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Art Market Eye | Who’s afraid of the big bad cyberwolf?
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lg:grid-cols-[13rem] gap-x-gutter xl:gap-x-gutter-xl items-start print-max-w-full print-display-block"><div class="mb-sm grid-in-kicker lg:w-col-1 lg:mb-3xl"><div class="font-sans-bold text-base sm:text-sm leading-tighter tracking-wide text-red-900 select-none"><div class="empty:hidden flex items-center lg:block"><a class="hover:underline" data-tracking-role="material-topic" href="/keywords/art-market-eye">Art Market Eye</a><div class="w-2 mx-xs lg:hidden"><svg class="" height="100%" width="100%" fill="currentColor" preserveAspectRatio="xMinYMin meet" viewBox="0 0 8 12" x="0px" y="0px"><g><path d="M1 10.168H1.336L3.88 1H3.556L1 10.168Z"></path><path d="M4.71484 10.168H5.05084L7.59484 1H7.27084L4.71484 10.168Z"></path></g></svg></div><span class="font-sans-regular capitalize block">comment</span></div></div></div><div class="mb-lg lg:mb-xl grid-in-headline"><h1 class="font-display-medium text-3xl sm:text-4xl leading-none max-w-col-3 print-max-w-full" itemProp="headline">Art Market Eye | Who’s afraid of the big bad cyberwolf?</h1></div><div class="mb-xl md:mb-2xl grid-in-standfirst"><h2 class="font-sans-regular text-lg sm:text-xl leading-tighter tracking-wider max-w-col-3 print-max-w-full" itemProp="about">Christie’s was hit by ransomware hackers—and now by a class action suit</h2></div><div class="leading-0 lg:max-w-col-1 mb-md grid-in-byline"><div class="font-sans-regular text-base leading-tight text-gray-800 max-w-col-2"><a class="font-sans-bold shadow-link transition-all duration-default hover:shadow-internalLink hover:text-red-900" data-tracking-role="material-byline-author" href="/authors/georgina-adam">Georgina Adam</a></div></div><div class="leading-0 lg:max-w-col-1 mb-base grid-in-dateline"><div class="font-sans-regular text-base leading-tight inline-block">7 June 2024</div></div><div class="mb-2xl grid-in-toolbar border-t border-gray-300"><div class="min-w-col-1 max-w-col-3 pt-md flex items-center justify-between xs:justify-end lg:justify-between 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2x" src="https://cdn.sanity.io/images/cxgd3urn/production/30520fdad9d8dce5a736e73bcf350a1101569131-800x533.gif?w=1200&h=800&fit=crop&auto=format" width="600" height="399.75" decoding="async" data-nimg="1" class="max-w-col-3 print-max-w-full" loading="lazy" style="color:transparent;height:auto;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http%3A//www.w3.org/2000/svg' viewBox='0 0 600 399.75'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeComponentTransfer%3E%3CfeFuncA type='discrete' tableValues='1 1'/%3E%3C/feComponentTransfer%3E%%3C/filter%3E%3Cimage preserveAspectRatio='none' filter='url(%23b)' x='0' y='0' height='100%25' width='100%25' 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1'/%3E%3C/feComponentTransfer%3E%%3C/filter%3E%3Cimage preserveAspectRatio='none' filter='url(%23b)' x='0' y='0' height='100%25' width='100%25' href='data:image/jpeg;base64,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'/%3E%3C/svg%3E")"/></div><div><a class="font-sans-bold text-lg sm:text-base text-gray-700 leading-tight mb-sm inline-block shadow-underline hover:text-red-900 transition-colors duration-default" href="/series/art-market-eye">Art Market Eye</a><div class="series-description font-sans-regular text-base sm:text-sm text-gray-700 leading-snug"><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Georgina Adam, our editor-at-large, comments on major art market trends and their impact on the trade. Her column appears on the first Thursday of every month on our website and in our Art Market Eye newsletter in which our art market editors analyse the latest news and works coming up for sale. <a class="transition-colors duration-default shadow-externalLink hover:text-blue-900" href="http://ow.ly/3ZBF50GFW0M" target="_blank">Sign-up here<span class="inline-block text-blue-900" style="height:0.6em;margin-left:0.2em;width:0.6em"><svg class="" fill="currentColor" stroke="none" stroke-linecap="round" stroke-linejoin="round" viewBox="0 0 24 24" x="0px" y="0px"><g><path