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<ul class="summary-list"><li>Trump picked Elon Musk and Vivek Ramaswamy to co-lead DOGE, a new government efficiency commission.</li><li>Their aim is to cut government spending, and one idea they've floated is to ax federal agencies.</li></ul>Elon Musk's <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">government efficiency commission</a> could end up costing some federal workers their jobs.As he and former GOP presidential candidate Vivek Ramaswamy begin to outline their priorities as leaders of the Trump-created Department of Government Efficiency, one of them seems to be eliminating government agencies.Most recently, Ramaswamy <a target="_blank" href="https://www.businessinsider.com/vivek-ramaswamy-doge-wants-to-delete-entire-federal-agencies-2024-11">told</a> Fox News, "We expect certain agencies to be deleted outright."Over 2 million Americans collect their paychecks from <a target="_blank" class="" href="https://www.gao.gov/blog/combatting-discrimination-our-nations-largest-employer-federal-government">the federal government</a>, so Business Insider looked into which agencies employ the most people and what they pay on average.When asked about areas the commission would prioritize for spending cuts, Karoline Leavitt, a spokesperson for the Trump-Vance transition, previously told BI: "The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail. He will deliver."<h2 id="e6f6b74e-0829-43a1-a382-8c22ea402f53">The US government is the largest employer in the country</h2>The <a target="_blank" class="" href="https://www.fedscope.opm.gov/ibmcognos/bi/?perspective=dashboard&amp;pathRef=.public_folders%2FFSe%2B-%2BEmployment%2BDashboards%2FEmployment%2B-%2BCurrent%2BMonth&amp;id=i7402E6149B934CAAA867A1B58E0B4ECE&amp;objRef=i7402E6149B934CAAA867A1B58E0B4ECE&amp;options%5Bcollections%5D%5BcanvasExtension%5D%5Bid%5D=com.ibm.bi.dashboard.canvasExtension&amp;options%5Bcollections%5D%5BfeatureExtension%5D%5Bid%5D=com.ibm.bi.dashboard.core-features&amp;options%5Bcollections%5D%5Bbuttons%5D%5Bid%5D=com.ibm.bi.dashboard.buttons&amp;options%5Bcollections%5D%5Bwidget%5D%5Bid%5D=com.ibm.bi.dashboard.widgets&amp;options%5Bcollections%5D%5BcontentFeatureExtension%5D%5Bid%5D=com.ibm.bi.dashboard.content-features&amp;options%5Bcollections%5D%5BboardModel%5D%5Bid%5D=com.ibm.bi.dashboard.boardModelExtension&amp;options%5Bcollections%5D%5BsaveServices%5D%5Bid%5D=com.ibm.bi.dashboard.saveServices&amp;options%5Bcollections%5D%5BserviceExtension%5D%5Bid%5D=com.ibm.bi.dashboard.serviceExtension&amp;options%5Bcollections%5D%5BlayoutExtension%5D%5Bid%5D=com.ibm.bi.dashboard.layoutExtension&amp;options%5Bcollections%5D%5BvisualizationExtension%5D%5Bid%5D=com.ibm.bi.dashboard.visualizationExtensionCA&amp;options%5Bcollections%5D%5BcolorSetExtensions%5D%5Bid%5D=com.ibm.bi.dashboard.colorSetExtensions&amp;options%5Bconfig%5D%5BsmartTitle%5D=false&amp;options%5Bconfig%5D%5BeditPropertiesLabel%5D=true&amp;options%5Bconfig%5D%5BnavigationGroupAction%5D=true&amp;options%5Bconfig%5D%5BenableDataQuality%5D=false&amp;options%5Bconfig%5D%5BmemberCalculation%5D=false&amp;options%5Bconfig%5D%5BassetTags%5D%5B%5D=dashboard&amp;options%5Bconfig%5D%5BfilterDock%5D=true&amp;options%5Bconfig%5D%5BshowMembers%5D=true&amp;options%5Bconfig%5D%5BassetType%5D=exploration&amp;options%5Bconfig%5D%5BgeoService%5D=CA&amp;subView=model00000185985349dc_00000000&amp;isAuthoringMode=false&amp;boardId=i7402E6149B934CAAA867A1B58E0B4ECE">US Office of Personnel Management</a> showed eight cabinet-level agencies, which are at the center of the executive branch and have heads that report directly to the president, had over 100,000 civilian employees as of March.Almost half a million people were employed in the Department of Veterans Affairs, while the Department of Education had just over 4,000. The Treasury Department had over 100,000 employees as of March. The overwhelming majority of those — about 94,000 — were employed in the Internal Revenue Service.Most departments had six-figure average salaries, with the Department of Education and the Department of Energy having the highest averages.During Ramaswamy's Sunday <a target="_blank" class="" href="https://www.businessinsider.com/vivek-ramaswamy-doge-wants-to-delete-entire-federal-agencies-2024-11">appearance</a> on Fox News, he said, "We expect mass reductions in force in areas of the federal government that are bloated."While neither Trump, Musk, nor Ramaswamy has made clear which departments could be on the chopping block, Trump has targeted the Department of Education in the past, <a target="_blank" class="" href="https://www.youtube.com/watch?v=tscgWCBbeao">saying in 2023</a>: "One other thing I'll be doing very early in the administration is closing up the Department of Education in Washington DC, and sending all education and education work and needs back to the states."Musk <a target="_blank" href="https://www.youtube.com/watch?v=GsYKhVtvm3k">said</a> during October remarks that while the commission's goal is to cut spending by reducing head count, he would consider giving impacted workers "very long severances" that could amount to two years' pay."The point is not to be cruel or to have people not be able to pay their mortgage or anything," Musk said during his October remarks. "We just have too many people in the government sector, and they could be more productive elsewhere."The US Office of Personnel Management <a target="_blank" href="https://www.opm.gov/policy-data-oversight/pay-leave/pay-administration/fact-sheets/severance-pay/">wrote on its website</a> that "severance pay is authorized for full-time and part-time employees who are involuntarily separated from Federal service and who meet other conditions of eligibility." A spokesperson for the office told BI that the severance policy is up to date, and it "cannot comment on the actions of future administrations."DOGE is not an official government agency. Past commissions on government spending, like the Grace Commission under former President Ronald Reagan, gave the president and Congress advice on areas to cut. The two leaders of the initiative have started to detail the areas of government spending they're looking to target.While DOGE can advise Trump on agencies to cut, the president-elect cannot act on it alone — making major changes to federal agencies would require congressional approval.Plus, DOGE's goals could still change. It's unclear how exactly the commission will function and whether Congress will approve Musk and Ramaswamy's spending cuts. BI <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">previously reported</a> that the US spent $6.75 trillion in fiscal year 2024. With Social Security, health programs, and Medicare topping the spending list, they could be on the commission's chopping block. However, Medicare and Social Security are forms of mandatory spending that would require legislation to change.Are you employed by the federal government and have a story to share? Reach out to these reporters at <a target="_blank" class="" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a> and <a target="_blank" class="" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

