It can be difficult to stay sufficiently abreast of every cyber security flaw floating around the digital world, but this recent security flaw is pervasive enough that everyone with a modern smart device needs to be aware of it.
Last week, security experts warned of a security flaw that allows hackers to steal information from any device that contains chips from Intel Corp, Advanced Micro Devices Inc and ARM Holdings. Intel and ARM Holdings both insist that the issue is not a design flaw, but rather a software issue that can easily be fixed by patching the operating system.
Intel CEO Brian Krzanich spoke with CNBC about the issue, saying that “Phones, PCs, everything are going to have some impact, but it’ll vary from product to product”.
Two seperate flaws were discovered—Meltdown and Spectre. Meltdown only affects Intel chips and allows hackers to bypass the hardware barrier between applications run by users and the computer’s memory. This means that hackers can steal whatever information is stored in the memory portion of your computer; whether that be your identify information, credit card numbers or passwords.
Spectre affects chip from Intel as well, but also AMD and ARM. This flaw allows hackers to trick applications into giving up secret information like passwords and stored credit cards. The worst part is that these applications are otherwise error-free, meaning there’s no way to know which ones are vulnerable to the hack.
Unfortunately, cyber attacks are not likely to go away anytime soon. The best you can do is stay on top of the news and regularly update your software! It’s also important to have proper cyber insurance coverage, especially if you are a small business over. If you want to inquire about a policy, or just see if you have the right kind of coverage, the staff at TGS Insurance are always happy to help! Visit www.tgsinsurance.com to learn more.