d="M22.8,0h-7.6c-0.6,0-1.1,0.5-1.1,1.1s0.5,1.1,1.1,1.1h5.1L9.4,13.1c-0.4,0.4-0.4,1.1,0,1.6c0.2,0.2,0.5,0.3,0.8,0.3s0.6-0.1,0.8-0.3L21.7,3.9v4.8c0,0.6,0.5,1.1,1.1,1.1S24,9.4,24,8.8V1.1C24,0.5,23.5,0,22.8,0z"></path><path d="M19,11.2c-0.6,0-1.1,0.5-1.1,1.1V21c0,0.4-0.3,0.7-0.7,0.7H3c-0.4,0-0.7-0.3-0.7-0.7V6.9c0-0.4,0.3-0.7,0.7-0.7h8.8c0.6,0,1.1-0.5,1.1-1.1s-0.5-1.1-1.1-1.1H3c-1.6,0-3,1.3-3,3V21c0,1.6,1.3,3,3,3h14.1c1.6,0,3-1.3,3-3v-8.8C20.1,11.7,19.6,11.2,19,11.2z"></path></g></svg></span></a></p></div></div></div></div><div class="grid-in-content"><div style="height:auto"><div class="ad-container mb-xl" id="material_body_slot_1" style="min-height:250px"></div></div><div><div class="w-full"><div class="mb-2xl" itemProp="articleBody"><div><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Just before the New York May sales, with up to $1.8bn worth of art coming up for sale, Christie’s suffered a devastating cyber security breach. On 9 May its online site went down, to be replaced with an apology.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">What the firm initially called a “technology security issue” lasted a full nine days. The hackers presumably demanded a ransom: did Christie’s pay out? It seems not, since the cyber criminals RansomHub then posted a blurred image of the firm’s client data on the dark web claiming they had access to the personal details of 500,000 of the firm’s clients around the world.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Christie’s is not alone: cyberterrorism is targeting companies and institutions across the board. Just two years ago, the French site Reflets published, on the dark web, hacked emails from Sotheby’s owner Patrick Drahi, about his $750m collection and communications with tax advisers. The hackers, Hive, demanded €5m to take it down and seem to have obtained it, since the information disappeared.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">“Everyone is vulnerable, nobody is completely safe!” says Kirsten Whitfield, a partner in the Fieldfisher Data team and the co-head of the cyber breach practice. She continues: “And the progress in artificial intelligence is just accelerating bad actors’ capabilities of finding and exploiting vulnerabilities.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">“Unfortunately, this remains a lucrative business, and it is not going away, and again unfortunately it is a huge amount of work to take the hackers down,” she says.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Is the art trade particularly vulnerable? I asked Paul Hawkins, the chief information security officer of the data security company CipherStash.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">“In this particular scenario there are two things that stand out,” he says. “Firstly, Christie’s holds data about extremely wealthy people who might not like their financial dealings for high value assets being made public. And secondly, the nature of the event: an auction takes place at a specific time and so there is the potential for significant impact.”</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">He continues: “And then it may be that cyber criminals think that performing attacks is easier in the art industry, where information technology is not a core part of the business, and where there are significant sums of money involved.”</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">I ask both specialists about paying ransoms: doesn’t it just encourage more attacks?</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">“We tell clients there is no right answer,” Whitfield says. “The Information Commission Office [data protection regulator] discourages organisations from paying, and in some jurisdictions it could be a criminal offence. A public backlash is also possible. And you must remember that even if you pay the ransom, there is no guarantee they will not use the data anyway.”</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Hawkins concurs: “The best way to not pay a ransom is to not need to pay a ransom, protecting yourself by using all the foundational security systems. Even if a ransom is paid there is no guarantee that you'll recover the data or systems. Double ransoms are a thing and cybercriminals can’t be trusted."