Almost a third of these breaches were down to organisations neglecting simple security procedures, whilst over three quarters were caused by issues at the application layer, often related to out-of-date software, insecure third-party payment systems, or inadequate scanning. All of these breaches therefore contravened Payment Card Industry Data Security Standard (PCI DSS) requirements.
In one organisation, up to 40 employees used the same password for the server, and had full admin rights to the overall system. Another case saw a coding error present in the website login page, which enabled an attacker to obtain usernames and password hashes – ultimately allowing access to the organisation’s web server.
The analysis also revealed that the £1.74 million in fines issued for these incidents by the ICO in this time period could have amounted to almost £889 million under the General Data Protection Regulation (GDPR).
Phil Bindley, managing director at data centre and managed service provider, The Bunker commented: “PCI DSS compliance is a continuous journey and one that requires regular assessment to identify any weaknesses across an organisation.
“Regulators aren’t going to be lenient about failings in this space, and if businesses don’t invest enough into improving defences, we’re going to see more organisations having to pay the price for a relaxed approach to security.”
Simon Fletcher, managing director at cyber security specialist, Arcturus added: “We’re still seeing businesses failing to implement even basic measures when it comes to securing sensitive information.
“The need for regular and thorough testing is clearly outlined by PCI DSS, and is something that is still forgotten by many or causes confusion, particularly when it comes to the application layer. Testing systems is vital in order to ensure that any issues are quickly addressed to prevent data being put at risk.”
Dubai and Abu Dhabi in the United Arab Emirates (UAE) could soon join London, New York and Hong Kong in the world’s top 10 global financial centre rankings, thanks to new government laws affecting expatriates.
This is the bold message from Nigel Green, the founder and CEO of deVere Group. The observation comes as the UAE cabinet on Sunday approved new legislation that allows expatriates to remain in the country long after they retire.
Mr Green affirms: “Dubai and Abu Dhabi are perennially popular destinations for ambitious expatriates looking to embark upon or further their careers because of the incredible possibilities offered in terms of finance, trade and commerce, plus the famous ‘can do’ attitude and the low tax environment in these destinations.
“But they will become even more attractive locations for overseas talent thanks to the government passing these new laws that allow expats to stay on in the UAE long after they retire.”
He continues: “With Dubai and Abu Dhabi becoming ever-more appealing relocation destinations, recruiting more top talent here will inevitably become easier for companies that are based in these emirates.
“In addition, I believe that it will help drive further driving confidence in the UAE as a place for overseas firms to do business and invest.”
Mr Green goes on say: “Dubai is already recognised as one of the most powerful financial centres in the world. But this new legislation will not only galvanise this position, but significantly strengthen it.
“This confirms my view that over the next decade, we can expect it to become one of the world’s top ten international financial hubs to rival and more aggressively compete with stalwarts such as London, New York and Hong Kong.
“Dubai and Abu Dhabi are helped in this regard by having an independent regulator, an independent judicial system, a global financial exchange, a stable, pro-business government, a high proposition of high net worth individuals, a dynamic business community, world-class infrastructure and telecommunications, English as its defacto business language, and their enviable geographical location and time zone.”
The deVere CEO concludes: “We fully welcome this progressive policy shift by the UAE government. It will encourage even more people to come, stay and invest for the long-term in the country, which will further boost its sustainable economic growth.”
Earlier this year, Dubai was revealed as the number one city for graduates seeking a career in financial services, whilst London didn’t make the top ten, in an annual deVere Group survey.
Of the findings at the time, Mr Green noted: “This survey highlights that the next generation of financial services professionals are open to look beyond the traditional and more established global financial hubs.
“It underscores how cities like Dubai, Barcelona and Cape Town are increasingly important international financial centres.
“The fact that Barcelona this year is second-placed and London – currently the world’s most important global financial hub – does not make the top ten is interesting.
“Could it be that the respondents believe mainland Europe’s international financial centres offer more opportunities than post-Brexit London?”
(Source: deVere Group)
