What happened with Equifax?
In March this year a security vulnerability in Apache (web server software) was patched and released to the Apache community. Any CSO or CIO worth their salt would have picked up on it, realised the impact of the vulnerability and implemented early fixes. In May this year hackers obtained access by exploiting this unpatched bug and siphoned off as much as they could, which would have been fairly easy.
In July this year Equifax realised that they had been compromised. It took them two months to work out how to tell their 143 million users. The security patch itself probably didn’t take that long.
143 million Americans had their data exposed and sold on. The effects of this will be felt over the next decades in credit card fraud, identity theft and phishing scams.
How do we avoid this happening again?
A security breach like this is a huge deal! Apart from all of the obvious shortcomings like the fumbled damage control campaign, the real issue lies in how the user-data was left to be so vulnerable.
Big companies can have all the security policies they want, but there’s usually still a way in, and someone willing to find that way in. Which is why user-data storage needs to be encrypted, it needs to be stored in a decentralised manner, and users need to retain ultimate ownership of the data at all times.
This sounds out-of-reach; but that is not the case. Enter blockchain and cryptography; important pieces of the puzzle that will allow us to solve the problem. User-data can be anonymised properly, it can be stored in a decentralised manner with no single point of failure, and users retain ultimate control of that data.
Here at CanYa, we believe in a decentralised future, where no single entity can make mistakes and expose half of America’s data overnight. So we’re partnering with other companies who have similar visions and willing to spend the time and effort to get this right.
CanYa & MADANA
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