</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">Christie’s has been contacting all clients who might be impacted, stating that “there was no evidence that any financial or transactional records were taken, for any clients,” and offering 12 months of identity theft protection and monitoring services. Despite this, a class action suit has just been brought by a Dallas-based client, alleging Christie’s inability to protect the “personally identifiable information” (PII) of current and former bidders registered in its databases.</p><p class="pt-dp-p font-text-light text-lg leading-normal tracking-wide mb-base last:mb-0" itemProp="text">As Whitfield says: “Sadly, cybercrime is a fact of life today.”</p></div></div><div style="height:auto"><div class="ad-container mb-xl" id="material_body_slot_2" style="min-height:250px"></div></div><div class="w-full max-w-col-3 pt-base flex flex-wrap border-t border-b border-gray-300 print-max-w-full"><a class="font-sans-regular text-base sm:text-sm leading-none tracking-wide text-red-900 px-md sm:px-base py-xs mb-base ltr:mr-sm rtl:ml-sm whitespace-no-wrap bg-gray-50 transition-colors hover:bg-gray-100 duration-default" href="/keywords/art-market-eye">Art Market Eye</a><a class="font-sans-regular text-base sm:text-sm leading-none tracking-wide 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type="application/json">{"props":{"pageProps":{"doc":{"TAG":1,"_0":{"updatedAt":"2024-06-07T09:45:44Z","mainMedia":null,"facebookImage":null,"twitterImage":null,"sponsor":null,"publishedAt":"2024-06-07T09:45:43.897Z","tone":null,"_id":"824d3158-32e1-4dab-a9b5-5ed15a22e801","paywallCategory":null,"headline":"Art Market Eye | Who’s afraid of the big bad cyberwolf?","keywords":[{"name":"Art Market Eye","permalink":"keywords/art-market-eye","topic":"art-market"},{"name":"Art market","permalink":"keywords/art-market","topic":"art-market"},{"name":"Christie's","permalink":"keywords/christies","topic":"art-market"},{"name":"Hacking","permalink":"keywords/hacking","topic":"museums-heritage"}],"fromPrint":false,"body":[{"style":"normal","_key":"40979834ecba","markDefs":[],"children":[{"text":"Just before the New York May sales, with up to $1.8bn worth of art coming up for sale, Christie’s suffered a devastating cyber security breach. On 9 May its online site went down, to be replaced with an apology.","_key":"c0d7347b3a310","_type":"span","marks":[]}],"_type":"block"},{"markDefs":[],"children":[{"text":"What the firm initially called a “technology security issue” lasted a full nine days. The hackers presumably demanded a ransom: did Christie’s pay out? It seems not, since the cyber criminals RansomHub then posted a blurred image of the firm’s client data on the dark web claiming they had access to the personal details of 500,000 of the firm’s clients around the world.","_key":"0f17c044d3e70","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"f764f20ade60"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Christie’s is not alone: cyberterrorism is targeting companies and institutions across the board. Just two years ago, the French site Reflets published, on the dark web, hacked emails from Sotheby’s owner Patrick Drahi, about his $750m collection and communications with tax advisers. The hackers, Hive, demanded €5m to take it down and seem to have obtained it, since the information disappeared.","_key":"d9fe7b77c78d0"}],"_type":"block","style":"normal","_key":"95bdf94eb0d1"},{"style":"normal","_key":"2b3fd024e10e","markDefs":[],"children":[{"marks":[],"text":"“Everyone is vulnerable, nobody is completely safe!” says Kirsten Whitfield, a partner in the Fieldfisher Data team and the co-head of the cyber breach practice. She continues: “And the progress in artificial intelligence is just accelerating bad actors’ capabilities of finding and exploiting vulnerabilities.","_key":"f6050092d65f0","_type":"span"}],"_type":"block"},{"_key":"adfebf0ace1d","markDefs":[],"children":[{"marks":[],"text":"“Unfortunately, this remains a lucrative business, and it is not going away, and again unfortunately it is a huge amount of work to take the hackers down,” she says.","_key":"714db160c76e0","_type":"span"}],"_type":"block","style":"normal"},{"children":[{"text":"Is the art trade