Cybersecurity experts are worried that the increased frequency of data breaches is becoming normalized by the public, reducing the pressure on organizations that handle private data to do better.“It’s clear that this happens to many major companies, even those who invest heavily in security. I don’t want to say that it’s inevitable, because it’s not, but there is an aspect of frequency to this, that is really startling,” said Ira Goldstein, the chief operating officer at Herjavec Group, in an interview with IT World Canada. “I think there’s kind of a societal and philosophical angle to that where people are becoming quite desensitized to it.”Mark Nunnikhoven, vice-president of cloud research at Trend Micro, said that such a desensitization is one of his biggest fears and the worst-case result of cybersecurity breaches like the one at Capital One Financial Corp., which exposed the private information of around 100 million people in the U.S., and 6 million Canadians.Desensitization among the public could also reduce their motivation to lobby for stronger laws and regulations.“That is what I’m scared of. You can’t go a week without opening one of the major national papers and seeing a breach somewhere. It is very easy to become desensitized to, especially in an area as complex as technology. That is an issue so vast and complex that it’s easier just to say ‘that’s just how it is’,” said Nunnikhoven in an interview with IT World Canada. “There’s a lot of things that organizations can do to strengthen their security to reduce the number of data breaches that there are. But without that demand from the people and that big stick from regulators, it’s unlikely they’re going to undertake that of their own accord.”While Canada does lag behind regulatory leaders like Europe’s General Data Protection Regulation (GDPR), the federal government did recently implement a new Digital Privacy Act (DPA) that amended the Personal Information Protection and Electronic Documents Act (PIPEDA) to include regulations that dictate how organizations must report such breaches, although many in the channel community said these new regulations were too vague to have a true impact.But these updated policies, according to Goldstein and Nunnikhoven, don’t include enough financial penalties.Referencing the maximum penalty under the GDPR of 6 per cent of global revenue, Nunnikhoven said that “money talks” and called for additional penalties to be levied against offending Canadian organizations.“That really highlights the biggest weakness in Canadian data privacy regulation. In general, we’ve done a decent job about it. Finally, the nuts and bolts are put in place,” said Nunnikhoven. “The challenge there is that the fines aren’t nearly big enough. We need financial incentives to align security interests of citizens with those of the business. And I think that’s the glaring part.”And with a much lower maximum threshold for fines in Canada than in Europe, Goldstein worries that organizations, especially those who rely on the collection and leveraging of people’s data, will not take them seriously.“With fines up to $100,000, it can be seen as a cost of doing business as opposed to a real penalty that drives behavior.”In its statement, Capital One described the security gap that led to the breach as a “configuration vulnerability”. The charge sheet suggests the alleged hacker used a “firewall misconfiguration” to access the data held by an unnamed cloud computing company. Judging from the email sent to Capital One by a white hat hacker, who refers to an S3, it would suggest this was on Amazon AWS.
By Marc Davis, http://www.bnwnews.ca/ The quest to commercialise one of Latin America’s last undeveloped major gold deposits is one major step closer to a prospectively big pay day for its unlikely owner – a small gold explorer named Exeter Resource. A Canadian-headquartered company, Exeter recently completed a major milestone development. It announced a positive metallurgical study for the sprawling Caspiche gold-copper deposit in northern Chile’s gold-rich Maricunga mineral belt. This is where over 100 Moz of gold are concentrated among a clutch of mines. The deposit weighs-in at 26 Moz of gold, 6,700 Mlb of copper and 48.4 Moz of silver. This makes it one of the world’s biggest gold discoveries and one of only a handful of mega deposits not yet bought by one of the industry major mining companies. The only other mine-in-the-making in Latin America that edges Caspiche in terms of size is the nearby Cerro Casale deposit. Jointly owned by global gold mining powerhouses, Barrick Gold and Kinross Gold Corp, it hosts 28.8 Moz of gold. It is scheduled for the completion of detailed engineering this year and the startup of mine construction in 2012. Exeter’s vice president of development, Jerry Perkins, says the metallurgical study on the bulk of Exeter’s mineral resources suggests that gold, silver and copper can be mined without any unusual technical obstacles. “Test work has demonstrated that Caspiche sulfide mineralisation can be successfully treated using commercially available technologies to produce readily marketable products,” he says.David West, a precious metals analyst for the Vancouver-based investment bank, Salman Partners, says that this development goes a long way towards de-risking the project. “It’s one of the larger hurdles that they needed to surpass,” he says. “In my estimation this makes the company a more attractive takeover candidate for a major company that can afford the large CAPEX (mine building) costs involved in a project of this size and complexity.”Even though Exeter has been the subject of takeover rumors for some time, the company says it’s happy to go it alone through 2011 – as it’s convinced that there is considerably more value in the project that has yet to be unlocked. On that note, Exeter’s metallurgical work will be a key component of a pr-feasibility study that Exeter has scheduled for completion late this year. Meanwhile, the final major hurdle to validating Caspiche’s commercial viability will be to set out a capital and operating cost analysis, Exeter’s management says.According to mutual fund manager Marshall Berol, the odds in favour of Caspiche becoming a mine are also reinforced by the presence of plenty of mining infrastructure in the lustrous Maricunga gold belt. Notably, the Cerro Casale mine and Kinross’ 6.2-Moz Maricunga mine straddle Caspiche on either side. “The Caspiche project is an exceptional resource. And ultimately, significant economies of scale could be realised if the major players get together to share mining infrastructure in the area,” Berol says.Berol co-manages the San Francisco-based Encompass Fund, which has a heavy weighting in mining equities, and which has been a stellar performer over the past four years as a result of a resurgent market in gold stocks. This small mutual fund was ranked as the second best performer last year among over 15,700 global equity funds that are tracked by Morningstar, a financial sector ratings agency.Unlike several other large-scale gold projects elsewhere in Latin America, Caspiche’s location in Chile also offers a key geopolitical advantage to the company and investors alike, Berol adds. Specifically, Chile is a politically stable democracy that has long been mining-friendly, especially since this capital-intensive industry is essentially the backbone of its economy.West agrees that advanced-stage gold explorers like Exeter that have assets in politically stable jurisdictions offer attractive risk/reward profiles for investors who want leveraged exposure to a ‘rising tide’ market for bullion prices. “There’s much greater potential upside for the share prices of these stocks, compared with the potential upside of owning physical gold,” he says. “Investors who take further risks by holding equities require risk premiums and should receive them over time.”Another key advantage is that an asset-rich junior gold stock’s upside does not necessarily have a strong correlation to bullion prices, West says. If a company develops a rich enough deposit to warrant a mine, its share price should likely enjoy a re-rating once the mine is developed, regardless of the prevailing trend in gold prices.Company Chairman Yale Simpson says that the bull market for commodities is also weighing in Caspiche’s favour. For instance, the price of copper has more or less tripled to over $4/lb since the depths of its pronounced slump in early 2009. Similarly, a sustained bull market for both gold and silver continues to add significantly greater value to the precious metals component of this world-class asset. And this has further enhanced the economics in favor of Caspiche going into production, Simpson adds. Elsewhere in the world, the only other gold junior that is developing a comparably huge world-class gold deposit is Ivanhoe Mines, which is the majority owner of a huge 45-Moz deposit in Mongolia. Also worthy of note is Novagold Resources, which has two company-maker deposits in Alaska with combined resources of over 31 Moz of gold.The principals of www.BNWnews.ca do not directly or indirectly own shares of any of the companies mentioned in this article.