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Industry News: Cybersecurity

      Know Your Breach: SRP Federal Credit Union

      The Target: SRP Federal Credit Union, one of the largest in South Carolina. SRP was founded in 1960 and said it has more than $1.6 billion in assets as of 2022.

      The Take: The potentially exposed data included names, dates of birth, addresses, phone numbers, email addresses, government-issued IDs, social security numbers, transaction activity and photographs of users.

      The Vector: After law enforcement was notified, an investigation was conducted and they realized that hackers accessed SRP Federal Credit Union systems “at times from September 5, 2024, and November 4, 2024, and potentially acquired certain files from our network during that time.”

      This breach is a stark reminder of how strong authentication controls are in an overall robust cybersecurity posture, and that good password hygiene plays a pivotal role in protection.

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      Cybersecurity Firm Bureau Raises $30 Million to Expand Global Footprint

      2024-12-18

      Investing.com: Cybersecurity startup Bureau has raised $30 million in a funding round to expand its operations into new markets. The round was led by Sorenson Capital, the firm announced.

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      SEC Cybersecurity Enforcement Outlook Uncertain as Trump 2.0 Looms

      2024-12-17

      CFO Dive: Much of the public company filings resulting from the Securities and Exchange Commission’s first year of implementing a rule requiring the disclosure of “material” cybersecurity breaches have been vague and confusing, producing little value for investors, legal analysts said.

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      CISA Seeking Public Comment on Updated National Cyber Incident Response Plan

      2024-12-17

      SecurityWeek: Originally published in 2016, the NCIRP is meant as a framework on how federal, private, state, local, tribal, and territorial (SLTT), and international organizations address cyber incidents that have a higher severity, and which could cause disruptions to critical infrastructure or equipment damage.

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      The Role Of Artificial Intelligence In Cyber Security

      2024-12-17

      Forbes: The role of cybersecurity cannot be underestimated. The increasing adaption of technology means businesses are becoming more dependent on devices and virtual systems.

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      Future of Proposed US Cybersecurity Healthcare Bills in Doubt

      2024-12-16

      CSO Online: Six months after Congressional hearings that promised action on the massive Change Healthcare ransomware attack and data theft, three pieces of proposed legislation to tighten cybersecurity requirements on healthcare providers are waiting to be dealt with.

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      BlackBerry selling Cylance AI cybersecurity business to Arctic Wolf

      2024-12-16

      BNN Bloomberg: BlackBerry Ltd. has signed a deal to sell its Cylance security business to Arctic Wolf. Cylance uses artificial intelligence to help users detect malware and prevent cyberattacks.

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      Federal Money is Helping States Overhaul Cybersecurity. What Happens if it Dries Up?

      2024-12-16

      The Record: As hackers pummel state and local governments with cyberattacks that exploit their untrained employees and aging infrastructure, a crucial source of support from the federal government is in danger of disappearing.

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      Know Your Breach: Byte Federal

      The Target: Byte Federal operates 1,356 Bitcoin ATMs in the US, accounting for 4.3% of all crypto ATMs in the country.

      The Take: The potentially exposed data included names, dates of birth, addresses, phone numbers, email addresses, government-issued IDs, social security numbers, transaction activity and photographs of users.

      The Vector: Byte Federal said it had discovered the attack on Nov. 18, more than 30 days after it occurred on Sept. 30, with a bad actor exploiting a vulnerability in software provided by a third party.

      This breach highlights the extreme importance of timely software updates for known software vulnerabilities, not only in systems directly under a firm’s control, but in third-party systems the firm relies upon as well. The longer a firm, or its vendors, hold out on deploying the most up-to-date software for their systems, the greater the chance an attacker will exploit the issue.

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      SEC Cyber Incident Reporting Rule Generates 71 Filings In 11 Months

      2024-12-11

      Cybersecurity Dive: The SEC’s cyber disclosure rule continues to confound companies, resulting in a lack of compliance and insufficient details, analysis of the past year’s filings shows. Business leaders’ concerns about sharing too much information is causing a sustained variance in the timing and fullness of cyber incident filings.

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      China Cybersecurity Firm Sanctioned, Employee Charged by US

      2024-12-10

      BNN Bloomberg: The US sanctioned a Chinese company it accused of working for intelligence agencies and charged one of its employees with hacking into the computer systems of thousands of businesses across the globe, including American critical infrastructure firms.

