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City AM: A London-based artificial intelligence firm has announced a $250m cash injection led by the Qatari sovereign wealth fund as investors rush to capitalise on a boom in AI technology.
US News: Top U.S. cybersecurity companies are expected to report another quarter of strong growth as high-profile hacks and a shift in client preference for bigger players with better integrated offerings help support their businesses in a turbulent economy.
The Target: Leverage EDU, a software University Admission platform.
The Take: Exposure of over 240,000 records of Personally Identifiable Information including: names, email addresses, passport scans, applications, bank statements and loan information.
The Vector: A misconfigured database was left open and unsecured with no password, meaning anyone with an internet connection could have viewed and downloaded the trove of data.
This shows how important authentication controls are and that they are purposefully and smartly deployed with security in mind. Multi-factor authentication and password length and complexity rules on server access are effective strategies to mitigate these kinds of breaches to protect a firm’s data.
Funds Tech: Despite the fact that the majority of financial firms have banned the use of social media platforms such as WhatsApp and WeChat, compliance officers are not convinced this will be effective in managing the risk of off-channel communications.
Funds Tech: Recently published research has revealed that asset managers’ cybersecurity preparedness has become a key concern for institutional investors during the fundraising process.
PR Newswire: LexisNexis® Risk Solutions today released the results of its annual Cybercrime Report, an analysis of data from 79.8 billion transactions processed through its LexisNexis® Digital Identity Network® throughout 2022.
Yahoo Finance: The rise in cyberattacks is bad news for business—but it has been good news for Huntress, a company that helps small and medium-sized businesses protect themselves against cyberattacks, and just raised its biggest round ever.
Institutional Asset Manager: In a recent Crestbridge Alternative Managers’ Mood Index (CAMMI) survey, results highlighted the growing concern of investors in cybersecurity during the fundraising due diligence process in the fund management industry.
Business Daily: An Equity Bank customer has sued the lender for breach of data privacy after his confidential banking information was allegedly shared with a third party.
The Target: NextGen Healthcare, a U.S based maker of electronic records software and management services.
The Take: Exposure of 1 Million records of Personally Identifiable Information including: names, addresses, dates of birth, and social security numbers.
The Vector: An employee’s credentials were compromised through a credential stuffing attack. These breaches rely on employees reusing passwords between platforms, which allowed the attackers to login to NextGen systems.
This breach is a stark reminder of how important authentication controls and password hygiene are in an overall robust cybersecurity posture. Regular social engineering, phishing awareness training, and in this case, tightly enforced password and identity management, are effective strategies to mitigate these kinds of breaches to protect a firm’s customer base.
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