Five security takeaways from the Panama Papers breach HOTforSecurity

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Five security takeaways from the Panama

Papers breach
By: Alexandra Gheorghe |

comment : 0 |

April 15, 2016 | Posted in: Industry News

By now, youve probably heard about the monster story of the moment Panama Papers.

The security breach hit a Panama-based law firm that helps companies hide money in offshore jurisdictions. When a
trove of leaked documents revealing the real wealth of tycoons and world leaders was publicly disclosed, it started
an unprecedented scandal over tax havens, one that even threatens to derail several governments.

Amid accusations of money-laundering and tax evasion, the fallout was devastating for the companys reputation. Its
rich and powerful clients have lost faith in the companys ability to keep their business private.

So, to prevent cyber-breaches of this magnitude, businesses of all sizes should take note of the Panama Papers
incident. Here are five key lessons:

1. No business or industry is safe

The Panama Papers should be a wake-up call for any company with lax security. Mossack Fonsecas systems were
outdated and riddled with security flaws, a closer analysis revealed.

If I were a client of theirs Id be very concerned that they were communicating using such outdated technology,
professor Alan Woodward, a computer security expert from Surrey University told WIRED.

Also, every business should know where its data is located, be it on on-site servers or portable devices.