- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Businesses unnecessarily storing massive amounts of useless data create a “data hoarding” situation hackers love to exploit, according to a cybersecurity expert.
On average, two-thirds of the data stored by businesses is not needed and should be destroyed, said Tim Ayling, vice president of cybersecurity for Europe, Middle East, and Africa at information technology security company Imperva. Holding on to data creates vulnerabilities for businesses by giving cyberattackers more avenues to access an organization’s computer systems.
The more data a business has, the broader its attack surface is, meaning there are more possible vulnerabilities available for a hacker to exploit. If hackers can get access anywhere on a system, it might allow them to gain entry to other areas and extract other data they want.
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The United States and United Arab Emirates finalized an agreement to work together to safeguard the financial sector from cyberattacks.
The furor over NatWest Group’s decision to monitor and close the account of right-wing Brexit campaigner Nigel Farage—and then disclose the details to a journalist—has raised questions regarding whether other banks employ the same means to get rid of undesirable customers.
Draft risk assessment regulations under the California Consumer Privacy Act are designed to prohibit businesses from handling consumer data if uncontrolled risks—to the security and privacy of the consumer, the public, or the business—outweigh the benefits.
Insurers embracing artificial intelligence-based technologies might pose serious risks to companies buying insurance if the risk data used to price their insurance premiums is used to train AI algorithms or shared on commonly used chatbots like ChatGPT.
Risks posed by money laundering and the financing of terrorism have dramatically increased in Singapore, according to a recent survey of the city-state’s financial institutions conducted by the Monetary Authority of Singapore.
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.
