Tag: Hit

12
Oct
2020
Posted in technology

EU targets Big Tech with “hit list” facing tougher rules

A Facebook logo in front of an EU flag in this photo illustration on November 20, 2017.
Enlarge / A Facebook logo in front of an EU flag in this photo illustration on November 20, 2017.

EU regulators are drawing up a “hit list” of up to 20 large Internet companies, likely to include Silicon Valley giants such as Facebook and Apple, that will be subject to new and far more stringent rules aimed at curbing their market power.

Under the plans, large platforms that find themselves on the list will have to comply with tougher regulation than smaller competitors, according to people familiar with the discussions, including new rules that will force them to share data with rivals and an obligation to be more transparent on how they gather information.

The list will be compiled based on a number of criteria, including market share of revenues and number of users, meaning the likes of Facebook and Google are likely to be included. Those deemed to be so powerful that rivals cannot trade without using their platforms could also be added.

The move to gain new powers is part of a growing effort in Brussels to force big technology companies to change their business practices without a full investigation or any finding that they have broken existing laws.

It follows complaints that the current regulatory regime has resulted in weak and belated action, which has done little to foster competition.

The number of companies and the precise criteria for the list is still being discussed, but it is the latest indication of how serious the EU is about coming up with powers to limit the power of platforms seen as “too big to care.”

“The immense market power of these platforms is not good for competition,” said a person with intimate knowledge of the discussions.

The proposals, which are still being discussed among senior EU officials, could

12
Oct
2020
Posted in software

Software AG Hit by Data-Stealing Ransomware Attack

A major German enterprise software company has become the latest tech name to suffer a likely ransomware attack featuring information theft.

IoT specialist Software AG, which claims to have over 10,000 customers and annual revenue exceeding €800m, revealed the news in a brief update late last week.

The note claimed the attack had been ongoing since Monday and had yet to be fully contained.

“Today, Software AG has obtained first evidence that data was downloaded from Software AG’s servers and employee notebooks. There are still no indications for services to the customers, including the cloud-based services, being disrupted. The company is refining its operations and internal processes continuously,” it explained on October 8.

“Software AG is further investigating the incident and is doing everything in its power to contain the data leak and to resolve the ongoing disruption of its internal systems, in particular to restart its internal systems as soon as possible which had been shut down for security reasons.”

Although the firm’s website appears to be up and running as normal, it is requesting users with support issues to email their problem and leave a number for call back, “due to technical issues with our online support system.”

Researchers MalwareHunterTeam posted on social media that the firm had been hit by the Clop variant, one which usually demands a ransom of $20 million. The group apparently claims to have swiped around a terabyte of data.

The incident is yet another sign of ransomware groups increasingly going after large enterprise targets with deep pockets. They will often perform detailed reconnaissance before striking in advanced multi-stage attacks using APT-style tactics to stay hidden while exfiltrating data and finally deploying the ransomware.

An attack on IT services giant Cognizant cost the firm an estimated $50-70m in Q2 2020, it admitted earlier

11
Oct
2020
Posted in software

German tech giant Software AG hit by Clop ransomware attack

German tech giant Software AG has been hit by a ransomware attack that caused the company to suspend services.

The attack occurred Oct. 3 and has been attributed to Clop ransomware. As is typical in a ransomware attack in 2020, the company’s files were encrypted and those behind the attack demanded a ransom payment of about $20 million or they would publish internal company data.

Software AG did not pay the ransom and, according to a report on ZDNet Friday, those behind the attack have started to publish internal company information. In one screenshot, the personal details of Software AG Chief Executive Officer Sanjay Brahmawar were published, including a scan of his passport.

The company formally disclosed the ransomware attack in a statement Oct. 5, describing it as a “malware attack.” Although its current recovery status is unknown, for now the company has as its lead story on its website “important customer information.” The statement says that “due to technical issues with our online support system, we kindly ask you to send us an email with your problem description and a number for call back.” It would appear that a week later, it’s still having issues due to the ransomware attack.

