4 IT Security Stories to Watch: AVG's CCS Injection, Cybercrime Study

4 IT Security Stories to Watch: AVG’s CCS Injection, Cybercrime Study

Written by Dan Kobialka 1
June 9, 2014

A new OpenSSL flaw, a cybercrime study and research on the growth of the endpoint security market top this week's IT security stories to watch.

A new OpenSSL vulnerability discovered by AVG Technologies (AVG), a Center for Strategic and International Studies (CSIS) report on cybercrime and research about the growth of the endpoint security market are some of the stories for managed service providers (MSPs) to watch this week.

Protecting sensitive data against security threats is a priority for many MSPs, and myriad solutions are available to service providers safeguard customers.

This week’s stories to watch highlight the past, present and future of the IT security market.

Here’s a closer look at four IT security stories for MSPs to watch this week:

1. A new OpenSSL vulnerability
AVG last week reported a new OpenSSL flaw that could affect MSPs across the globe.

The security bug, CCS Injection, could allow cybercriminals to steal data if it is not patched immediately.

“This new vulnerability requires complex effort for an attacker to successfully take advantage of the vulnerability. An attacker must intercept the connection between a client and a server, both of which need to be using the vulnerable version, and start what is referred to as a ‘Man in the Middle’ attack. In basic terms, the cybercriminal needs both to intercept you and the server you are connected to, and both parties have to have the vulnerability,” AVG wrote in a blog post.

AVG describes the security vulnerability in detail here. A patch already is available, but the company points out it could take some time to resolve the issue.

2. A CSIS study on cybercrime
A new CSIS study revealed cybercrime costs the global economy about $445 billion annually.

Researchers noted cybercrime is a growth industry that damages trade, competitiveness and innovation worldwide.

“Cybercrime is a tax on innovation and slows the pace of global innovation by reducing the rate of return to innovators and investors,” CSIS spokesperson Jim Lewis told Reuters.

The study also showed 40 million U.S. citizens had personal information stolen by hackers, and high-profile breaches affected 54 million people in Turkey, 16 million in Germany and more than 20 million in China.

3. Endpoint security market could be worth up to $14.53 billion by 2019
MarketsandMarkets today said the endpoint security market is growing and could be worth up to $14.53 billion by 2019.

Researchers estimated this market would expand at a compound annual growth rate (CAGR) of 7.7 percent over the next five years.

“Endpoint security solutions and services are being rapidly adopted in the market due to the increase in the number of endpoints across industry verticals and consumers. There is also a growing usage of web-based applications, which require the implementation of background security and authentication processes. Another major factor for growth in this market is the demand for integrated security solutions and services which is pushing the competition in this market. Along with these factors, the increasing cyber attacks, data thefts and the rise in malware and spamware attacks have also enabled the endpoint security market to gain traction,” researchers said in a prepared statement.

4. New Microsoft security bug fixes
Microsoft (MSFT) will be rolling out seven security updates tomorrow (Patch Tuesday), with two critical and five important fixes.

IT Pro said this week’s security fixes will address distributed denial of service (DDoS) attacks in Windows, among other issues.

What do you think will be the biggest IT security stories for MSPs this week? Share your thoughts in the Comments section below, via Twitter @dkobialka or email me at [email protected].