As the world economy began to recover from the effects of inflation in 2022, a new problem began to emerge in the form of stolen data. This issue was first brought to light by blockchain firm Chainalysis, who found that ransomware payments had fallen by over 40% in 2022 compared to the previous year. While some companies chose to pay the ransom demands, many more chose not to, leading to a rise in the value of stolen data. This is where Lab 1 comes in. Lab 1 is a new cyber monitoring platform that evaluates stolen records in order to assess risk and improve cybersecurity resilience. One of the key ways that Lab 1 does this is by contextualising available data. This is important because, as the platform's founder points out, even if your company has not suffered a direct breach, your data may already be on the Dark Web. The Dark Web is a popular backwater for criminal activity that first emerged as a closed network to protect dissidents. Industry research in 2022 found that there were more than 24 billion username and password combinations on sale on the Dark Web, up from 15 billion in 2020. This shows that the problem of stolen data is only getting worse. So what can be done to combat this issue? Lab 1 believes that by evaluating stolen records and providing Contextual data, they can make a big difference for long-term cybersecurity resilience. This is because, as the founder of Lab 1 points out, hackers could retaliate for non-payment by simply posting their loot to forums where the data will be available for further enrichment and exploitation. By getting ahold of available data and contextualising it, Lab 1 can help assess risk and improve cybersecurity for companies around the world.
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