WASHINGTON, August 3, 2011 – U.S. customers may soon begin seeing data security technology involving ATMs and cell phones that would work without tracking people thanks to the efforts of a European security software company.
Patrick Carroll, CEO of ValidSoft Limited, discussed the company’s real-time fraud detection software VALid-POS last week. The program is already in the works to be deployed through a deal with Visa Europe. Carroll believes his firm’s technology answers current privacy issues lawmakers and industry professionals have been trying to tackle for several years.
“If you track people, you’re breaking every privacy rule in the book,” said Carroll.
“[Our fraud prevention technology] is based on an explicit opt-out model so that banks can start to work on detecting and preventing fraud from day one when the technology is rolled out,” said Carroll.
Founded in 2003, the company received the European Privacy Seal in 2008. The Seal is a certification of meeting the most stringent privacy laws in the European Union by European Union Commission-backed company, EuroPrise.
“We’re the only security company in the world to have a European Privacy Seal,” said Carroll.
“There are 27 states in the EU. The state that oversees EuroPrise is Germany. Germany has the most stringent data privacy rules in the world, bar none. If we can comply with Germany, we comply ipso-facto with all of the rest of Europe. But we actually have achieved compliance with each state individually as well,” said Carroll.
When a person accesses her ATM account, VALid-POS technology correlates that person’s identity through probability and proximity of a person’s cell phone to that bank’s branch office. It is not, however, a tracking technology, which has made all the difference, according to Carroll.
“To get a European Privacy Seal we’ve had to be able to demonstrate without any ambiguity that we are a totally anonymous system,” said Carroll. “
“We have, in many cases, no idea where the transaction is taking place except through our correlation technology. We can prove demonstrably that we completely protect the privacy of the individual,” said Carroll.
Amid a summer of competing cyber security legislation taking shape on Capitol Hill, geo-location data privacy legislation also made an appearance. The Location Privacy Protection Act of 2011 introduced in June by Sen. Al Franken (D-MN) could require that any company obtaining a customer’s location data from his or her smart phone must first obtain consent.
ValidSoft worked with legal experts around the world to arrive at conclusive legal opinions regarding ValidSoft’s software compliance with privacy laws in the respective countries around the world. As for compliance in the U.S., ValidSoft’s current legal opinion is that the technology is fully compliant with U.S. privacy laws.
“Privacy is a big issue, it’s not going to go away, it’s going to become more stringent,” said Carroll.
“We’re calling on the industry – the network side, governments and organizations – should look for a condition precedent in the existence of a formal certification before privacy related information can be related to any third parties. That is the only way you can prove that you are not abusing the privacy of an individual.”
Microsoft Executive Calls For Improved Information Sharing Between Governments and Companies
Brad Smith said information sharing is critical for preventative measures against cyberattacks.
WASHINGTON, September 20, 2021—Microsoft Vice Chair Brad Smith called for improved information sharing between countries to prevent cyberattacks on critical infrastructure.
While participating in a Washington Post Live discussion on September 20, Smith pointed toward certain sectors and aspects of society that should be protected from cyberwarfare. He specifically mentioned that a country’s digital supply chains, healthcare systems, and electoral processes should be considered off limits.
“I think the sobering fact of life is that unfortunately the world typically comes together to do what needs to be done only after it has experienced some kind [disaster],” he said.
“If we said we won’t harm civilians in a time of war, why should we for a moment, tolerate this kind of harm to civilians in what is supposed to be a time of peace?” Smith likened the SolarWinds attack to tampering with a blood supply to harm recipients.
A webinar in June hosted by the Stimson Center heard that a cybersecurity framework between countries is key to combatting cyberattacks.
Information sharing with private companies
In addition to reaffirming a commitment to not cause civilian harm, Smith also called for improving coordination and information sharing between private companies and stated that these efforts are enhanced by government leadership.
“I think any day when we’re sitting down and talking about how we can collaborate more closely among companies, that’s probably a good day.” Smith lauded efforts by the Biden Administration to facilitate information sharing between tech companies to prevent further attacks like the one SolarWinds suffered, “We are going to need a government that can work as a single well-coordinated team and the team is going to need to include participants in an appropriate way from the private sector as well. I’m hopeful, encouraged and I would dare say even optimistic.”
Last month, Comcast Cable’s chief product and information officer Noopur Davis said the private sector is falling behind on information sharing during cyberattacks, and that companies in the tech industry are reevaluating their strategies and how they share information to prevent such acts. Some have noted that companies are still not prioritizing cybersecurity.
