Each week, PrivSec:Report presents the top 5 headlines from the week’s news and upcoming events in the privacy and security industry. This week it was revealed that the Equifax settlement fees continue to climb and the amount that cybercriminals cost the global economy has been revealed.
Pay the ultimate price
The 2017 breach is still causing Equifax quite a headache as it continues to pay out settlement fees, currently totalled at $700 million. The data breach has caused massive losses as a whole following the blunder with the company reporting a loss of $555.9 million in the first 3 months of 2019 against a net income of $90.9 million for the same timeframe last year. But bosses remain unconcerned with who actually caused the breach. Read the full story here.
One year on and still not compliant
A report released this week revealed that almost a third of companies in the EU are still not compliant with the GDPR with the main reasoning behind it being that they are “struggling to understand and implement” the regulation. 13% even admitted they “weren’t sure” if they were compliant or not. A partner of the firm that released the report stated that companies are feeling overwhelmed, describing it as “GDPR fatigue”. Read more about the report here.
Cyber Costs a Pretty Penny
This week we learnt the true cost of cybercrime – $2.9 million every minute. The report cited the most common cyber attacks included malvertising, supply chain attacks targeting e-commerce and phishing. The loss from phishing attacks alone costs $17,000 per minute, and the projected by-the-minute cost of global ransomware events in 2019 is $22,184. In total, cybercriminals cost the global economy a total of $1.5 trillion just last year. Read more about the report here.
Hand’s off my data
A New York Council member this week put forward a bill that would stop apps and mobile phone companies from passing on users’ geo-positioning data if that user is located in any of the city’s five boroughs. The news comes after the discovery that bounty hunters were purchasing location data provided by mobile phone companies to hunt down their targets. If passed, and then ultimately breached, there would be a $1,000 – $10,000 fine to pay. Read more about the proposed bill here.
Louisiana batten down its hatches
Today Louisiana declared a state emergency in response to a wave of ransomware attacks that has been targeting school systems. The Louisiana Cybersecurity Commission is currently drawing up an emergency response plan. The state of emergency will remain until the recovery process at the impacted schools are completed, or until August 21. Read more the full story here.
A must-read: An exclusive interview with David Carroll who features in the new Netflix documentary, The Great Hack, which follows the Cambridge Analytica scandal and those involved.
Quote of the week:
“I definitely believe that the Cambridge Analytica was a cataclysm in terms of causing an awakening”
-David Carroll, The Great Hack
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