Cyber Security

Cisco Study Finds Privacy is Now Mission Critical for Organisations Worldwide

Published

2 years ago

March 7, 2022

Cisco published its 2022 Data Privacy Benchmark Study, an annual global review of privacy corporate practices, on the impact of privacy on organizations and their views towards data privacy. The 2022 report found that privacy is mission-critical, as 90 percent consider privacy a business imperative. The survey showed privacy investment continues to rise and organizations see a high return on investments from privacy spending.

Privacy has become a true business imperative and a critical component of customer trust for organizations around the world. For the second year in a row, 90 percent of the respondents said they would not buy from an organization that does not properly protect its data, and 91 percent indicated that external privacy certifications are important in their buying process.

“The study shows that privacy is increasingly becoming a fundamental responsibility for security professionals. This year, findings show that aligning privacy with security generates financial and other benefits,” said Fady Younes, Cybersecurity Director – Cisco Middle East and Africa. “Privacy continues to rise in importance for organizations, regardless of their size or location,” Younes added.

Privacy’s Return on Investment (ROI) remains high for the third straight year, with increased benefits for small to medium size organizations. More than 60 percent of respondents felt they were getting significant business value from privacy, especially when it comes to reducing sales delays, mitigating losses from data breaches, enabling innovation, achieving efficiency, building trust with customers, and making their company more attractive.

Respondents estimate their ROI to be 1.8 times spending on average. While this continues to be very attractive, it is slightly less than last year (1.9 times spending). This could be due to ongoing needs in responding to the pandemic, adapting to new legislation, uncertainty over international data transfers, and increasing requests for data localization.

Privacy legislation continues to be very well received around the world even though complying with these laws often involves significant effort and cost (e.g., cataloging data, maintaining records of processing activities, implementing controls – privacy by design, responding to user requests). Eighty-three percent of all corporate respondents said privacy laws have had a positive impact, and only 3 percent indicated the laws have had a negative impact.

As governments and organizations continue to demand further data protection, they are putting in place data localization requirements. Ninety-two percent of survey respondents said this has become an important issue for their organizations. But it comes at a price – across all geographies, 88 percent said that localization requirements are adding significant cost to their operation.

Finally, when it comes to using data, 92 percent of survey respondents recognize that their organization has a responsibility to only use data in a responsible manner. And nearly as many (87 percent) believe they already have processes in place to ensure automated decision-making is done in accordance with customer expectations.

Yet, Cisco’s 2021 Consumer Privacy Survey showed many individuals want more transparency and 56 percent are concerned about the use of data in AI and automated decision-making. Forty-six percent of surveyed consumers felt they cannot adequately protect their data, chiefly because they do not understand what organizations are collecting and doing with their data.

Cyber Security

Data Stealers Are Hunting for User Credentials, Says Kaspersky

Published

1 week ago

April 18, 2024

Edward Frank

As the malware development market continues to flourish with new stealers such as Lumma, for the last three years Redline still remains the dominant data-stealing malware used by cybercriminals. More than half of every device (55%) targeted by password-stealer attacks in 2023 has been infected with the Redline malware, Kaspersky Digital Footprint Intelligence finds.

Infostealers infiltrate devices to illicitly obtain sensitive credentials such as logins and passwords, which are then peddled on the shadow market, posing significant cybersecurity threats to personal and corporate systems. According to information gleaned from log files traded or distributed freely on the dark web, Redline was used in 51% of infostealer infections from 2020 to 2023. Other notable malware families included Vidar (17%) and Raccoon (nearly 12%). In total, around 100 distinct infostealer types were identified by Kaspersky Digital Footprint Intelligence between 2020 and 2023 using metadata from log files.

The underground market for data-stealing malware development is expanding, evident from the rising popularity of new stealers. Between 2021 and 2023, the portion of infections caused by new stealers grew from 4% to 28%. Specifically, in 2023, the new “Lumma” stealer alone was responsible for more than 6% of all infections.

“Lumma emerged in 2022 and gained popularity in 2023, through a Malware-as-a-Service (MaaS) distribution model. This means any criminal, even those without advanced technical skills, can purchase a subscription for a pre-made malicious solution and use this stealer to carry out cyberattacks. Lumma is primarily designed for stealing credentials and other information from cryptocurrency wallets, commonly spread through email, YouTube, and Discord spam campaigns,” said Sergey Shcherbel, an expert at Kaspersky Digital Footprint Intelligence.

To guard against data-stealing malware, individuals are advised to use a comprehensive security solution for any device. This will help prevent infections and alert them to dangers, such as suspicious sites or phishing emails that can be an initial vector for infection. Companies can help their users, employees and partners protect themselves from the threat by proactively monitoring leaks and prompting users to change leaked passwords immediately.

