Compliance in the era of big data

SC Magazine: In our day and age, compliance must be a priority to security teams as data protection has become critical to companies. The average cost of a breach is now over $4 million, according to IBM’s annual “Cost of a Data Breach” report. But the cost is more than double in industries like healthcare, where the average breach costs over $9 million. Compliance violations and its rising cost has become a major component in the increasing costs. As businesses gather unprecedented amounts of data, they are not paying attention to where data is stored and how it’s secured. Governments are starting to crack down on these data violations and companies will continue to be fined huge amounts of money unless they are proactive with security measures. 

Nearly one billion people in China had their personal data leaked, and it’s been online for more than a year 

CNN: Is this the largest personal data hack of all time? Up to one BILLION Chinese citizens had their personal information left unsecured online for over a year. An anonymous hacker offered to sell the data for 10 bitcoin (~$200,000 USD) on a hacker forum and this brought wider attention to the data breach. Stolen information included billions of phone calls to the Shanghai police and sensitive personal information of Chinese nationals. While the government has improved online user data privacy protections recently, experts are unsure it can be applied to the Chinese state.  

More: WSJ ($) | Washington Post ($) | Bloomberg

Feds Warn of Threat of Maui Ransomware Attacks By North Korean State-Sponsored Hackers

HIPAA Journal: In other news from Asia…. A joint announcement was made by the Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the U.S. Department of the Treasury (Treasury) on Maui ransomware, which has been used by North Korean cyber actors. These state-sponsored actors are attacking U.S. healthcare and public health sectors since 2021. These attacks have caused major disruptions to healthcare organizations and due to this, these businesses are more likely to pay ransom, which is why these sectors continue to be targeted. 

More: @FBISanFrancisco | Justice Department | CISA