Most data breaches amount to the loss of a few thousand records. The larger ones — the real newsmakers — score a few million records. The Panama Papers are comprised of more than 11 million documents, records on 214,000 separate offshore companies, for a grand total of 2.6 terabytes. That is slightly more data than the average academic research library holds. Welcome to the biggest data breach in history. The Panama Papers were so enormous that it took a worldwide collaborative effort by journalists to piece it all together. More than 400 journalists, representing about 100 different media organizations, in about 80 countries participated.
What are the Panama Papers?
While there are legitimate reasons to set up offshore companies, the overwhelming majority of these are done to skirt paying taxes, avoid the law, or hide money from a spouse or ex, among other shady reasons.
The Panama Papers were first offered to Süddeutsche Zeitung (SZ) , a well-known and highly respected German newspaper. As the massive amount of information was a bit much for their staff to manage, the effort eventually grew to become a project of the ICIJ, or International Consortium of Investigative Journalists. No one could put it any better than did USA Today, which wrote, “Panama Papers read like Who’s Who of world power”. In addition to heads of state, politicians, and known international criminals, the list also includes celebrities like American athletes.
Where Did the Panama Papers Come From?
The papers — or database as it has become — is comprised of data apparently hacked from Mossack Fonseca’s database. Mossack Fonseca is a law firm in Panama (hence, the Panama Papers) that sets up “shell companies” in order to hide the owners’ assets. It includes records dating from the 1970’s to spring of this year. Before the Panama Papers, there was a much smaller leak of data from Mossack Fonseca’s records, which led to fines imposed on Commerzbank, HSH Nordbank, and Hypovereinsbank for their dealings with the shady law firm.
The database does come with a disclaimer. “Please read the statement below before searching. There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies, or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted inappropriately. If you find an error in this database, please get in touch with us.”
Who is this hacker, responsible for the largest data breach of all time? No one knows. The anonymous person reached out to SZ, demanding no payment and basically nothing for his/her efforts, apart from some security precautions. The deliverer of information said that they only wanted the crimes and criminals to be exposed.
Who’s in the Panama Papers?
The effects of the Panama Papers aren’t just being felt among those listed in the database. It’s already led to the closings of multiple offices of Mossack Fonseca, the Panamanian law firm where the data came from.
And exposed they have been! So far, the prime minister of Iceland, the British prime minister, and more than 140 other politicians and world leaders from 50 different countries have found themselves in hot water over their listings in the Panama Papers.
If you’re a business person or an IT pro, your question probably isn’t, “Who’s on the list,” but instead is something like, “How can we keep our databases more secure than those of that Panamanian law firm?” The answer is to turn your critical backup and disaster recovery over to the security experts at Backbox. Contact us to get started today.