Musk's DOGE wants to 'delete' entire government agencies. Here's where the most people are employed and what they make.

<ul class="summary-list"><li>Pro-Russia hackers are targeting infrastructure systems in the US and Europe, says a security advisory.</li><li>Hackers have infiltrated infrastructure sectors in water, dams, energy, and agriculture.</li></ul>Infrastructure systems in the US and Europe are vulnerable targets for pro-Russia hackers, numerous security agencies cautioned in a May 1 advisory statement."In early 2024, the authoring organizations observed pro-Russia hacktivists targeting vulnerable industrial control systems in North America and Europe," the <a target="_blank" href="https://www.cisa.gov/sites/default/files/2024-05/defending-ot-operations-against-ongoing-pro-russia-hacktivist-activity-508c.pdf">advisory</a> said, which was authored by the FBI, the Cybersecurity and Infrastructure Security Agency, along with other domestic and international bureaus.The agencies observed pro-Russia hackers compromise the operational technology of infrastructure such as "Water and Wastewater Systems (WWS), Dams, Energy, and Food and Agriculture Sectors."Pro-Russia hackers could be breaking into these systems in various ways. Some through points include entering outdated software and cracking weak passwords.While the hackers have mainly caused "nuisance effects," the advisory noted that "historically, these hacktivists have been known to exaggerate their capabilities and impacts to targets." The unauthorized access is problematic though.The authoring agencies have found that interferences can be avoided through improved cyber hygiene and guidance among systems, which is further explained in the advisory.The advisory note said that actions such as changing passwords for operational technology, creating multi-factor authentication for accessing that technology, and limiting the exposure of operational technology to the internet should be taken immediately.Earlier this year, there was a hack reported on a Texas water tower, causing it to <a target="_blank" href="https://www.businessinsider.com/russia-hack-us-infrastructure-texas-water-system-sandworm-2024-4">overflow</a>. The group of hackers believed to be responsible for the disruption is called Sandworm, and the group was linked to Russia in April.Mandiant, a cybersecurity firm owned by Google, described Sandworm as a "dynamic and operationally mature threat actor that is actively engaged in the full spectrum of espionage, attack, and influence operations."The Department of Justice charged several members of Sandworm in 2020 with crimes related to interfering with the US presidential election in 2016. Sandworm is also known for its hacking disruptions on a global scale, previously targeting Ukraine and South Korea.