Senator Angus King, I-Maine, has even called for new rules requiring companies to disclose when they’ve been breached in a hack.
Shortage of cybersecurity workforce
Smith noted, however, that there is still a lot of work that needs to be done. He described a “substantial shortage” of cybersecurity professionals, which he stated is one of the reasons organizations are not able to move quickly enough to keep pace with bad actors and implement best practices.
“There is a real opportunity for us to work together for community colleges to do more [and] for businesses to do more to train their people,” he said.
Overall, Smith stated that things are moving in the right direction but emphasized that the international community—governments and otherwise—need to establish better methods of federating data that is secure from bad actors but accessible to the necessary parties.
Private Sector Falling Behind on Information Sharing During Cyberattacks, Says Comcast Rep
Comcast’s Noopur Davis says cyber attackers share information better than the private sector.
ASPEN, Colorado, August 23 — In the wake of an influx of ransomware attacks on critical infrastructure and cyberattacks on private carriers, entities across the technology industry are revaluating their strategies and how they share information to prevent such acts.
T-Mobile announced on August 15 that as many as 50 million consumers had their private data compromised during a data breach. Days later, on August 17, as part of Technology Policy Institute’s 2021 Aspen Forum, Noopur Davis, Chief Product and Information Officer at Comcast Cable, sat down for a fireside chat to discuss what the industry was doing to address this event and events like it.
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When Davis was asked how she felt about the current state of cybersecurity, she said it was okay, but that the telecom community at large would have to do more.
She referenced the mean time of comfort—that is, the average duration between the time that a service becomes connected to the internet and when it is targeted by bad actors. While in the early days of the internet cybersecurity experts could expect to have significant mean times of comfort, she stated that this is no longer the case.
“The second you connect [to the internet] you are attacked,” she said.
As soon as a successful breach is recognized, Davis explained that the target companies begin to revaluate their “TTP,” or tactics, techniques, and procedures.
Information sharing is crucial
Though one company may find a remedy to their breach, other companies may remain vulnerable. To combat this, Davis said that it is critical for companies to share information quickly with their counterparts, but she indicated that this is a race that the private sector is currently losing.
“[Attackers] share information better than [the private industry does].”
She went further, revealing that there is now a sophisticated market for malware as a service, where various platforms publish reviews for their products and services and even offer tech support to those struggling to get the most out of their purchases.
Growing market for hacking tools
She pointed to the Colonial Pipeline attack as an example where hackers did not even create the malware themselves—they just purchased it from a provider online. She explained that this marketplace has significantly lowered the barriers of entry and deskilled the activity for would be attackers, and that theoretically anyone could engage in such nefarious acts today.
Though Davis was in favor of collaboration between companies to address these attacks, she made it clear that this would not mean that responses and capabilities would become standardized, and that every company would maintain their own unique strategies to ensure that their services and data remain uncompromised.
DOJ Official Supports Mandatory Breach Reporting
Proposed legislation would make it mandatory for companies to report cyberattacks.
August 2, 2021—An official from the Department of Justice urged members of the Senate judiciary committee last week to proceed with legislation requiring companies to report ransomware attacks to federal agencies.
Richard Downing, deputy assistant attorney general of the criminal division within the department, told the committee studying cybersecurity during a hearing that such mandatory breach reporting legislation would aid in its defense against cyberattacks.
There is currently no federal law requiring such disclosures, but bipartisan Senate legislation co-sponsored by Senator Angus King, I-Maine, would change that. Titled Cyber Incident Notification Act of 2021, the bill was introduced last month.
This legislation would require all contractors, federal agencies, companies, and organizations critical to U.S national security to report all breaches of data to the Department of Homeland Securities’ Cybersecurity and Infrastructure Security Agency (CISA) within 24 hours.
The bill and discussions about it come in light of high-profile cyberattacks that have targeted software company SolarWinds and oil transport company Colonial Pipeline in the last several months. And the discussion isn’t expected to slowdown as more critical infrastructure is hooked up to the internet.
The Last week, the House energy committee approved a series of cyber bills that would improve telecom network security.
Cyber threats becoming more bold
Downing noted that threat actors are becoming bolder and more sophisticated, and that the government must hasten efforts to thwart attacks and stay ahead of such malicious acts.
“Many actors now research their victims—identifying the victim’s net worth, the cost of a business interruption, and even the value of their cyber insurance policy—to extort as much money as possible,” Downing said during the hearing.
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