The US Securities and Exchange Commission fined four major technology companies-Unisys Corp, Avaya Holdings, Check Point Software, and Mimecast—for allegedly downplaying the severity of the cybersecurity risks they faced as a result of the notorious SolarWinds hack. The companies have been accused of giving misleading information to investors regarding the severity of breaches connected with the attack on SolarWinds Orion software in 2020.
Companies Made Deceptive Filings
The companies that had engaged in either direct or indirect deception of the extent and effect of the attacks to the investors. Settlement has been reached by these companies and they will have to pay civil penalties that include $4 million to be paid by Unisys, $1 million by Avaya, Check Point Software with a $995,000 penalty and $990,000 is payable by Mimecast.
The SEC said the companies knew their systems were compromised due to unauthorised access after the SolarWinds hack but reportedly downplayed the impact in public statements. For example, Unisys reportedly described cybersecurity risks as "theoretical," even when it confirmed two data breaches tied to the SolarWinds hack which exfiltrated gigabytes of data. Equally, Avaya apparently downplayed the severity of the breach when it revealed limited access to its email messages while investigators found that at least 145 files in its cloud storage were compromised.
Particular Findings on Each Company
1. Unisys Corp: The SEC noted that Unisys failed to disclose fully the nature of its cybersecurity risks even after it had suffered massive data exfiltration. Apparently, the company's public disclosures tagged such risks as "theoretical".
2. Avaya Holdings: Avaya allegedly made false statements as it reported that the minimal amount of e-mail messages has been accessed when actually, there is abundant evidence that access is further extensive to some files held in the cloud.
3. Check Point Software: The SEC charges that Check Point was conscious of the hack and used ambiguous language in order to downplay the severity of the attack, conceivably, therefore leaving investors under informed of the actual degree of the hack.
4. Mimecast: The SEC found that Mimecast had made major omissions in its disclosure, including failure to disclose the specific code and number of encrypted credentials accessed by hackers.
Background on the SolarWinds Breach
Another notably recent cyberattack is attributed to the Russian-linked group APT29, also known as the SVR, behind the SolarWinds hack. In 2019, malicious actors gained unauthorised access to the SolarWinds Orion software platform, releasing malicious updates between March and June 2020, that installed malware, such as the Sunburst backdoor in "fewer than 18,000" customer instances, though fewer were targeted for deeper exploitation.
Subsequently, many U.S. government agencies and also huge companies confirmed that they were hacked into during this breach. These include Microsoft, cybersecurity company FireEye, the Department of State, the Department of Homeland Security, the Department of Energy, the National Institutes of Health, and the National Nuclear Security Administration.
SEC's Stance on Transparency
The charges and fines by the SEC also serve as a warning to public companies to become transparent concerning security incidents that have affected the trust of their investors. The four companies thus settle on not having done anything wrong, but they experience considerable penalties that indicate how hard the SEC will be in holding organisations responsible to provide fair information about cybersecurity risk issues and incident concerns.
It, therefore, calls for tech firms to provide better information on cybersecurity issues as both investors and consumers continue to face increasingly complex and pervasive cyber threats.
We live in a world of online cloud storage, where all our data is accessible everywhere and on any gadget. This has made the act of having physical storage media a lesser concern than it once used to be and more like a throwaway gadget with which we can do some cool things.
However, removing movies and episodes from streaming services and continual modifications to social media and other online archives have made physical storage more necessary than anything. We've all had a flash drive at some point, and they've grown throughout time, getting larger and more reliable.
With more than 40 lakh attacks on IoT (Internet of Things) devices, India is among one of the Top 10 Victims Countries lists in the world. This can be a disappointment for Tech Freaks and companies that have just begun using IoT devices but don't consider protecting their IoT devices such as smart cameras. Hackers didn't even flinch while penetrating the systems. That's how simple the breakthrough was.
“Simple methods like password guessing are used for getting the entry in IoT devices. Some sufferers of these attacks set passwords as naive as 'Admin.' And now, India has made it to the index of the top 10 countries that fell prey to IoT attacks in 2019,” reported CySecurity in 2019.
When looking for external storage, you may come across the IronKey series, a pretty flashy and eye-catching name for a simple flash drive. What distinguishes these from conventional flash drives and makes them so expensive? And, more importantly, is it worthwhile? Here's your comprehensive guide on understanding the IronKey.
IronKey is a flash drive brand created in the early 2000s by IronKey, a Homeland Security-funded Internet security and privacy startup that was later bought by Kingston. These were designed to provide additional security for the government, military, and business clients. While they function similarly to other flash drives, IronKey's hardware encryption differentiates it (and makes it rather pricey).
Though software encryption is simple and secure for most files, it is not as extensive or as powerful as hardware encryption, which integrates a cryptoprocessor into the device. The IronKey flash drive uses 256-bit AES hardware-based encryption in XTS mode, as well as FIPS 140-2 Level 3 validation and on-device Cryptochip Encryption Key management.
When you remove the flash drive, it senses physical tampering and immediately safeguards your data. You can use a sophisticated password or a secret phrase of up to 255 characters long to get to the files for further security, and if you fail to enter the right password ten times, the drive immediately shuts down and optionally destroys the files.
