Security News Survey – May 17, 2019

This week, we look at Equifax racking up recovery costs of $1.4 billion after its 2017 data breach, G7 institutions simulating a cyberattack on the financial sector, and over 460,000 accounts compromised in UNIQLO Japan hack.

The past week has been filled with cybersecurity news ranging from proactive to reactive attempts in securing data. As we saw in our review of the DBIR, data breaches are becoming more and more common and this week’s headlines provide additional evidence behind how a single cyberattack can have a long-lasting impact. Businesses, governments, and individuals are now focusing on protecting against and recovering from various types of cyberattacks and data breaches as they become more frequent. Let’s take a look.

Equifax racking up over $1 billion in recovery costs from 2017 data breach

Equifax’s 2017 cybersecurity breach, which compromised the personal information of over 140 million Americans, has continued to have a major impact on the company nearly two years later. The large-scale data breach continues to cause the company grief as their recent Security and Exchange Commission filing estimates they have spent about $1.4 billion in recovery costs. According to the company’s CEO, Mark W. Begor, the majority of the cost is $690 million and stemming from potential fines and outstanding litigation as they attempt to come back from the breach. They’ve also spent around $83 million in technology and security, $12 million in legal fees, and $2 million in customer support leading to a hefty final bill. Equifax’s recovery costs from the cyberattack, as well as expenditure on data security and IT, continue to rack up and cause financial strain over the past two years, and Begor notes that this breach will affect the company and its clients in years to come.

G7 countries plan on simulating a cyberattack on the financial sector

As large-scale attacks continue to happen around the world, organizations and governments work hard to proactively protect against possible breaches and attacks. This week, the Group of Seven nations (G7) have organized the first jointly-simulated major cross-border cybersecurity attack on the financial sector to protect and prepare against potential cyber threats. Reuters’ report notes that the simulation will take place next month in France and will be based on the scenario where a technical component commonly used in the financial sector will become infected with malware. The financial sector is the most common target of cyber attacks and as French Finance Minister, Bruno Le Maire explains, “cyber threats are proof that we need more multilateralism and more cooperation between our countries.” The growth of overall cyberattacks and those in the financial sector have caused governments to create stronger regulations and solutions to secure data while continuously developing a more unified front against cybercrime globally.

Over 460,000 customers affected and information stolen after UNIQLO Japan is hacked

Speaking of how common cyberattacks are becoming, this week Japanese retail brand, UNIQLO was hacked and over 460,000 accounts were affected. The attack took place on UNIQLO Japan and GU Japan websites, possibly exposing customer names, addresses, contact numbers, and credit card information. The company now says that they have identified where the unauthorized logins were attempted and blocked any access while disabling and issuing new passwords for the 461,091 accounts that may have been compromised. Although the company has vowed to increase cybersecurity measures, this breach will likely hurt the company’s brand’s reputation and financial standing in months or years to come.