Data breach

Privacy is engraved in the Universal Declaration of Human Rights. However, now more than ever privacy is threatened by the increasing use of algorithms, the omnipresence of Bigtech, the rise of cybercrime and especially during the pandemic limitations to individual freedom. Financial privacy is also an essential human right.

Data Protection Day is an international effort held annually on January 28. Amidst the importance of safeguarding data and enabling trust, cash should be considered a viable and secure alternative.

In a country where citizens' level of connectivity is extremely high, the Cambridge Analytica scandal has become a major topic of concern.

A consortium of banks and credit unions in the US have joined forces creating Sheltered Harbor - a project to better prepare in the event of a cyberattack. It might be time to look into the management of cash supplies in the event of a disaster.

A recently conducted Verizon study found that almost half of the companies that have a presence in Europe fail to comply with the new European General Data Protection Regulation, leaving consumers vulnerable to data breaches.

Losses due to card fraud should reach a record high in 2017 and continue increasing significantly in the coming years.

SWIFT annual report indicates a 31% drop in profit in 2016 as more funds had to be allocated to cyber security.

The number of cyber-attacks is rising with the spreading of online and mobile banking. The majority of frauds are the result of phishing attacks led against banks and e-commerce customers.

A ransomware named WannaCry affected thousands of businesses, hospitals and organisations worldwide and might continue spreading in the coming days.

Software developers often neglect the security factor as their are more focused on a fast launch and company growth. This makes everything that is digital much more vulnerable to data breaches than we think.

3.2 million debit card details were stolen in India due to a flaw in Hitachi Payment Services' security system. Hitachi promised to enhance its security infrastructure to prevent future breaches.

KFC will use facial recognition technology to analayse its customers' preferences and collect various personal information in a database.