IT Governance Blog on IT governance, risk management, compliance and information security.

‘Web 2.0′ is an increasingly widely used term. ‘Social networking’ is another frequently encountered concept – but what do they mean? Much of the confusion about what Web 2.0 actually is has been exacerbated by marketers using the Web 2.0 buzzword to sell new products, whether or not they really are of a new generation.

Individuals and businesses appear to use the terms interchangeably, without necessarily understanding whether they have the same or different meanings. At the same time, what are called Web 2.0 technologies are becoming pervasive; social networking sites are achieving stratospheric financial valuations and the related risks – what we call ‘Threat 2.0′ – are dangerously misunderstood.

Growing use of Web 2.0 sites

Part of the excitement about Web 2.0 technologies is that they have such widespread personal use. Reports show that employees are using social networking sites at work for more than half an hour each day.
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High profile news stories such as the recent Phishing attacks on Web Mail services such as Hotmail and GMail frequently brings the importance of online security to the attention of the general public, but for millions of unsuspecting home owners and smaller businesses it is often too late. Consider:

• There was a 207% increase in account takeover fraud in 2008.
• Online banking fraud has increased by 132%, with losses totalling £52.5m, compared to £22.6m in 2007.
• There were 44,000 phishing websites specifically targeting banks and building societies in the UK in 2008.
• £181.7m of card fraud took place on the Internet in 2008, representing 55.3% of total Card Not Present (CNP) fraud losses.
• Just under 50% of UK businesses experienced a computer security incident (around 860,000). The number having a serious breach has stayed constant at around 25% (around 430,000).
• 16% of businesses experienced an attack from an unauthorised outsider (including hacking attempts) (137,600 incidents).

There are Ten simple steps which will dramatically reduce the liklihood of a business or small home network from falling victim to hackers, phishing attacks, viruses and so on. To find out what these 10 simple steps are simply fill in the form on our website and we’ll email you the free guide immediately.
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Online crime takes center stage once more with the revelation that Plastic card fraud has fallen by 23% as online banking fraud is on the up.

It has been widely reported this week that the massive phishing scam that has affected popular web mail services such as Hotmail and GMail, is spreading. This has elevated consumer awareness and people are becoming increasingly aware that any online activity which requires the discolsure of their personal and sensitive data could be at risk.

Combat cybercrime and cyberterror today.

Organisations need to be prepared for cyber attacks for their own security and also to demonstrate to their customers that they are doing everything possible to avoid becoming the latest victim of the increasingly hostile digital ‘Wild West’.
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