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      Venture Dollars Pour Into The Intersection Of AI And Cybersecurity

      2024-12-10

      Crunchbase: Just last month, AI-powered data security startup Cyera closed a $300 million Series D led by Accel and Sapphire Ventures. The deal tied Cyera for the biggest raise by a startup playing at the intersection of two of venture capitalists’ favorite industries: AI and cybersecurity.

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      Cyber Risks In Private Equity

      2024-12-10

      Mondaq: Cybersecurity has become a critical concern for Private Equity (PE) firms. With frequent deal announcements, a vast amount of sensitive data and readily available capital, they can be seen as attractive targets for cybercriminals. 

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      Gen AI Use Cases Rising Rapidly For Cybersecurity — But Concerns Remain

      2024-12-09

      CSO Online: Generative AI is being embedded into security tools at a furious pace as CISOs adopt the technology internally to automate manual processes and improve productivity.

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      Credit Risk Rising As Cyber Attackers Strike Larger Companies: Moody’s

      2024-12-09

      CFO Dive: The FBI’s Internet Crime Complaint Center received a record 880,418 reports from the public last year — a nearly 10% increase compared with 2022 — with estimated losses exceeding $12.5 billion, the law enforcement agency said. Just a fraction of such crimes are reported, the FBI said.

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      Navigating Over-Regulation In Cybersecurity

      2024-12-09

      Forbes: Even if well-intentioned, over-regulation can leave businesses entangled in a web of compliance requirements that slow or even halt progress. At the same time, maintaining strong security without stifling innovation is always a pressing concern for both organizations and governments.

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      Know Your Breach: BT Group

      The Target: BT Group is the United Kingdom's leading fixed and mobile telecom provider. It also provides managed telecommunications, security, and network and IT infrastructure services to customers in 180 countries.

      The Take: This comes after the Black Basta ransomware gang claimed they breached the company's servers and allegedly stole 500GB of data, including financial and organizational data, "users data and personal docs," NDA documents, confidential information, and more.

      The Vector: BT Group identified an attempt to compromise their BT Conferencing platform. This incident was restricted to specific elements of the platform, which were rapidly taken offline and isolated, BleepingComputer was told.

      This breach highlights the extreme importance of timely software updates for known software vulnerabilities, not only in systems directly under a firm’s control, but in third-party systems the firm relies upon as well. The longer a firm, or its vendors, hold out on deploying the most up-to-date software for their systems, the greater the chance an attacker will exploit the issue.

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      How CISOs Are Spending Their New Budgets

      2024-12-05

      Crunchbase: Across-the-board, it seemed like the golden heyday where chief information security officers got more money every time they turned around had come to an end, with a third of CISOs reporting their budgets had dropped, and another fifth having frozen budgets, meaning only committed money would be spent.

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      At Least 8 US Companies Hit in Telecom Attack Spree, Officials Say

      2024-12-04

      Cybersecurity Dive: Salt Typhoon has compromised at least eight telecommunications providers or telecom infrastructure companies in the U.S., though there could be more, Anne Neuberger, deputy national security advisor for cyber and emerging technology, said during a media briefing.

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      Omers’ Private Equity Arm Buys IT Firm Integris From Frontenac

      2024-12-03

      BNN Bloomberg: Omers Private Equity is buying a majority stake in Integris, a US cybersecurity and IT consulting company, from Chicago-based Frontenac Company LLC for an undisclosed amount.

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      EU Enacts New Laws to Strengthen Cybersecurity Defenses and Coordination

      2024-12-03

      CSO Online: The European Union has enacted two new laws to bolster its cybersecurity defenses and coordination mechanisms. The measures, part of the cybersecurity legislative package, include the Cyber Solidarity Act and amendments to the Cybersecurity Act (CSA).

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      UK Cyber Chief Warns Country is at an Inflection Point as Digital Threats Rise

      2024-12-03

      Cybersecurity Dive: The new leader of the United Kingdom’s National Cyber Security Centre   warned the country has reached an inflection point where malicious actors are actively working to weaponize the country’s dependence on the digital economy.

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      SEC Settles With ICBC Unit Over Ransomware Attack, Imposes No Fine

      2024-12-02

      Yahoo Finance: The U.S. Securities and Exchange Commission has settled record keeping charges against an Industrial and Commercial Bank of China unit concerning a November 2023 ransomware attack, but decided not to impose a civil fine.

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      Ex-NBA Athlete Omri Casspi Launches $60 Million Fund Targeting Cybersecurity, Cloud Infra and AI

      2024-12-02

      TechCrunch: Former NBA athlete Omri Casspi has raised $60 million for his latest venture fund, Swish Ventures, which will invest in early-stage cybersecurity, cloud infrastructure, and AI startups.

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