Security News
All digital markets are built on trust and that trust has been reduced to an algorithm driven by proof of identity, which currently remains heavily reliant on formal documents such as a passport or driving license. Among the various methods used by those committing criminal fraud, an alarmingly common and effective tactic designed to defeat many existing automated technologies is the use of "Synthetic identities." This is where real and fictitious identity fragments are combined specifically to evade fraud detection processes.
Many employers are now offering digital security benefits to help protect their employees. Digital security benefits seek to protect employees from online predators engaging in attempted identity theft or the harvesting of credentials/account information.
Western Digital is urging customers to update their WD My Cloud devices to the latest available firmware to keep receiving security updates on My Cloud OS firmware reaching the end of support. Western Digital advises customers to protect their data from attackers after the firmware is no longer supported by backing up their devices, disabling remote access, disconnecting it from the internet, and choosing a unique and strong password.
Between the need for secure access to digital services and the demand for increased security, the case for a trusted and verifiable ID system has never been stronger. One question remains: Who gets to implement this system? If the answer is a company or a government, then concerns around personal privacy and civil liberties become quite relevant.
The European Parliament's Internal Market and Consumer Protection Committee has adopted the Digital Services Act proposal by 36 votes to 7 and 2 abstentions. The main goal of the DSA is to empower EU regulators to control large internet platforms and impose stricter mechanisms for removing "Fake news" and "Abusive content."
Cryptocurrency exchange BitMart has coughed to a large-scale security breach relating to ETH and BSC hot wallets. "We have identified a large-scale security breach related to one of our ETH hot wallets and one of our BSC hot wallets today. At this moment we are still concluding the possible methods used. Hackers were able to withdraw assets of the value of approximately 150 million USD," BitMart said.
Singapore and the UK signed three memorandums of understanding this week, hoping to strengthen digital connectivity between the two island nations. In a canned statement, Singapore's Minister for Communications and Information, Josephine Teo, said the agreement would "Further strengthen the links between Singapore and the UK in digital trade facilitation, digital identities and cybersecurity."
Although 94% of ITDMs agree that the speed of digital transformation has accelerated over the last year, decision makers outside of IT departments fail to recognise the extent of change, Dae.mn finds. Of the respondents that believe they have fully implemented their digital transformation strategy, only 20% are decision makers outside the IT department and 80% are IT decision makers.
There are significant privacy challenges that could make eNaira a lot less attractive. Identification and authentication can pose additional privacy risks because of their central role in onboarding users to the eNaira wallet and ensuring equal access for all users to meet the financial inclusion aspiration of the CBN. Under the CBN's Circular and Guideline [PDF] on the eNaira issued on 25 October, the national identity number and/or biometric verification number are the unique identifiers for users to "Self-onboard" to the eNaira speed wallet.
"Based on intelligence garnered from the Arkose Labs Network, we predict a 60 percent increase in attacks for the upcoming 2021 holiday shopping season. No digital business is immune to this threat." It is estimated that eight million attacks will occur daily during the 2021 holiday shopping season that is now underway.