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41% of Cyberattack Victims Suffer Data Breach

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  • 41% of Cyberattack Victims Suffer Data Breach

Sophos, a global network and endpoint security firm has released findings of its latest survey, which showed that 41 per cent of cyberattack victims suffer from severe data breach.

It also revealed that phishing emails impacted 53 per cent of those hit by cyberattack, and Ransomware impacted 30 per cent of attacked victims.

The report stated that the situation was getting worse as Information Technology (IT) managers were struggling to keep up with such cyberattacks globally.

The report revealed that IT managers were inundated with cyberattacks coming from all directions and were struggling to keep up due to lack of security expertise, budget and up to date technology.

The survey polled 3,100 IT decision makers from mid-sized businesses in the US, Canada, Mexico, Colombia, Brazil, UK, France, Germany, Australia, Japan, India, and South Africa

The Sophos survey showed how attack techniques were varied and often multi-staged, increasing the difficulty to defend networks.
One in five IT managers surveyed didn’t know how they were breached, and the diversity of attack methods means no one defensive strategy is a silver bullet, the report stated.

Analysing the report, Principal Research Scientist at Sophos, Chester Wisniewski, said: “Cybercriminals are evolving their attack methods and often use multiple payloads to maximise profits.

“Software exploits were the initial point of entry in 23 percent of incidents, but they were also used in some fashion in 35 per cent of all attacks, demonstrating how exploits are used at multiple stages of the attack chain. “Organisations that are only patching externally facing high-risk servers are left vulnerable internally and cybercriminals are taking advantage of this and other security lapses.”

The wide range, multiple stages and scale of today’s attacks are proving effective, it noted.

For example, it showed that 53 per cent of those who fell victim to a cyberattack were hit by a phishing email, and 30 per cent by ransomware. Similarly, 41 per cent said they suffered a data breach, while 75 per cent of IT managers consider software exploits, unpatched vulnerabilities and/or zero-day threats as a top security risk, according to the report, which added that 50 per cent consider phishing a top security risk.

It, however, stated that only 16 per cent of IT managers consider supply chain a top security risk, exposing an additional weak spot that cybercriminals would likely add to their repertoire of attack vectors.

“Cybercriminals are always looking for a way into an organisation, and supply chain attacks are ranking higher now on their list of methods.

“IT managers should prioritise supply chain as a security risk, but don’t because they consider these attacks perpetrated by nation states on high profile targets.

“While it is true that nation states may have created the blueprints for these attacks, once these techniques are publicised, other cybercriminals often adopt them for their ingenuity and high success rate,” Wisniewski said.

According to him, “Supply chain attacks are also an effective way for cybercriminals to carry out automated, active attacks, where they select a victim from a larger pool of prospects and then actively hack into that specific organisation using hand-to-keyboard techniques and lateral movements to evade detection and reach their destination.”

According to the Sophos survey, IT managers reported that 26 per cent of their team’s time was spent managing security, on average, yet, 86 per cent agreed that security expertise could be improved and 80 per cent of them want a stronger team in place to detect, investigate and respond to security incidents.

“With cyber threats coming from supply chain attacks, phishing emails, software exploits, vulnerabilities, insecure wireless networks, and much more, businesses need a security solution that helps them eliminate gaps and better identify previously unseen threats.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Fintech Companies Raised $554 Million in Investment Last Week

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Financial Technology Firms Raised $554 Million Investment Capital Last Week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.

A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.

Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.

Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.

Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.

On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.

Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”

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Snapchat Adds 39 Million Daily Active Users YoY Representing 18% Growth

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Snapchat Daily Users Increase by 39 Million YoY, a 18 Percent Increase

Data presented by Buy Shares indicates that Snapchat daily active users have grown by 39 million on a Year-Over- Year basis. The addition represents a growth of 18.57%.

Pandemic spurs Snapchat’s DAU growth

During Q3 2019 the daily active users stood at 210 million while the figure was 249 million as of Q3 2020. Between Q3 2018 and Q3 2020 Snapchat’s daily active users have grown by 33.87%.

After witnessing a rise in daily active users the numer slumped between Q1 2018 and Q4 2018 with a percentage drop of 2.61%.

The research also overviewed Snapchat’s number of daily active users based on regions. As of Q3 2020, North America recorded the highest number at 90 million, a growth of about 7% from a similar period last year.

Commenting on the recent surge in Snapchat’s daily active users, Buy Shares researcher Justinas Baltrusaitis said:

After taking a dip in users around 2018 Snapchat began witnessing a steady rise from the end of last year. The platform’s 2020 numbers have been boosted by the coronavirus pandemic.During the health crisis, most people were confined to their homes and turned to social platforms like Snapchat for entertainment.”

Europe has 72 million active daily users as of Q3 2020, a growth of 10% from Q3 2019. Elsewhere during Q3, 2020 the rest of the world had 87 million daily active users.

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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

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UK Imposed €132.7 Million of GDPR Fines, more than Germany and Italy Combined

The General Data Protection Regulation (GDPR) continues causing hefty fines and penalties for businesses and organizations across European countries even two years after coming into force.

According to data presented by Buy Shares, the United Kingdom tops the list of the most expensive data breach penalties with €132.7 million in total value of GDPR fines, more than German and Italy combined.

Cumulative Value of GDPR Fines Hit €344 Million, a €119 Million Increase in 2020

The primary reason for such a high cumulative value of GDPR fines in the United Kingdom is the data breach penalty imposed by the UK’s data protection authority, ICO, to Marriott International. In November 2018, the American multinational company was fined with €110.4 million after reporting a cyber incident that exposed nearly 340 million guest records.

Last week, the ICO fined British Airways €22 million for failing to protect the personal and financial details of more than 400,000 of its customers, the second-largest GDPR fine in the United Kingdom. The penalty is considerably smaller than the €204.6 million that the ICO initially said it intended to issue back in 2019 after the Magecart group used card skimming to collect the personal and payment information of British Airways` customers.

Far below the United Kingdom, Germany ranked as the second-leading country in Europe with €61.6 million in the cumulative value of GDPR fines, revealed the GDPR Enforcement Tracker data. On October 1st, 2020, H&M Hennes & Mauritz Online Shop was fined with €35.2 million for the insufficient legal basis for data processing, the severest GDPR penalty in the country.

Italian data protection authority (Garante) imposed €57.3 million worth of GDPR fines so far, ranking in third place among European countries. On January 15th, 2020, telecommunications operator TIM was fined €27.8 million for unlawful data processing, non-compliant aggressive marketing strategy, and invalid collection of consents, the steepest penalty in Italy.

France ranked fourth among the European countries with €51.3 million worth of GDPR fines. Austria, Sweden, and Spain follow, with, €18 million, €7million, and €3.9 million, respectively.

Statistics indicate the cumulative value of GDPR fines and penalties hit over €344 million in October, with almost €119 million worth of new fines imposed in 2020.

Top Five GDPR Penalties Account for 70% of Cumulative Fine Value

Behind Marriott’s €110.4 million worth GDPR fine, Google holds second place on the list of the highest data breach penalties. The US tech giant was fined €50 million by France’s data protection regulator, CNIL, for not providing enough information to users about its data consent policies and control in using their data.

H&M Hennes & Mauritz Online Shop ranked third on this list with €35.2 million worth GDPR fine. Italian telecommunications operator TIM and British Airways round the top five list with €27.8 million and €22 million, respectively.

Statistics show the five biggest data breach penalties cost more than €245 million, or 70% of cumulative GDPR fine value.

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