Cover loopholes against data theft, Verizon advises

Business | 11 Jun 2019 5:54 pm

Cybersecurity is more relevant than ever, and businesses moving to the cloud should take measures against data breaches, said Verizon’s Asia-Pacific managing principal Ashish Thapar.

This is alll the more important considering that more virtual banks are awaiting approval for licenses from the Hong Kong Monetary Authority after Livi VB, SC Digital Solutions and ZhongAn Virtual FinanceVB, were given the approval.

C-level executives with access to a company’s most sensitive information are the main targets of cybercrime, according to Verizon’s data breach investigations report.

Ransomware attacks, such as wiping and withholding company data remain strong as the second most commonplace after C2 “command and control” attacks.

Thapar said the first instances of multi-layered attacks are not technically sophisticated, for instance, using stolen credentials of executives to send out urgent emails to wire money to a client.

Verizon’s director of investigative response, Christopher Novak, said companies should ensure configuration is done well on cloud vendors, and many breaches can be thwarted simply if businesses configure the right security settings available and are aware of unpatched loopholes.

 

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