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PR Newswire: As per SkyQuest, the Global Cyber Security Market was valued at USD 150.02 Billion in 2022 and is poised to grow from USD 168.04 Billion in 2023 to USD 452.08 Billion by 2031, growing at a CAGR of 13.38% during the forecast period (2024-2031).
The Record: Several large car-dealership companies in the U.S. filed notices with regulators in relation to a ransomware attack on CDK Global that has stymied work at thousands of dealers across North America over the last week.
The Target: Printed circuit board assembly (PCBA) manufacturing firm Keytronic.
The Take: The cybergang claimed to have stolen financial documents, engineering data, human resources information, corporate data, and other types of data.
The Vector: The investigation into the attack, Keytronic said, has determined that limited data was accessed and exfiltrated from its environment, including personally identifiable information. The incident, the company said in a filing with the US Securities and Exchange Commission, occurred on May 6, and resulted in network disruptions.
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.
FinTech Global: According to ACA Group, companies with fewer than 1,000 employees bear the brunt of up to 82% of ransomware attacks, painting a target on PortCos due to their typically nascent cybersecurity measures and constrained resources to combat breaches.
Crunchbase: Maryland-based Huntress became the newest cybersecurity unicorn after it raised a $150 million Series D at a $1.5 billion-plus valuation. The new round was led by Kleiner Perkins, Meritech Capital and existing investor Sapphire Ventures.
SecurityWeek: Non-human Identity (NHI) lifecycle firm Entro Security has raised $18 million in a Series A funding round led by Dell Technologies Capital and including angel investors. The funds will be used to scale the firm’s global operations.
U.S. Securities and Exchange Commission: The Securities and Exchange Commission announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, agreed to pay over $2.1 million to settle disclosure and internal control failure charges relating to cybersecurity incidents and alerts in late 2021.
The Record: Two federal contractors have paid a total of $11.3 million in civil penalties to the U.S. government after admitting they failed to properly test the cybersecurity of a system for providing financial assistance to low-income people in New York during the COVID-19 pandemic.
Yahoo Finance: A proposed cybersecurity certification scheme (EUCS) for cloud services should not discriminate against Amazon, Alphabet's Google and Microsoft, 26 industry groups across Europe warned.
Yahoo Finance: Cybersecurity software firm Magenta Buyer is in talks with creditor Elliott Investment Management to provide it with fresh money as revenue falls and liquidity thins, according to people familiar with the situation.
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