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Things You Need to Know About Virtual Data Rooms

Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security

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Virtual, Data, Cloud
The spokesman for the U.N. Office for the Coordination of Humanitarian Affairs, Jens Laerke, says heavy flooding has been ongoing since July and this is heightening the risk. Pixabay

A virtual data room, as the name implies, is cloud-based file storage. This type of storage allows businesses to store data and share confidential information without any worries of security, especially during a financial transaction.
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options.

A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security.

What Type of Information Does VDR Contain?

Usually, the files a virtual data room stores are private and confidential. Businesses typically use VDR for storing important and sensitive data such as intellectual properties or patents. 

Virtual, Data, Cloud
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options. Pixabay

Back in the early 2000s, virtual data rooms were introduced as document storage and sharing platform, which then transitioned into online storage and sharing. The fact that they were a lot less expensive and time-saving than housing physical documents make them a better option for lots of businesses.

Why Using a VDR is Beneficial?

The best benefit you can get from using virtual data rooms is the peace of mind knowing that your company’s valuable information is kept secure and confidential. 

Apart from that, a virtual data room can upload tons of documents, grant permissions to specific users, monitor user activity, and a lot more. It’s for these features why a lot of companies place their trust in VDRs to secure their most confidential company data.

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A virtual data room replaces physical data rooms when it comes to financial transactions. Since physical data rooms have limited capabilities, not to mention they’re time-consuming and inconvenient, they quickly became outdated and surpassed by virtual rooms. 

VDRs can be used in a lot of fields, including:

  • Corporate (sharing confidential documents within a corporation)
  • Investment banking (keeping M&A deals moving)
  • Litigation (sharing privileged files among a legal firm’s clients and other third-parties)
  • Mining & energy (sharing documents for M&A, joint ventures, bid management, etc.)
  • Biotech/Parma (securing and sharing intellectual property with third parties)

What Makes It Different from Other Sharing Services?

Virtual, Data, Cloud
A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Pixabay

While generic sharing services can be somewhat comparable to a virtual data room, they lack in terms of property security. That is especially true when it involves a company’s highly confidential data.

Generic sharing services also make it quite a hassle and inefficient to manage large-scale documents. Meanwhile, VDRs are designed to share vast volumes of documents with other parties safely and securely. It allows any company to avoid delays, particularly during important transactions.

Also, the permission settings that generic sharing services have are often prone to error. In some cases, users can accidentally share sensitive data to the wrong people, thereby compromising that information’s confidentiality instead.

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With a virtual data room, however, you can benefit from specialized security and advanced control features alongside compliance with various security standards like HIPAA, GDPR, and SOC2.

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Above 6 Million 5G Network Subscribers in South Korea, Reveals Govt Data

South Korea reached 634 million 5G users in April

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South Korea
5G network subscribers in South Korea reach 6 million. Pixabay

More than six million South Korea people were subscribed to 5G mobile networks as of April, a year after the country adopted the service, government data showed on Monday.

The number of 5G users in South Korea reached 634 million as of the end of April, up 7.8 per cent from a month earlier, according to the data compiled by the Ministry of Science and ICT.

The nation’s three carriers — SK Telecom Co., KT Corp. and LG Uplus Corp — rolled out the commercial 5G network last April and have aggressively promoted their new service for premium smartphones.

South Korea
SK Telecom Co., KT Corp. and LG Uplus Corp — rolled out the commercial 5G network last April. Pixabay

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SK Telecom’s 5G customers accounted for 45 percent as of April, trailed by KT with 30.3 percent and LG Uplus with 24.7 percent, the ministry said.

The number of mobile subscribers between 2G and 5G came to 69.35 million as of the end of April, reports Yonhap news agency. (IANS)

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7.26 Million Records of BHIM Users Data Exposed by Website: Report

The leaked data had all the primary information of users across India

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BHIM hackers
The volume of exposed data amounted to 409GB. Pixabay

Security researchers have discovered that about 7.26 million records linked to users of mobile payments app BHIM were left exposed to the public by a website.

The exposed data included sensitive information such as names, dates of birth, age, gender, home address, caste status and Aadhaar card details, among others, said the report from VPN review website vpnMentor.

“The scale of the exposed data is extraordinary, affecting millions of people all over India and exposing them to potentially devastating fraud, theft, and attack from hackers and cybercriminals,” the security researchers from vpnMentor wrote in a blog post on Sunday.

The breach was closed late last month after the researchers contacted India’s Computer Emergency Response Team (CERT-In) twice in a month’s time.

The BHIM website in question was developed by a company called CSC e-Governance Services LTD. in partnership with the Indian government.

“In this case, the data was stored on an unsecured Amazon Web Services (AWS) S3 bucket,” the researchers said, adding that S3 buckets are a popular form of Cloud storage across the world but require developers to set up the security protocols on their accounts.

“We reached out to the website’s developers to notify them of the misconfiguration in their S3 bucket and to offer our assistance. After not receiving a reply, we contacted India’s Computer Emergency Response Team (CERT-In), which deals with cybersecurity in the country,” they added.

BHIM
Millions of people accross India have been affected by this attack from hackers. Pixabay

It appears CSC established the website connected to the misconfigured S3 bucket to promote BHIM usage across India and sign up new merchant businesses, such as mechanics, farmers, service providers, and store owners onto the app, according to the research led by vpnMentor’s Noam Rotem and Ran Locar.

The volume of exposed data which was first discovered by the security researchers on April 23 amounted to 409GB.

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“It’s difficult to say precisely, but the S3 bucket seemed to contain records from a short period: February 2019. However, even within such a short timeframe, over 7 million records had been uploaded and exposed,” said the report.

“The exposure of BHIM user data is akin to a hacker gaining access to the entire data infrastructure of a bank, along with millions of its users’ account information,” it added.

Offered by the National Payments Corporation of India (NPCI), the app BHIM, or Bharat Interface for Money, was launched in 2016. (IANS)

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Truecaller Denies Breach as Indian Users’ Data Goes on Sale

ruecaller records of 4.75 crore Indians were being sold on web for just about Rs 75,000

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TrueCaller
Records of 4.75 crore Indians were being sold on the dark web for Rs. 75,000. Wikimedia Commons

After an online intelligence firm flagged that a cybercriminal was selling Truecaller records of 4.75 crore Indians on dark web for just about Rs 75,000, the Swedish caller identification app on Wednesday denied any breach of its database.

“There has been no breach of our database and all our user information is secure. We take the privacy of our users and the integrity of our services extremely seriously and we are continuously monitoring for suspicious activities,” a Truecaller spokesperson said in a statement.

“We were informed about a similar sale of data in May 2019. What they have here is likely the same dataset as before. It’s easy for bad actors to compile multiple phone number databases and put a Truecaller stamp on it.

“By doing that, it lends some credibility to the data and makes it easier for them to sell. We urge the public and users not to fall prey to such bad actors whose primary motive is to swindle the people of their money,” the spokesperson said.

Truecaller
“There has been no breach of our database and all our user information is secure.”, a Truecaller spokesperson said in a statement. Wikimedia Commons

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Online intelligence firm Cyble in a blog on Tuesday said that its researchers have “identified a reputable seller, who is selling 47.5 Million Indians Truecaller records for $1000. The data is from 2019.”

“Looking at the information itself, it has over 47.5 million records, and it includes interesting information such as phone number, carrier, name, gender, city, email, Facebook ID and others,” said the blog post.

On Wednesday, Cyble updated the blog to say that the same hacker has dropped another 600 million records for sale. (IANS)