World Economic Forum: Cybersecurity Threatened by Poor Security, Not Hackers

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The World Economic Forum (WEF) has produced a report claiming that data security breaches are more frequently the result of poor company security rather than because of clever hackers.

Although blockchain-based companies are targeted by hackers, the report found that exploitation of data was more often down to lax cybersecurity measures being implemented. It cited a major case in the breach of retail giant Target affecting 41 million consumers, which resulted in the firing of senior staff.

Other major companies were cited in the report regarding lax data protection security including United States Government Office of Personnel Management and Sony Pictures Entertainment — not the first involving that company — which also resulted in sackings at management level.

The WEF suggested that cybersecurity needs to become a priority and it should be led from the top, claiming that only 5% of the top 100 companies have a dedicated cybersecurity leader, and such leadership should be introduced to all blockchain and crypto companies with the power to instigate new measures in order to tackle security problems.

Last year, Japan was hit by a spate of in-browser cryptojacking from the spread of malicious software through emails or by other means. The malware was programmed to bleed the user’s processor to facilitate mining. The other predominant threat was through a popular script called Coinhive, which offered a JavaScript miner for the Monero Blockchain.

Earlier this year a large scale hack affecting 30 companies and a breach of 841 million records, inclusive of 450,000 records from cryptocurrency brokerage firm Coinmama, were posted on a dark web registry.


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