Cybersecurity is not just for the rich and famous. Yet you might think so by some press recently.
"Boutique concierge cybersecurity firms are now catering to the rich and famous, protecting their private lives — and fortunes — from hackers."
"Having a $50 million net worth or more is the minimum to become a client, one firm says."
Business Insider - Nov 22nd.
Cybersecurity for the Rich and Famous
It's a juicy title, but it can mislead. A reader might think it's only the rich and famous at risk and have anything to lose.
The article could also discourage anyone unable to afford $20,000 to $30,000 that the author suggests it will cost a family to protect with enterprise-grade protection and personal service.
"The home is the new battleground in cybersecurity, experts say – and lavish homes filled with connected devices are highly vulnerable."
In the early days at TDS, most of our investors and first clients were ultra-wealthy families, hedge fund managers, professional client advisors, family offices, and private banks. While our business still caters to these markets, today, many of our clients are affluent individuals and families that value privacy and family safety. They don't want their lives disrupted by cybercrime.
The Democratization of Cybercrime
While the rich and famous can and should expect to be specifically targeted by cybercriminals, over 80% of attacks and damages stem from "commodity attacks." These cyber-attacks are inflicted across large volumes of individual targets simultaneously.
"Commodity" exploits use smart software that automatically customizes for each individual target. The fraudsters "spray" the attack in search of the most unprotected and vulnerable without regard to personal circumstances or economic class.
✓ Cybercrime has been democratized - meaning anyone anywhere can target and profit from anyone else anywhere in the world.
For evidence of cybercrime democratization, see the news tiles below as cyber continues to become the cheapest, easiest, safest, and most lucrative of all crimes.
✓To be sure, the wealthy and famous have an additional disadvantage as they are more likely to be targeted with greater persistence and resources than commodity attacks.
Cybersecurity Products
We started TDS in 2013, focusing on the high-net-worth market. It was where cybercrime started to become relevant to individuals and families.
But I knew before long the problem would rapidly expand to include anyone with an internet-connected device.
I also sensed the demand for privacy, security, and personal safety related to cyber would indeed be driven by more than the ultra-wealthy set.
Around this same time, the cybersecurity industry first saw a trend that continues today - massive amounts of fresh investment capital attracted by the prospects for growth in cybercrime.
With a clean slate from which to build a growth business, capital investment in cybersecurity technology began to drive innovation in solutions that would ride the economics inherent to digital progress - Moore's Law and the Law of the Network, or Metcalf's Law.
It meant we could plan on many years of cybersecurity technology getting better, cheaper, and easier to use.
Now, it means we're able to provide holistic cybersecurity systems that are monitored, managed, and 'smart' with AI and machine learning for a family of four, all their devices, and their home network for a few thousand dollars or less.
We're proud to contrast the value we provide with what others believe:
"How much does boutique, white-glove, concierge cybersecurity service cost? ... it may be a case of "If you have to ask, you can't afford it,"
Business Insider - Nov 22nd.
✓ We built TDS to make best-in-class, enterprise-grade cybersecurity solutions accessible, affordable, and easy to use.
It's About Risk
Building and keeping wealth requires certain sensibilities with risk. Those that succeed understand, and when confronted with risk, they see two sides of the same coin.
Some risks, in some cases, should be confronted and exploited for profit.
Other risks, in other cases, should be confronted and mitigated to the margin.
The application of these risk-based sensibilities certainly applies to all things cyber.
"A personal data breach can lead to extortion, financial loss, and a multitude of other related costs,"
Christian Hoffman, CEO of Aon's Cyber Solutions in North America.
Total Digital Security is committed to the notion of "Cybersecurity for Life"and believes the individual rights of privacy, ownership of personal information, and digital security and safety are issues that transcend economic class and are vital to a democratic society today.
Thank You
There is no doubt 2020 has been a challenging year for all of us. As the year comes to a close and during this season of reflection, we are incredibly grateful for the following:
We are grateful for our clients and their resilience during these trying times. The frustration of technology and increasing complexity with everyday routines has been trying for us all. Their spirit and grit always inspire us.
We are grateful for our team and their passionate commitment to the vital role we play in our clients' lives. All have made many sacrifices to provide for our clients and the success of the business.
We are grateful to our providers and vendors and their commitment to helping us serve our clients.
We are grateful for our relationships in the cybersecurity industry and the collaborative spirit our colleagues bring to the new challenges presented during 2020.
What's next?
TDS continues to grow, and we had another record year in 2020. In 2021 we will further invest in the business focusing on service, growth, and providing clients with the information and resources they need to protect and succeed.
Consistent with past years, we will expand our product line with new features and enhancements that increase security and the quality of our clients' experience.
✓ For 2021 and beyond, we remain as committed as ever to provide cybersecurity's best solutions to protect individuals, their technology, and personal information.
Cybercriminals increasingly target ultra-rich at home
"New research has found 39% of the ultra rich are "already compromised," with either malware on their home devices or cameras in their homes unsecured by any password at all."
Business Insider, Nov 22nd, 2020
The ransomware landscape is more crowded than you think
"More than 25 Ransomware-as-a-Service (RaaS) portals are currently renting ransomware to other criminal groups.
RaaS portals work by providing a ready-made ransomware code to other gangs. These gangs, often called affiliates, rent the ransomware code, customize it, and then deploy in real-world attacks against targets of their choosing."
ZDNet, November 16th, 2020
DDoS attacks are cheaper and easier to carry out than ever before
"DDoS attacks are getting more complex and more sophisticated while also getting cheaper and easier to carry out as cyber criminals take advantage of the sheer number of insecure internet-connected devices."
ZDNet, Nov. 11th, 2020
GoDaddy employees used in attacks on cryptocurrency accounts
"Fraudsters redirected email and web traffic destined for several cryptocurrency trading platforms over the past week. The attacks were facilitated by scams targeting employees at GoDaddy, the world’s largest domain name registrar."
Krebs on Security, Nov. 21st, 2020
A hacker is selling access to the email accounts of hundreds of C-level executives
"Email account logins and passwords purportedly belonging to chief executives, chief operating officers and other senior corporate executives were recently offered on a Russian-language marketplace.
Prices range from $100 to $1,500. Such information is valuable in a number of online schemes, including to hack further into a company’s network."
ZDNet, Nov. 27th, 2020
India bans 43 more Chinese apps over cybersecurity concerns
“This action was taken based on the inputs regarding these apps for engaging in activities which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order.”
India’s IT Ministry in a statement. Nov.24th, 2020
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