Clop ransomware and the related ransomware group have been linked to previous attacks, including data being stolen from pharmaceutical industry outsourcing company ExecuPharm in April.

“Ransomware gangs are becoming bolder and more sophisticated, going after larger and more lucrative targets with their criminal attacks,” Saryu Nayyar, chief executive officer of security and risk analytics firm Gurucul Solutions Pvt Ltd A.G., told SiliconANGLE. “Even with a complete security stack and a mature security operations team, organizations can still be vulnerable. The best we can do is keep our defenses up to date, including behavioral analytics tools that can identify new

07
Oct
2020
Posted in computer

How computer blunder hit the UK’s Test and Trace system

Current figures show that, for each person who tests positive, tracers find three others who have been in close contact and who might be infected, amounting, in this case, to 47,523.

Research by Imperial College London shows that 20 per cent of people who have been in close contact with an infected person are infected, which would suggest around 10,000 contacts of the original cases may now have contracted the virus.

Old format caused spreadsheet glitch

The problem arose with a centralised spreadsheet created to automatically collect data logged by private companies carrying out swab tests, so results could then be fed into the Test and Trace system as well as into Government dashboards showing infection rates.

However, PHE used an old format for the spreadsheet, which could only record 65,000 rows of data, when modern versions can record millions. 

Because each positive test created multiple rows of data, the spreadsheet could only record around 1,400 cases.

In previous weeks, the number of positive tests recorded remained below this cap. However, the surge in infections last week – which followed repeated warnings that a surge was expected – saw the data cap hit, so thousands of cases went unrecorded. 

Huge surge in cases

Updated data now shows huge rises in infections occurring in areas that looked as though they were coping. 

Nottingham, which was not on the Government’s Covid “watch list”, has seen weekly cases rise to 283.9 per 100,000, which last week would have made it as the worst area in the country when compared with the pre-adjusted figures.

Although the Department for Health has insisted the new figures do not impact the list or alter current restrictions, Nottingham residents have been warned to brace for lockdown (the graphic below shows rates of infection across the UK).

Source

06
Oct
2020
Posted in technology

Bitcoin Market Cap To Hit $1 Trillion By 2022, Blockstream CEO Predicts

KEY POINTS

  • Blockstream CEO Adam Back believes Bitcoin’s market cap will increase by 400% within two years
  • This is in response to another forecast which said Bitcoin will hit that mark by 2025
  • At the moment, Bitcoin is marred by lower volatility

Famed cryptographer and Blockstream CEO Adam Back believes Bitcoin can easily hit a market cap of $1 trillion by 2022, three years earlier than the estimate from investment company Ark.

Ark made news in the past because of its aggressive price prediction for Tesla. Back said Ark’s forecast that Bitcoin would hit a $1 trillion market cap by 2025 was very conservative. “I’d say Bitcoin likely sees a $1 trillion market cap within 2 years, probably sooner,” he said on Twitter.

Back’s message was a response to Yassine Elmandjra, an analyst from Ark Investment Management. Last month, Elmandjra said Bitcoin was in its path to monetization, with substantial appreciation potential. “In our view, Bitcoin’s $200 billion market capitalization—or network value—will scale more than an order of magnitude to the trillions during the next decade,” he said, according to Forbes.

Elmandjra also cautioned that there were a number of factors that could derail Bitcoin’s run, including regulatory uncertainty and over-institutionalization, which, according to him, would result in few parties dominating the transactions. This would destroy Bitcoin’s value proposition.

Bitcoin’s current market cap is around $108 billion. If Back’s prediction is to come true, the market must increase by 400% within two years, Cointelegraph reported, noting that Bitcoin needs to have a price of around $50,000 per BTC to reach a market cap of $1 trillion. On-chain data resource Ecoinometrics tweeted that at $100,000 per BTC, the market cap will be at $2 trillion, the same market cap as that of Apple. “To reach the market cap of gold,