So, do you require one? That varies on how you intend to make use of it. If you solely store schoolwork or images, paying $77 for an 8GB flash drive may be expensive. However, if you have sensitive corporate records or government secrets, it may be worth spending a bit more to avoid being the victim of a security breach.
Tech titan Microsoft has emerged as an unexpected yet potent competitor in the cybersecurity industry in a time of rapid digital transformation and rising cyber threats. The company has quickly evolved from its conventional position to become a cybersecurity juggernaut, meeting the urgent demands of both consumers and enterprises in terms of digital security thanks to its broad suite of software and cloud services.
Microsoft entered the field of cybersecurity gradually and strategically. A whopping $20 billion in security-related revenue has been produced by the corporation, according to recent reports, underlining its dedication to protecting its clients from an increasingly complicated cyber scenario. This unexpected change was brought on by many strategic acquisitions and a paradigm shift that prioritized security in all of its services.
The business has considerably improved its capacity to deliver cutting-edge threat information and improved security solutions as a result of its acquisition of cybersecurity businesses like RiskIQ and ReFirm Labs. Microsoft has been able to offer a comprehensive package of services that cover threat detection, prevention, and response by incorporating these cutting-edge technologies into its current portfolio.
The Azure cloud platform is one of the main factors contributing to Microsoft's success in the cybersecurity industry. As more companies move their operations to the cloud, it is crucial to protect the cloud infrastructure. Azure has been used by Microsoft to provide strong security solutions that protect networks, programs, and data. For instance, its Azure Sentinel service uses machine learning and artificial intelligence to analyze enormous volumes of data and find anomalies that could point to possible security breaches.
Furthermore, Microsoft's commitment to addressing cybersecurity issues goes beyond its own products. The business has taken the initiative to work with the larger cybersecurity community in order to exchange threat intelligence and best practices. Its participation in efforts like the Cybersecurity Tech Accord, which combines international tech companies to safeguard clients from cyber dangers, is an example of this collaborative approach.
Microsoft's success in the field of cybersecurity is not without its difficulties, though. The broader cybersecurity sector continues to be beset by a chronic spending issue as it works to strengthen digital defenses. Microsoft makes large investments in security, but many other companies find it difficult to set aside enough funding to properly combat attacks that are always developing.
But now data storage has witnessed a massive breakthrough in technology, thanks to cloud storage solutions. Some of the prominent cloud storage services like Google Drive, Microsoft OneDrive, Dropbox, and Apple iCloud Drive made it dead simple to back up, store, and keep our documents synced across devices.
Although, this convenience came to the users at a cost of privacy. When we use any of the Big 4's major cloud services, we theoretically give them—or anybody who can hack them—access to whatever we keep on their cloud, including our financial and health information, as well as our photos, notes, and diaries.
One of the major reasons why user privacy is at stake is because all four prominent cloud service providers meagerly encrypt the documents while uploading. Since these documents are not end-to-end encrypted, it indicates that the user is the only one with the ability to decrypt.
Minimal encryption would mean that the service provider too holds the key to decrypt users’ documents, and is capable of doing so at all times. Moreover, in some severe instances, a hacker may as well get hold of the decryption key.
Out of the four major cloud services, Apple is the only service provider with Advanced Data Protection for iCloud, launched recently, which enables users to choose to have their documents end-to-end encrypted when stored in iCloud Drive. This makes Apple void of any access to the files, ensuring the user’s privacy. However, this setting is still optional, making the merely encrypted iCloud Drive a default setting.
Since the remaining three major cloud storage providers are yet to provide users with the choice of end-to-end encryption and taking into consideration the exploded usage of such personal cloud services in recent years, billions of users are currently at risk of getting their sensitive documents exposed to the third party.
It is possible to use the popular cloud storage services while preventing anyone who gains access to your account from seeing the files stored therein by encrypting those files prior to uploading them. The best part? You do not require a computer scientist or a security developer to do so. With the numerous applications, that are available for free, one could encrypt any file on one's own.
One such well-known encryption program is Encrypto, sponsored by a company called MacPaw. You may drag a file into the program, give it a password, and then encrypt it using industry AES-256 encryption. The software then enables you to save a file with an encrypted version (.crypto file type).
After encrypting the files, the user can now upload the encrypted version of the file to their preferred cloud storage provider rather than the original file containing sensitive data. If your cloud storage is then compromised, the attacker should be unable to open the Crypto file without knowing the password the user has established for it.
Encrypto is a cross-platform tool that works on both Macs and Windows PCs, despite the fact that MacPaw is known for producing Mac-specific utility apps. The recipient merely needs to download the free Encrypto app to be able to open sensitive documents that have been sent to them over email and have been encrypted using Encrypto (and you need to let them know the password, of course).
Another nice feature that the app possesses is that it enables users to set different passwords for each file they create. One can even include a password hint in the encrypted file to remind what password is being used in the file. Users are advised to establish a password that would be difficult to decipher through brute force or something that would be difficult to guess.
This being said, no matter the choice of app, encrypting the files yourself before uploading them to Google Drive Microsoft OneDrive, Dropbox, or iCloud Drive adds an additional layer of encryption and security to the sensitive data while still maintaining to reap the numerous benefits of cloud storage.