New York state's financial regulator has reportedly subpoenaed Equifax - in the wake of it suffering a breach affecting 143 million U.S. consumers - seeking extensive documentation, including when and how the credit-reporting agency discovered the breach and responded.
It's the age of "open banking," and that means changes for banking institutions and their customers - as well as for the fraudsters. Shaked Vax of IBM Security Trusteer talks about new vulnerabilities and anti-fraud strategies.
Organizations that must comply with Europe's GDPR need to identify gaps in their ability to meet various requirements, including making prompt breach notifications and gaining consumers' consent to store their data, says Sunil Chand of Grant Thornton.
Freedom of Information requests sent to 430 U.K. local government councils by Barracuda Networks found that at least 27 percent of councils have suffered ransomware outbreaks. Thankfully, almost none have paid ransoms, and good backup practices appear widespread.
In North America, many organizations mistakenly believe the European Union's General Data Protection Regulation won't impact them, says Robert Mills of the Information Security Forum. "If they are multinational and holding EU data, it does apply to them," he points out.
Information security professionals to the U.S. government: Please put up or shut up over Moscow-based cybersecurity firm Kaspersky Lab, by either showing evidence that others can independently judge, or else dropping your vague insinuations.
Equifax is facing increased scrutiny from Congress, including a bill that would mandate free credit freezes for consumers, on demand. But a true fix would require Congress to give U.S. government consumer watchdogs more power.
What do you do if you're the CEO of a credit bureau that's suffered a massive breach, leading to Congressional probes, dozens of lawsuits, formal investigations by state attorneys general and calls for your resignation? Answer: Issue an apology via USA Today.
The notion of patching the most critical vulnerabilities is outdated and ineffective thanks to today's black market for exploit kits, says Kevin Flynn of Skybox. Evaluating the exposure and context of holes in your organization is crucial to shoring up defenses, he says.
If the Equifax breach turns out like every other massive data breach we've seen for more than a decade, after a big brouhaha - from Congress, state attorneys general, consumer rights groups and class-action lawsuits - nothing will change, because that would require Congress to give Americans more privacy rights.
The massive Equifax data breach has already led to the filing of more than 30 lawsuits against the data broker - one demanding up to $70 billion in damages. At least five state attorneys general have launched formal investigations, while several Congressional committees have promised hearings.
A 10-digit PIN used by consumers to freeze access to credit reports with Equifax is based on dates and times, several observers have noticed. Equifax says it plans to change how the PIN is generated, but experts say it's another troubling development for a troubled company.
The Equifax breach revealed on Thursday is more significant that other mega-breaches because of the nature of the data that was potentially exposed, says cybersecurity attorney Imran Ahmad. He'll be a featured speaker at ISMG's Toronto Fraud & Breach Prevention Summit on Tuesday.