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Technology
Blockchain Technology Credential Reuse Data Privacy Digital Infrastructure Online Safety Technology

Deloitte Launches Blockchain Integration for Digital Credentials

 

One of the "Big Four" accounting firms, Deloitte, is in the forefront of the adoption of blockchain technology to transform the issue of digital credentials. 

KILT's blockchain technology will be used to create reusable digital credentials for Know Your Customer (KYC) and Know Your Business (KYB) processes, the firms stated in partnership with BOTLabs GmbH, creator of the KILT Protocol. Streamlining verification procedures and enhancing data privacy are the two goals of the creative solution. 

Reusable credentials for transforming verification 

Commonly requiring several data points and paper-based credentials, traditional KYC and KYB processes are repetitious and wasteful. 

Deloitte hopes to address these issues and give clients more control and flexibility over their digital credentials by utilising KILT's identity infrastructure. 

Customers can pick who they share their information with and which data points to divulge by storing their credentials in a wallet on their devices. 

With the help of a browser plugin that serves as a credential wallet created by Deloitte, consumers can easily set up and manage their credentials without any prior blockchain expertise.

Digital credentials anchored on the KILT blockchain, according to Micha Bitterli, Head of Deloitte Managed Services, have the potential to develop new digital marketplaces, ranging from e-commerce and decentralised finance (DeFi) to gaming. 

The credentials are digitally signed by the company, and if a customer's circumstances change after issue, it can revoke them using blockchain technology. 

Verifiable digital credentials built on KILT may be utilised across numerous applications while enabling users to maintain control over their personal information, according to Ingo Rübe, CEO of BOTLabs GmbH and creator of the KILT Protocol.

Growing interest in crypto currency 

Late in April 2023, Deloitte started actively looking for people with bitcoin knowledge to join its team. Over 300 opportunities are open in the US, including titles like Tax Manager for Blockchain & Cryptocurrency and Blockchain & Digital Assets Manager, according to a LinkedIn search. 

Contrasting with its "Big Four" rivals Ernst & Young, KPMG, and PricewaterhouseCoopers, which currently display no results for crypto-related job postings, Deloitte's rising interest in the domain of cryptocurrencies. 

Deloitte's decision to increase the number of employees with a focus on cryptocurrencies shows that it continues to support Web3 and digital assets. In order to offer immersive experiences across diverse industries, Deloitte teamed up with Web3 platform Vatom in February. 

Another illustration of Deloitte's commitment to modernising established procedures and embracing the future of digital asset technology is the incorporation of KILT's blockchain technology for digital credentials.
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Online Security
Cyber Security Digital Infrastructure IT Firms Large Firms Medium Sized Firms Online Security

For Your Mid to Large-Sized Firm, Here Are Four Best Cybersecurity Practices

 

As technology advances and becomes more sophisticated, cybercriminals continue to look for new ways to take advantage of enterprises. A cyber attack could result in financial loss, loss of reputation, and legal repercussions, among other catastrophic and permanent harms. Effective risk-reduction initiatives must be implemented immediately by enterprises.

Cybersecurity standards have increased along with digitization, putting firms in danger of data loss, manipulation, and theft. Particularly medium- to large-sized firms are particularly susceptible to fraud since they have extensive IT infrastructures and complex organisational structures. Owing to the rising risks, medium-sized and large-scale businesses have a hard time finding security solutions that are both reasonable and suitable for their particular company demands. 

Medium to large-sized enterprises ought to be able to thwart more sophisticated attacks because they have bigger finances and resources than their smaller counterparts. IT security accounted for an average of 12.7% of an organization's overall IT spending in 2022. The only way to improve cybersecurity protection, however, is to devote more funds. A collection of cybersecurity solutions that are suited to each organization's unique requirements must be able to be purchased and implemented within the allocated budget. 

Businesses need to have a complete grasp of their cybersecurity needs, resources, potential threats, and overall security posture in order to ensure successful budget usage and the proper purchase. To cover every eventuality, it is not always viable to offer resources and knowledge from within. So, firms look for outside assistance from specialists to find the best cybersecurity solution that satisfies their needs while staying inside any financial constraints.

2023: Reassessing the necessity for cybersecurity 

The effects on the cyber environment have been unprecedented as a result of new socio-economic issues including the Russia-Ukraine conflict and chronic economic uncertainty. As cybercrime activity regularly exceeds organisational security efforts, teams must constantly adapt to a threat environment that is constantly changing. 

Due to the changing threat landscape, a cybersecurity strategy or solution that was suitable for a business the year before may not be as successful now. Based on the environment in which they operate, businesses must reassess their cybersecurity requirements. There is no doubt that this analysis of the cybersecurity requirements for medium- to large-sized enterprises calls for the highest level of subject-matter expertise. In order to increase effectiveness, businesses can identify critical gaps and weaknesses and receive suitable advice by obtaining external support. 

Outsourcing cybersecurity acquisition to get the best solution 

The cybersecurity market is incredibly fragmented and changing quickly, making it difficult for clients to choose the best service or product. Medium-sized and large-scale enterprises should use outside assistance by outsourcing the purchase of IT security solutions. They receive a high degree of experience in the field that may not be available internally as a result, and they are also able to purchase economical yet customised cybersecurity solutions. This is essential in the current economic climate when businesses are trying to save costs. 