Channel Talk

AmiViz Joins Signs Up with Abstract Security

Published

1 week ago

April 18, 2024

Chris Fernando

AmiViz has forged a partnership with Abstract Security, a cyber threat operations platform offering a revolutionary approach to security analytics that allows organisations to improve efficiency, reduce SIEM-related storage costs, and enhance detection and response capabilities across multi-cloud and on-premise environments. The Abstract platform disrupts traditional cybersecurity analytics with its innovative approach, challenging the limitations of conventional Security Analytics systems. Abstract Security offers a transformative cyber threat operations platform in an era marked by compliance-induced data swamps and redundant data storage.

“Engineered to streamline security analytics, it enhances detection and response capabilities across diverse IT environments, including multi-cloud and on-premise setups. By integrating tactical artificial intelligence (AI), Abstract empowers security analysts to decode complex cloud security data, improving detection strategies and filling visibility gaps. Pioneering initiatives like the decentralized edge computing platform and a one-click data lake further solidify Abstract Security’s position as a visionary player in cybersecurity,” the company said.

“The strategic expansion into Middle Eastern markets aligns with the region’s growing demand for advanced cybersecurity measures. With rapid digital transformation and increased cyber threats, the Middle East presents a significant opportunity for Abstract Security. Government investments in cybersecurity infrastructure and the adoption of IoT technologies amplify the demand for efficient, AI-driven security solutions,” the company added.

Ilyas Mohammed, COO at AmiViz, said, “Our partnership with Abstract Security heralds a new era in cybersecurity analytics. By leveraging their innovative solutions, we empower our clients with proactive threat management capabilities that surpass traditional systems. Together, we redefine industry standards, ensuring robust protection against evolving cyber threats and bolstering our position as leaders in the cybersecurity landscape.”

Richard Betts, Vice President of International Business at Abstract Security, commented on the strategic alliance, stating, ‘Our collaboration with AmiViz in the Middle East is more than a partnership; it’s a synergy of strengths. This venture not only amplifies our presence in a region but also marks a significant step in our journey to broaden Abstract Security’s international reach.

The companies claimed that the solutions are tailored for large enterprises in critical sectors like finance, oil and gas, telecommunications, MSSP and government, to address unique cyber threats. Abstract Security said it aims to integrate its solutions in local markets deeply through a channel-focused distribution strategy, empowering channel partners and addressing evolving security needs. The company added that it has partnered with AmiViz to provide comprehensive support, including technical training, marketing assistance, and dedicated account management, further strengthening Abstract Security’s position in the GCC markets.

Abstract Security’s partnership with AmiViz allows Middle Eastern channel partners to revolutionize security analytics, transcending traditional SIEM systems and compliance burdens. Together, they set a new standard for cybersecurity analytics, paving the way for proactive and predictive security measures. This partnership aims to position the Middle East as a cybersecurity stronghold, contributing to its global leadership in cybersecurity.

Cyber Security

Check Point Software Technologies to Participate at GISEC 2024

Published

1 week ago

April 17, 2024

Chris Fernando

Check Point Software Technologies has announced its participation at the Gulf Information Security Expo & Conference (GISEC) 2024, scheduled from April 23rd to April 25th, 2024, at the Dubai World Trade Centre. As cyber threats continue to evolve rapidly, the need for advanced cybersecurity solutions has never been more pressing. With the United Arab Emirates experiencing an average of 1,207 cyberattacks per organization each week over the last six months—surpassing the global average—Check Point Software is set to showcase its flagship Check Point Infinity Platform at GISEC 2024.

This platform, which is at the forefront of AI-powered, cloud-delivered cybersecurity, has been specifically designed to meet the modern challenges of an evolving threat landscape, providing comprehensive protection, consolidated operations, and collaborative communication capabilities. Visitors can explore these solutions at booth #C39 in Hall 7, where the following highlights will be featured:

Check Point Infinity Playblocks: Automatically triggers preventive actions upon detecting an attack, swiftly containing threats through a consolidated, cloud-based security platform.
Check Point Infinity AI Copilot: Enhances the efficiency of security teams by leveraging AI to automate complex tasks and deliver proactive security solutions.
Check Point UAE Infinity Portal: Tailored to meet the needs of organizations of all sizes while fully adhering to the UAE’s data privacy regulations.

Ram Narayanan, Country Manager at Check Point Software Technologies Middle East, commented, “Our participation at GISEC 2024 underscores our commitment to bolstering cybersecurity defences in the region. The Check Point Infinity Platform, with its AI-powered threat prevention and cloud-delivered threat intelligence, is critical for organizations needing robust solutions to protect their assets. We look forward to engaging with customers and partners to discuss how these innovations can enhance cybersecurity resilience.”

Additionally, at GISEC 2024, Check Point Software will focus on strengthening relationships with customers and partners. This commitment highlights the company’s ongoing effort to provide advanced cybersecurity solutions in the region. Check Point Software is eager to meet with attendees, discuss their security challenges, and explore how it can help organizations enhance their defences, prevent cyber-attacks, and protect their critical assets.