InfoHive – Data Security

What’s happening? Hacks and ransomware are occurring in greater numbers. COVID created a lot of new healthcare data.

Why is this important? The California Attorney General issued guidance to heath care industry that put the industry on notice that the office is concerned by health care data privacy.

How will this be important? The California Attorney General recommended the following minimum standards :

• keep all operating systems and software housing health data current with the latest security patches;
• install and maintain virus protection software;
• provide regular data security training for staff members that includes education onnot clicking on suspicious web links and guarding against phishing emails;
• restrict users from downloading, installing, and running unapproved software; and
• maintain and regularly test a data backup and recovery plan for all critical information to limit the impact of data or system loss in the event of a data security incident.

California Attorney General | BULLETIN: Obligation to Proactively Reduce Vulnerabilities to Ransomware Attacks and Requirements Regarding Health Data Breach Reporting

What’s happening? Financial firms identified $600Million in ransoms paid for ransomeware attacks. U.S. Department of Treasury investigators say it identified $5.2 Billion in bitcoin transactions that appear to be ransom payments.

Why is this important? The escalation is a critical infrastructure security threat.

How will this be important? Treasury conclusion is that ” private sector has collectively failed so far to take sufficient steps to protect against attacks”

Wall Street Journal | Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says

What’s happening? Discussions about 2020 election audits in Pennsylvania are adding data privacy elements to prevent voter information discovered during the audit from being sold to third parties.

Why is this important? The audit standards in PA have included requests for the last 4 numbers of social securities numbers and full drivers license numbers.

How will this be important? An audit conducted by a third party would leave social security numbers and drivers license numbers accessible by a third party and transferrable.

Philadelphia Inquierer via Governing | Concerns Raised About Data Privacy Amid Pa. Election Review

What’s happening? Australia and Oklahoma have something in common- an intent to increase criminal penalties for ransomware.

Why is this important? Australia’s approach is to create a stand alone aggravated charge for ransomware. Also included is a notification requirement for businesses that pay more than $10million in ransom per year.

How will this be important? We’re seeing both of these approaches in the U.S. IN Congress we have a notification for any ransom paid being bandied about and Oklahoma passed a bill specifically criminalizing ransomware.

Australia Ransomware Action Plan

ZDNet | Australia’s new ransomware plan to create ransomware offences and reporting regime

What’s happening? China cracked down on mining, reducing mining to zero. That leaves the U.S. mining 35% of crypto currency followed by Kazakstan, Russia, Canada, Ireland, Malaysia, Germany, Iran and Norway

Why is this important? More mining means more attention from financial interests. This begets more attention from regulators.

How will this be important? The pressure of more attention on US bitcoin mining could be a catalyst for regulatory action.

Finance Magnates | The US Is Now the Biggest Bitcoin Mining Center after China’s Crackdown

What’s happening? At the Texas Blockchain Summit, U.S. Senator Ted Cruz linked natural gas flares with a potential energy source for bitcoin mining.

Why is this important? From the words of U.S. Senator Cruz: “The beauty of Bitcoin mining is that if you can connect to the internet, you can use that energy and derive value from those renewables in a way that would be impossible otherwise. And, I think we are going to see in the next five years massive innovations in that regard as well,” 

How will this be important? Miami has Miami Coin. Wyoming is open for crypto business and making moves to bank crypto currency.

Finance Magnates | Texas Should Use Abundant Energy for Bitcoin Mining, Says Ted Cruz

What’s happening? A survey released this week by Price Waterhouse and Cooper says that 69% predict a rise in cyber spending in 2022. More than 25% say cyber spending will be more than double digit growth.

Why is this important? Last year’s study showed only 55% thought there would be a rise in cyber spending. 46% are seeing increased engagement of the CEO/

How will this be important? 2021 is on pace to record setting in cybersecurity issues.

PWC | 2022 Global Digital Trust Insights Survey

What is happening? U.S. House and Senate members are advocating for standalone cybersecurity committees to “address mounting threats and streamline an increasingly bogged down process to approve legislation. “

Why is this important? As Congress does, so will your states.

How will this be important? Increase focus on cybersecurity addresses notice requirements for businesses, blockchain, cryptocurrency and more. It will touch corporations, financial institutions, law enforcement, local governments and campaign ethics. This is your alarm clock, wake up.

The Hill | Lawmakers advocate for establishment of standalone House and Senate cyber panels

What is happening? The Department of Justice has created the National Cryptocurrency Enforcement Team that will investigate cryptocurrency through the lens of cyber crimes and money laundering.

Why is this important? The announcement also included ties to ransomware as ransoms are usually in cryptocurrency.

How will this be important? Look to this enforcement hierarchy to be replicated at the state level.

The Verge | US Department of Justice creates cryptocurrency enforcement unit

What’s happening? Pac-Sun will be the 1st major retailer to accept cryptocurrency at its retail establishments.

Why is this important? PacSun will utilize blockchain payment provider, BitPay. 

How will this be important? The primary consumer for Sunpac is GenZ. The retailers decision making is driven by it’s GenZ customer base. 54% of current or former crypto owners are Gen Z according to a study by Coinbase.

Shop Eat Surf | PacSun to Accept Crypto Currency