you joined us for a discussion of social engineering, fund diversion scams and a then recent escalation of state-sponsored cyberattacks. A lot has changed since then, but not surprisingly cyberattacks have increased and some of their aftereffects have had far-ranging implications. What are you seeing as the biggest threats today?

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As we discussed recently, the Equifax data breach has inevitably brought a great deal of scrutiny and legal action against the credit reporting agency. Amidst the numerous brewing class actions and other reactions from government agencies and state AGs, it’s worth pointing out another front on which the company—and more importantly, individuals within the company—may face legal consequences.

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Since September 7, 2017, Equifax, one of three credit rating agencies in the United States, has been dealing with the fallout from one of the largest (known) data breaches of personal information, putting 143 million Americans at risk from fraud and identity theft (roughly 44% of the U.S. population).

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ashley-madison-300x200On December 14, 2016, operators of online extramarital dating and social networking website AshleyMadison.com came to an agreement with the Federal Trade Commission, and several States, to settle FTC and related state charges that the website deceived consumers and failed to protect 36 million users’ account and profile information. As we discussed immediately following the July 2015 breach (and in several later posts) the data of some 36 million AshleyMadison.com accounts was posted online. It was reported by KrebsOnSecurity that the breach included the theft of user databases, financial records (including salary information), and other records from AshleyMadison, Cougar Life, and Established Men, three social networking web sites operated by the Toronto, Canada-based firm Avid Life Media, now known as Ruby Corp.

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FriendFinder Networks is a company in the adult entertainment, social networking, and online dating space. Several databases from FriendFinder Networks web sites with more than 412 million accounts, including usernames, e-mails, and passwords, have been breached and leaked.

Friend-finderNovember reports of this data breach on The Verge, LeakedSource and TechCrunch, to name a few, describe it as of one of the largest security breaches of 2016, and possibly the largest breach to date, surpassing the breach of approximately 360 million Myspace usernames, passwords and e-mail addresses reported earlier this year.

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data breach FTC

It seems like managing data breaches has become a part of doing business these days. From the October denial of service attack on Dyn (a company that provides core internet services to companies like Twitter, Spotify and Netflix) to the recent hacks of the Clinton campaign’s emails, data breaches are increasing in frequency, scope and cost. The average cost of a data breach increased to $4 million in 2015, and the 2016 Cost of Data Breach Study: Global Analysis published by IBM and the Ponemon Institute places the likelihood of a company having a material data breach involving 10,000 lost or stolen records in the next 24 months at 26 percent.

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Since my last post on the subject (“LinkedIn Grapples with the Ripples of a 2012 Data Breach”), there have been several developments related to LinkedIn’s 2012 data breach. First, in May, LinkedIn announced it has finished the process of invalidating passwords at risk, specifically LinkedIn accounts that had not reset their passwords since the 2012 breach:

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Last week on the official LinkedIn blog, the company’s chief information security officer, Cory Scott, reported the company had become aware of an additional set of data that has just been released consisting of e-mail and hashed password combinations of more than 100 million LinkedIn members. This recent release is related to a 2012 unauthorized access and disclosure of LinkedIn members’ passwords:

Yesterday, we became aware of an additional set of data that had just been released that claims to be email and hashed password combinations of more than 100 million LinkedIn members from that same theft in 2012. We are taking immediate steps to invalidate the passwords of the accounts impacted, and we will contact those members to reset their passwords. We have no indication that this is as a result of a new security breach. –Linkedin Official Blog, May 18, 2016

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