Today, an organization's ability to succeed in business is largely determined by how it makes use of emerging technology. Digital technology is heavily used by businesses to maintain, adapt, and improve their operations. Digital assets, however, are more prone to mistakes and breaches. By providing cutting-edge security solutions and the knowledge of highly qualified employees, outsourcing cybersecurity services helps secure a company. The subject of how companies may choose the best partner for outsourcing cybersecurity procurement continues. Organizations must seek out impartial third-party companies to ensure unbiased comparisons. 

The function of unbiased evaluation in selecting the best vendor 

It may seem impossible to navigate the cybersecurity environment. Several solutions may look similar, have a great track record, and provide different levels of value when choosing a cybersecurity partner. Enterprises must first assess how well the solution satisfies their demands and unique security criteria in order to choose the finest cybersecurity solutions provider for their business. An unbiased assessment of cybersecurity vendors and solutions is required to put effectiveness before bias because not all solutions are a good fit for every organisation. 

Regardless of the solution provider selected, the reputation of the firm is jeopardised when an outbreak or targeted attack takes place. Organizations should rely on unbiased testing to determine which cybersecurity providers are the best. The best procurement service providers compare cybersecurity solutions for enterprises using an anonymous tendering procedure, allowing them to remain impartial and objective and find the best set of options. 

Looking forward

In today's enterprises, cybersecurity is now a crucial component. It is essential that companies, especially medium-sized and big ones, have the right cybersecurity solutions, strategies, and best practises in place because they handle vast volumes of sensitive data. When partnering with a cybersecurity solution provider, the comparison should focus on the product rather than just the provider's name, relationship with the customer, or pricing. This will ensure the partnership is effective for the business. Due to this, businesses must carefully outsource their cybersecurity purchases.
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Web Admin
Cyber Security Digital Infrastructure Microsoft 365 saaS Security Survey Web Admin

Influence of Digitalization on IT Admins

A SaaS software business named SysKit has released a report on the impact of digital transformation on IT administrators and the present governance environment. According to the report, 40% of businesses experienced a data breach in the last year. This can have a serious impact on an organization's productivity and lead to costly fines, downtime, and the loss of clients and certifications that are essential to its operations.

The research, held out in November, included 205 US IT managers who are in charge of overseeing the IT infrastructures of their firms, and it fairly depicts the target demographic. As per SysKit, improper zero trust and full trust implementation can result in data breaches. Based on the survey, 68% of respondents believe that the zero trust approach restricts the ability to collaborate, while 50% of respondents think that the full trust approach to governance is ideal.

The majority of IT administrators (82%) agree that non-technical staff who are resource owners must be more proactive in data reviews and workspace maintenance. Furthermore, when enquired about one‘s specific IT governance skills, 50% of the respondents stated that non-tech employees do not know how to properly apply external sharing policies, 56% believed they did not know how to properly apply provisioning policies, and 30% stated that their coworkers are not taking care of their inactive content. According to SysKit, this lack of knowledge can result in data leaks, unchecked workspace sprawl, and higher storage expenses.

The survey also revealed that excessive workloads, a lack of comprehension from superiors, and a misalignment of IT and business strategy are among the main issues for IT administrators. As technology continues to develop, organizations will face new opportunities and difficulties. Future applications of AI-based technologies have not yet been defined since they are still in their initial stages. 
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Ransomware
Bots Cryptominers Digital Infrastructure Firewalls Linux Linux Servers malware Ransom Ransomware

This Linux Malware Bombards Computers with DDoS Bots and Cryptominers

 

Security experts have discovered a new Linux malware downloader that uses cryptocurrency miners and DDoS IRC bots to attack Linux servers with weak security. After the downloader's shell script compiler (SHC) was uploaded to VirusTotal, researchers from ASEC found the attack. It appears that Korean users were the ones who uploaded the SHC, and Korean users are also the targets. 

Additional research has revealed that threat actors target Linux servers with weak security by brute-forcing their way into administrator accounts over SSH. Once inside, they'll either set up a DDoS IRC bot or a cryptocurrency miner. XMRig, arguably the most well-liked cryptocurrency miner among hackers, is the miner that is being used.

It generates Monero, a privacy-focused cryptocurrency whose transactions appear to be impossible to track and whose users are allegedly impossible to identify, using the computing power of a victim's endpoints.

Threat actors can use the DDoS IRC bot to execute commands like TCP Flood, UDP Flood, or HTTP Flood. They can execute port scans, Nmap scans, terminate various processes, clear the logs, and other operations. Malicious deployments are continuously thrown at Linux systems, most frequently ransomware and cryptojacking.

"Because of this, administrators should use passwords that are difficult to guess for their accounts and change them periodically to protect the Linux server from brute force attacks and dictionary attacks, and update to the latest patch to prevent vulnerability attacks," ASEC stated in its report. "Administrators should also use security programs such as firewalls for servers accessible from outside to restrict access by attackers."

The continued success of Linux services in the digital infrastructure and cloud industries, as well as the fact that the majority of anti-malware and cybersecurity solutions are concentrated on protecting Windows-based devices, according to a VMware report from February 2022, put Linux in a risky situation.
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