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The recent incident involving the World-Check database, as reported by Connor Jones from The Register, shows the persistent threats in our digital world via Third Parties. World-Check, a crucial resource used globally by financial institutions for Know Your Customer (KYC) checks, was compromised, exposing millions to potential misuse of their personal data. This breach, attributed to the cybercriminal group GhostR, did not originate within the London Stock Exchange Group (LSEG) systems but rather through a third-party vulnerability. It’s a constant reminder of the cascading effects that the security of an organization's partners can have on broader data protection strategies. World-Check's role in aggregating data on individuals deemed high-risk—like suspected money launderers and terrorists—makes it a goldmine for misuse if fallen into the wrong hands. The leakage of such data challenges the integrity of global financial systems designed to combat illicit activities. It is crucial to reassess our systems and those of our third-party partners. Robust encryption, rigorous access controls, and continuous monitoring are foundational. Moreover, as this incident shows, quick and transparent communication with affected parties and regulatory bodies is essential in managing the fallout effectively and restoring trust. #thirdpartysecurity #tprm #digitaltrust #dtef #supplychainriskmanagement https://lnkd.in/ebyF5mYy
Control System Engineer at Honda R&D | President of Ivorian Diaspora in Japan (AIJ)
7moThanks for sharing. It’s also important to note that the GhostR hack is not the first time records from the World-Check database have been leaked. In 2016, more than 2 million records from the database were leaked by an unidentified third party and discovered by security researcher Chris Vickery [1]. [1]: https://www.scmagazine.com/news/5-3m-world-check-records-may-be-leaked-how-to-check-your-records