A year after the Panama Papers, a massive leak of confidential information from the Bermuda law firm Appleby Group Services, dubbed the Paradise Papers, has shone another light on the use of offshore accounts, writes RUDI DICKS, Head of Cyber Security at BDO Cyber and Forensics Lab
A new set of data taken from an offshore law firm again threatens to expose the hidden wealth of individuals and show how corporations, hedge funds and others may have skirted taxes. A year after the Panama Papers, a massive leak of confidential information from the Bermuda law firm Appleby Group Services, dubbed the Paradise Papers, has shone another light on the use of offshore accounts.
1. What are your views / interpretation on / of the ‘Paradise Papers’ data leaks?
Appleby publicly stated that it was not the subject of a leak but of an illegal computer hack. Their systems were accessed by an intruder who deployed the tactics of a professional hacker and covered his/her tracks to the extent that the forensic investigation concluded that there was no definitive evidence that any data had left their systems. While the mechanics of the breach itself have yet to be revealed, this was clearly a targeted attack. Law firms are particularly susceptible to hacking as they house a treasure trove of sensitive data that, when compromised, can result in sometimes irrecoverable damage.
The paradise papers, like the panama papers is an excellent example of the reputational harm that attackers can cause, rather than financial. Here we saw many wealthy people shown to have offshore accounts in tax havens. Most of these transactions are perfectly legal but the implication is that these wealthy and often famous people are skirting their tax obligations. For the company that these documents were stolen from, this leak will most likely destroy the business.
This class of events demonstrates why law firms must protect their clients’ confidential information. No amount of cyber insurance, data backup strategies, nor business continuity planning can ever put this genie back in the bottle.
2. In your opinion, should we concentrate on the content aspect of these leaks or the security aspect?
For Appleby, the concern is with the content because their clients will be far less likely to conduct sensitive business with them in the future. By releasing the Paradise Papers, the aim of the International Consortium of Investigative Journalists (ICIJ) was to expose significant failures and weaknesses inside the offshore industry. As per ICIJ, “those stories and others they are pursuing serve the public interest by bringing accountability to the offshore industry, its users and operators. Other parts of the data are of a private nature and of no interest to the public. ICIJ will not release personal data en masse but will continue to mine the full data with its media partners.” The content released will certainly have far-reaching impacts for those affected.
For security specialists, the concern is with how this happened, and making sure we do everything possible to ensure that the same attack vectors cannot be used against our clients. This event, allegedly conducted by external hackers, could likely have been detected and mitigated. What ends in a business disrupting event often begins with the ‘click’ on a harmless looking link. Sometimes it involves complex social engineering, credential harvesting and clandestine operations inside the network to locate and slowly exfiltrate valuable data. Thus, considering heightened cyber risks, organisations have to make sure that they are taking reasonable steps to protect their clients’ confidential data. These include:
· Ensuring that software used is up-to-date and that available patches are implemented as soon as reasonably practical.
· Configuring Intrusion Prevention Systems and Firewalls policies to reject information gathering events
· Reviewing access controls regularly to ensure that they are up to date and that they restrict electronic data users to their necessary business functions.
· Utilising antivirus and malware detection software.
· Conducting periodic cybersecurity audits and penetration testing.
· Requiring multi-factor authentication for remote access into computer systems and for very sensitive internal access points.
· Requiring rotating complex passwords.
· Monitoring the activity of authorised users to detect any unauthorised file access, as well as, any large-scale downloading, copying or tampering with confidential information.
· Conducting regular cybersecurity awareness training together with phishing attacks.
3. With ‘Offshore Leaks’, ‘Panama Leaks’, ‘Paradise Papers’ – what should we be aware of / conclude?
We are living in an age of internet activism or hacktivism, which is the subversive use of computers and computer networks to promote a political agenda or a social change. With roots in hacker culture and hacker ethics, its ends are often related to the free speech, human rights, or freedom of information movements. Hacktivists seek to expose social injustice. The hack is a reminder that cybercrime is sometimes motivated by loftier aspirations than making money.
4. How come hackers can still obtain sensitive information when security conscious companies invest so much in safeguarding their data?
No matter how much a company invests in latest security technologies, the human factor remains the weakness link. The lack of effective cybersecurity training for all employees is the root cause of companies failing to keep their data safe. It is extremely pertinent to every organisation to protect its reputation, competitive advantage and operational stability against social engineering with effective company-wide security awareness. BDO’s cybersecurity education program sets employees up for success by instilling cutting edge knowledge and practical know-how into the workplace. Through integrated communication and hacker-led training, BDO helps organisation fight cybercrime strategically and beyond the scope of technology.
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”