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The Panama Papers: Biggest Data Leak in History?

April 2016 by

By now, you’ve likely heard about what’s said to be the biggest data leak in
history – the Panama Papers. An estimated 11.5M files from Mossack Fonseca, one of
the world’s largest offshore law firms, was leaked, exposing off shore tax havens
from many rich and powerful individuals around the world, including 12 national
leaders – two being Russian President Vladimir Putin and Icelandic Prime Minister
Sigmundur David Gunnlaugson. The documents show how Mossack Fonseca helped clients
launder money, dodge sanctions, and evade tax for 40 years.

Mark Sangster, VP of Marketing at eSentire says, “The Panama Papers breach
represents a new security threat-scape. Insider threat is a growing concern. We’re
seeing many cases of insider data breaches that involve leaking sensitive data for
front running trades or more malicious intent. In this case, seemingly one
individual got his or her hands on a massive collection of files spanning four
decades. If this holds true, this extreme case of an apparent insider threat will
result in catastrophic consequences for Mossack Fonseca. As with last week’s
multi-law firm breach case, the elephant in the room is the target on law firms’
backs. Until now, the legal industry has generally operated within a loose set of
cyber security guidelines. However quickly, we expect to see hardline compliance
rules and fines come to firms with sub-standard cyber security defenses in the
future."

Dodi Glenn, VP of Cyber Security at PC Pitstop says, “Given the bits of
information we’ve already seen, I suspect many people will be caught in a lot of
turmoil in the near future, as the documents are further analyzed and more
information is disclosed to the public. It’ll be interesting to see how many
individuals come forward, admit they were caught, and resign from their positions.
From a security standpoint, the amount of content leaked seems to dwarf Wikileaks’

Cablegate from 2010, but it’s hard to say at this point how the data was taken –
whether it was an insider, a phishing attack, or malware. Long story short, if you
want to keep something confidential, don’t put it on a computer specifically one
connected to the Internet. The very second you do that, you can assume the data can
be purloined.”


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