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Verizon #shareholders want #executive #pay tied to how well it #improves its #cybersecurity

With data breaches at Yahoo, Equifax, and seemingly every other company plugged into the internet, who hasn’t had their personal information compromised? If fines, lawsuits, and the stock market aren’t enough to compel companies to improve security, activist stockholders have another idea—hitting executives in their wallets. Today, shareholders in Verizon filed a proposal for the company’s May 3 annual meeting requesting the board to consider tying the compensation of “senior executives” to the company’s security performance.

The effort is led by social- and environmental-oriented investment management firm Trillium Asset Management, and by the New York State Common Retirement Fund, a behemoth with about $192 billion in assets.

The proposal cites some of the more recent Verizon data breaches: info on 1.5 million customers in 2016 and 6 million in 2017. But it also notes the elephant in the mergers and acquisitions room: Verizon’s recent purchase of both AOL and Yahoo—the latter company infamous for hackers compromising the data of a billion users. Rolling these companies together, Verizon plans to massively extend its digital advertising business to reach up to 2 billion additional people, the proposal states. And advertising partnerships will mean sharing information with more third parties.

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Public #sector executive #pay should be #linked to #cybersecurity

Source: National Cyber Security News

Cybersecurity is constantly in the headlines for all the wrong reasons.

Earlier this month, we heard that all 200 UK NHS Trusts that have been assessed so far failed to meet the standards of the government-backed Cyber Essentials Plus scheme. Some of them even failed on patching, which was the vulnerability that led to the WannaCry ransomware attack. They clearly haven’t learned the lessons from an event which caused massive disruption across the health service, with operations postponed and appointments cancelled.

You would think that, if public sector organisations can’t even manage basic security hygiene such as patching, there would be consequences for those running them. However, while the forthcoming GDPR is bringing in new requirements for the protection of personal data, the large fines (€20m or 4% of global revenue) for a privacy breach will apply to the organisations concerned and will not affect their leaders.

After the TalkTalk cyberattack, its then chief executive Dido Harding may have had her cash bonus halved, from £432,000 to £220,000, but she was still paid a total of £2.81M in 2015, despite the personal and financial details of tens of thousands of customers disappearing into the ether.

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Sydney bank accounts hacked in $1.5 million ‘tap and pay’ fraud

Source: National Cyber Security – Produced By Gregory Evans

Sydney bank accounts hacked in $1.5 million ‘tap and pay’ fraud

Three men have been charged over an elaborate “tap and pay” scam that saw $1.5 million stolen from at least 45 hacked bank accounts across Sydney.

NSW Fraud and Cybercrime police allege a sophisticated syndicate ported mobile phones, illegally accessed bank accounts through mobile apps, and used HCE technology, which provides an exact virtual representation of a banking card, to purchase $1.5 million in electronic and luxury items, which they then on-sold.

Early morning raids across multiple suburbs yesterday saw two men, aged 22 and 24, arrested, and fraudulent documents, illegal drugs and three firearms seized.

Another 42-year-old man was arrested last night at Sutherland police station.

Officers executed warrants at homes in Rockdale, West Ryde, Greystanes, Bankstown, and Ultimo, as well as an Auburn office and a storage facility in Camperdown.

The 24-year old man, from Greystanes, was charged with 268 offences including fraud, money laundering, dealing with identity information, unauthorised access of information and participating in a criminal group.

The 22-year-old man, from West Ryde, was charged with 21 fraud-related offences and participating in a criminal group.

The 42-year-old man was charged with fraud, dealing with identification information and possessing an unregistered firearm.

The trio have been refused bail and will appear in court today.

Police said the arrests serve as a reminder to members of the community to be increasingly vigilant in protecting their personal and financial information.

“For every advancement in technology, there is a criminal looking for a way to exploit it for their own advantage,” Fraud and Cybercrime Squad Commander Detective Superintendent Arthur Katsogiannis said.

“Personal information from documents such as bank statements, and phone or utility bills, can be used to access bank accounts, port mobile phones, or take over an identity completely.”

He said while police were doing everything they could to combat cyber criminals, they urged the community to be aware of scammers and to do everything possible to prevent their information from being stolen.


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