particularly vulnerable? I asked Paul Hawkins, the chief information security officer of the data security company CipherStash.","_key":"313f10323a0f0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"42ba90c9eb9b","markDefs":[]},{"_type":"block","style":"normal","_key":"74e09144b8b0","markDefs":[],"children":[{"_type":"span","marks":[],"text":"“In this particular scenario there are two things that stand out,” he says. “Firstly, Christie’s holds data about extremely wealthy people who might not like their financial dealings for high value assets being made public. And secondly, the nature of the event: an auction takes place at a specific time and so there is the potential for significant impact.”","_key":"e6bf20255b040"}]},{"markDefs":[],"children":[{"text":"He continues: “And then it may be that cyber criminals think that performing attacks is easier in the art industry, where information technology is not a core part of the business, and where there are significant sums of money involved.”","_key":"d401e8d1d1c80","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"b8276a70494e"},{"children":[{"text":"I ask both specialists about paying ransoms: doesn’t it just encourage more attacks?","_key":"fac976e0ef790","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"9e45d90575f9","markDefs":[]},{"markDefs":[],"children":[{"_key":"c8b6135b2bd20","_type":"span","marks":[],"text":"“We tell clients there is no right answer,” Whitfield says. “The Information Commission Office [data protection regulator] discourages organisations from paying, and in some jurisdictions it could be a criminal offence. A public backlash is also possible. And you must remember that even if you pay the ransom, there is no guarantee they will not use the data anyway.”"}],"_type":"block","style":"normal","_key":"b8086fc81af7"},{"_type":"block","style":"normal","_key":"a0e0a8ee5acf","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Hawkins concurs: “The best way to not pay a ransom is to not need to pay a ransom, protecting yourself by using all the foundational security systems. Even if a ransom is paid there is no guarantee that you'll recover the data or systems. Double ransoms are a thing and cybercriminals can’t be trusted.\"","_key":"1f6b741fd4910"}]},{"_key":"2890122c27c0","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Christie’s has been contacting all clients who might be impacted, stating that “there was no evidence that any financial or transactional records were taken, for any clients,” and offering 12 months of identity theft protection and monitoring services. Despite this, a class action suit has just been brought by a Dallas-based client, alleging Christie’s inability to protect the “personally identifiable information” (PII) of current and former bidders registered in its databases.","_key":"e95d798ba91b0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"As Whitfield says: “Sadly, cybercrime is a fact of life today.”","_key":"36a0426c096f0"}],"_type":"block","style":"normal","_key":"9f743229b0ad"}],"route":{"permalink":"2024/06/07/art-market-eye-|-whos-afraid-of-the-big-bad-cyberwolf","slug":{"current":"art-market-eye-|-whos-afraid-of-the-big-bad-cyberwolf","_type":"slug"},"redirects":[],"_type":"route"},"toneName":"comment","_rev":"v8qdcKv3c14sJP3neQp0Lg","series":{"name":"Art Market Eye","description":"Georgina Adam, our editor-at-large, comments on major art market trends and their impact on the trade. Her column appears on the first Thursday of every month on our website and in our Art Market Eye newsletter in which our art market editors Anna Brady, Anny Shaw and Kabir Jhala analyse the latest news and works coming up for sale. Sign-up here: http://ow.ly/3ZBF50GFW0M ","descriptionPT":[{"markDefs":[{"href":"http://ow.ly/3ZBF50GFW0M","_key":"99c452aeda97","_type":"link"}],"children":[{"_key":"f7d50e8a2c7f","_type":"span","marks":[],"text":"Georgina Adam, our editor-at-large, comments on major art market trends and their impact on the trade. Her column appears on the first Thursday of every month on our website and in our Art Market Eye newsletter in which our art market editors analyse the latest news and works coming up for sale. 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