Jump to content

Cayman National IoM hacked


enbee
 Share

Recommended Posts

39 minutes ago, enbee said:

Been all over the Manx news yesterday. Unfortunately another politically motivated breach was almost inevitable, as warned in both 2014 and 2017 after the Appleby breach https://www.sba.im/thinkings/it-matters/264-paradise-in-the-boardroom (the original IoM Examiner IT Matters column is not online).

As we saw from the 2017 breach, the potential for reputational and commercial damage to the island is immense. I am afraid that the Cayman National hack will again reveal unpopular financial affairs which will re-ignite global populist opprobrium towards the island's financial services sectors. 

There will be more of these high profile breaches until the island's financial services companies up their game on cyber security, they may have already occurred but not yet been detected or announced. This breach was three years ago, but it was clearly detectable and preventable - exfiltrating 2TB of data over the internet is very obvious IF the security systems are programmed to alert about large data transfers; it takes a long time to download and gives the victim plenty of opportunity to detect and interrupt the theft. There is also little excuse for the data not having been securely encrypted such that even if the data theft succeeds all the hacker gets is meaningless gibberish.

The International Consortium of Investigative Journalists will be having orgasms over this latest free gift.

Edited by craggy_steve
typo
  • Like 2
Link to comment
Share on other sites

Although maybe not... 

There was a 'leak' to the ICIJ about three months ago from Mauritius.  Nobody really gave a rats ass about it.

Plus the 'leak' from Appleby and the investigation into the IOM VAT scheme for private jets was found to not be illegal at all. 

Unfortunately for the ICIJ et al, there seems to be no context with any of leaks. No indication of whether the structures are legitimate and legally permissible. Their headlines seems to be if one is on the list one is guilty, when the vast majority of people utilizing offshore planning do so for completely valid and legal reasons e.g. Pensions.  

Unless someone important is found to have done something wholly illegal, it seems that the general public don't seem so interested in any of this anymore.  

Of course the irony is that ICIJ are receiving information that has been obtained illegally themselves! 

  • Like 2
Link to comment
Share on other sites

2 minutes ago, The Phantom said:

Although maybe not... 

There was a 'leak' to the ICIJ about three months ago from Mauritius.  Nobody really gave a rats ass about it.

Plus the 'leak' from Appleby and the investigation into the IOM VAT scheme for private jets was found to not be illegal at all. 

Unfortunately for the ICIJ et al, there seems to be no context with any of leaks. No indication of whether the structures are legitimate and legally permissible. Their headlines seems to be if one is on the list one is guilty, when the vast majority of people utilizing offshore planning do so for completely valid and legal reasons e.g. Pensions.  

Unless someone important is found to have done something wholly illegal, it seems that the general public don't seem so interested in any of this anymore.  

Of course the irony is that ICIJ are receiving information that has been obtained illegally themselves! 

On balance I think I agree with Steve.... mud, no matter how clean, sticks. The same as "there's no such thing as bad publicity"....... oh yes there is.

Link to comment
Share on other sites

42 minutes ago, The Phantom said:

Although maybe not... 

There was a 'leak' to the ICIJ about three months ago from Mauritius.  Nobody really gave a rats ass about it.

Plus the 'leak' from Appleby and the investigation into the IOM VAT scheme for private jets was found to not be illegal at all. 

Unfortunately for the ICIJ et al, there seems to be no context with any of leaks. No indication of whether the structures are legitimate and legally permissible. Their headlines seems to be if one is on the list one is guilty, when the vast majority of people utilizing offshore planning do so for completely valid and legal reasons e.g. Pensions.  

Unless someone important is found to have done something wholly illegal, it seems that the general public don't seem so interested in any of this anymore.  

Of course the irony is that ICIJ are receiving information that has been obtained illegally themselves! 

 

In this case the focus of any publicity may prove to be more about some of the unpopular characters the IoM deals with. The rich are becoming the subject of hatred just because they're rich, and some folk who become rich do it in ways which whilst not illegal are nevertheless unpalatable to the man in the street.

As Andy says, mud sticks.

 

See how it goes. If there is mud in the data then the press will dig it up, even though it is the product of criminal endeavours.  It's long been the case that those who preach morality to us have bugger all themselves.

  • Like 2
Link to comment
Share on other sites

16 minutes ago, craggy_steve said:

 

 It's long been the case that those who preach morality to us have bugger all themselves.

Funny, I actually heard someone say exactly the same thing yesterday regarding a totally unrelated matter - I think in relation to the UK election. 

Ironically related however and totally proves your point, is the employees of the OECD who ran the Isle ragged over our tax regime a couple of years back, are exempt from paying tax themselves. 

Link to comment
Share on other sites

2 hours ago, enbee said:

Thanks for that.  Manx Radio's take was much less informative and published after the Vox piece, so there was no excuse for ignorance.

27 minutes ago, The Phantom said:

Although maybe not... 

There was a 'leak' to the ICIJ about three months ago from Mauritius.  Nobody really gave a rats ass about it.

Plus the 'leak' from Appleby and the investigation into the IOM VAT scheme for private jets was found to not be illegal at all. 

Unfortunately for the ICIJ et al, there seems to be no context with any of leaks. No indication of whether the structures are legitimate and legally permissible. Their headlines seems to be if one is on the list one is guilty, when the vast majority of people utilizing offshore planning do so for completely valid and legal reasons e.g. Pensions.  

Unless someone important is found to have done something wholly illegal, it seems that the general public don't seem so interested in any of this anymore.  

Of course the irony is that ICIJ are receiving information that has been obtained illegally themselves! 

I'm afraid this is a bit parochial.  The conventional media in the Island (perhaps understandable) and more importantly the UK (because they are the most useless, venal and inward-looking in any democracy) has tended not to cover the consequences of the Panama and Paradise Papers releases.  But there have been repercussions in any number of countries around the world - Wiki has to break it up into regional articles there were so many and these lead on to separate articles on particular scandals.  That's also ignoring all the stuff that happens sub rosa with wealthy people and companies quietly agreeing to pay local tax authorities lots of money, based on the leaked documents.

The latter is of course what happened (and continues to happen) with 'not illegal at all' tax schemes that involved corporate jets.   This has been explained at length at other times on MF, so I'll just point out that the taxpayer is now benefiting from Appleby managing to persuade various rich people that they could away without paying tax when they couldn't.  And that more generally just because something has been done legally on the Island or the UK, it doesn't mean that it was also legal in the home countries of those involved.

As you imply the British media are only interested in this sort of thing when there is a 'celebrity' connection they can perve over (that Panorama was a classic case) and assume that the British public share their values.  But this is a worldwide story and will play out differently elsewhere.

Link to comment
Share on other sites

Just been having a look at a summary of the data - of nearly 1500 entities just over half are IoM registered 

Isle of Man Count 780 52%  
Cyprus Count 272 18%  
United Kingdom Count 153 10%  
Cayman Islands Count 107 7%  
British Virgin Islands Count 51 3%  
Seychelles Count 12 1%  
United States Count 11 1%  
Edited by kevster
Link to comment
Share on other sites

1 minute ago, Albert Tatlock said:

Politically motivated if in the news now.

Corbyn's got to say where he's getting the funding for his £1 Trillion spending spree.

BoJo's proposals will also need to be paid for.

Edited by Rog
  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...