In Cybersecurity, News
Paradise Papers

What in the World Are the Paradise Papers?

The name Paradise Papers is, at least, partially derived from the French term “Paradis Fiscal”. This term translates to “Tax Haven”.

1.4 TBs of data stolen from some of the most powerful companies across the globe. This stolen data gives insight into how some of the wealthiest individuals and companies in the world operate. It also shows that data integrity is one of the most important facets of any organization.

This most recent data breach turned media circus is the Paradise Papers. The largest leak came in 2016 with the 2.6 TBs of information Panama Papers leak. However, the data in the Paradise Papers hack is far more controversial and damning than any previous breach. Leaked information included 13.4 million documents and a database with over 120,000 names of people and companies.

The majority of the data stolen was from the offshore law firm Appleby. Also included in the leak was approximately 70 years worth of offshore financial records from firm clients.

The International Consortium of Investigative Journalists (ICIJ) is serving up a database chock-full of information relating not only to the Paradise and Panama Papers, but also going back to 2010 to cover Wikileaks’ ‘Cablegate’ from 2010, the Swiss leaks of 2015, as well as the Luxembourg leaks of 2014.

Stemming Allegations

Here is a list of some of the current stemming allegations from this leak according to BBC News are:

Why Are Law Firms a Prime Target?

In recent history, cybercriminals are targeting law firms more than ever. A 2012 study from Mandiant Corporation reported that 80 percent of the nation’s 100 largest firms were victims of hacking. In 2015, an American Bar Association survey revealed that 25% of firms, with at least 100 lawyers, had fallen victim to a breach. Nearly half had no response plan in place. These firms are prime targets due to the fact that firms do not have precautionary measures in place. These measures include basic tools such as firewalls, spam filters, and antivirus. Without basic measures in place, firms are going to consistently be a prime target of cybercriminals due to the confidential nature of their information. Thus, it is essential for firms to begin taking cybersecurity more seriously and protecting their firm to prevent their own version of the Paradise Papers from happening.

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