Pro-Russia hackers are breaking into critical American and European infrastructure, security agencies warn

Travelling across India is safer and easier for tourists, <keyword id="20130044" type="General" weightage="20" keywordseo="Indian-tourism" source="keywords">Indian tourism</keyword> industry leaders have said, promoting the country, especially <keyword id="19894922" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="keywords">Uttar Pradesh</keyword>, as a premier tourist destination for Singaporeans. Their remarks came as they participated in the <keyword id="23693812" type="General" weightage="20" keywordseo="ITB-Asia" source="keywords">ITB Asia</keyword>, a travel trade show held in Singapore From October 23 to October 25. "We need to educate <keyword id="21866171" type="General" weightage="20" keywordseo="global-travellers" source="keywords">global travellers</keyword> about the attractions in Uttar Pradesh and make UP known more and above the iconic <keyword id="20045918" type="General" weightage="20" keywordseo="Taj-Mahal" source="keywords">Taj Mahal</keyword> in Agra," said Rahul Wadhwa who leads CAL India Tours and Travel. He estimated a growth of 10 per cent across the UP travel agency business. Further, Wadhwa said his Agra-based travel business was seeking collaborations globally to tie up travel arrangements and promote the state as well as India as a tourist destination. There are a growing number of five-star hotels and continuing investments in highways that make travelling across India, including UP, as seamless as the tourists expect, said the <keyword id="20181038" type="General" weightage="20" keywordseo="travel-industry" source="keywords">travel industry</keyword> veteran of 33 years. Technology-wise, the travel industry has also done well, moving away from the telex-based phone-call booked communications to speedier online-offline as well as mobile phone app-led bookings and arrangements for globe trotters. Travelling across India is also safer and easier, added Sushil Kumar Singh, managing director of Jatak Travels, dismissing all notions and misunderstandings about <keyword id="20415307" type="General" weightage="20" keywordseo="safety-and-security" source="keywords">safety and security</keyword> in India. "We have <keyword id="23693813" type="General" weightage="20" keywordseo="tourist-friendly" source="keywords">tourist-friendly</keyword> people and highly rated facilities across the country and in UP," assured the head of the Varanasi-based travel group. The destinations and facilities in India are world-class. "We are no less than any other tourist destination," he stressed. "International tourists are visiting India freely," underscored Singh, who reported 200 per cent growth for his business post-Covid.

Indian tourism industry leaders spotlight Uttar Pradesh as safe and diverse travel destination

Security agencies will be deploying artificial intelligence-based security systems with enhanced <keyword id="22713904" type="General" weightage="20" keywordseo="surveillance-features" source="keywords">surveillance features</keyword> and automated crowd estimation facilities at and around <keyword id="20283480" type="General" weightage="20" keywordseo="Red-Fort" source="keywords">Red Fort</keyword> on the upcoming Independence Day, sources said. A document accessed by the reveals that CCTVs having video analytics features will be deployed at important locations at the venue. The intelligence video surveillance system will have features like a vehicle number plate recognition system, face detection, people movement counting, tripwire, audio detection, intrusion, defocus, and abandoned or missing objects. "We will also be using AI-armed cameras to count the entry and exit of people inside the premises. The estimation of the crowd will be done through AI," an official added. The cameras, said the official, will have the capability of detecting abandoned baggage in public places. Intrusion detection features will be the security of high risk. Different zone-based alarms can be set as per priority and sensitivity of each zone. The advanced FRS facility will be in recognition of faces on live cameras as well as on recorded videos. Detect any matches with faces on the "Watch List" database and provide alerts to the control room. Detecting multiple faces from group images and searching for similar faces from a single camera or across multiple cameras. An enrolled person can be searched by names or similar faces and also search via. unknown faces using a single image or group photo. Divulging further details on the new changes, a senior government official informed that they have been using a <keyword id="20903661" type="General" weightage="20" keywordseo="facial-recognition-system" source="keywords">facial recognition system</keyword> for the past several years but this year they will be deploying Number Plate Recognition (NPR) that will have vehicle plate detection based on real-time 24x7 video processing. It will immediately video record and snapshot each vehicle or violated vehicle. It will be integrated with multiple cameras or sensors for driver image capture. Delhi police will be deploying more than 700 CCTVs and more than 150 cameras having video analytics features. More than 10,000 security personnel, including Delhi police and paramilitary jawans, will be deployed in and around the Red Fort and other crucial locations in central and north Delhi. A team of central intelligence agencies and all concerned security agencies visited the Red Fort and held a security review meeting recently for the Independence Day event. At the review meeting, held in the backdrop of the attack on former US president Donald Trump during a public meeting, additional arrangements would be needed to maintain a stricter vigil at the high-security event, reliable sources claimed. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Security forces to deploy AI-based security systems at Red Fort on Independence Day

<ul class="summary-list"><li>Ken Griffin's market maker, Citadel Securities, is revamping its core trading infrastructure.</li><li>The firm has reassessed its tech stack as it eyes growth.</li></ul>In 2023, Citadel Securities COO of technology, Jeff Maurone, was meeting with senior leaders to discuss technology priorities for the year. But what started as a standard strategy meeting resulted in a yearslong re-evaluation and rebuild across the market maker's entire technology stack.Maurone said the meeting was a rallying cry for simplicity and walked away with an assignment he positioned like this: "Imagine if you were an airline, could you, on one PowerPoint slide, show 10 to 15 systems that fit together simply and together represent the only systems needed to get all the way from selling a ticket to delivering the passenger."Now, founder Ken Griffin's market maker is revamping its core trading infrastructure, which is the collection of systems and technologies that executes one in every four equity trades in the US.Over the past year or two, Maurone and Josh Woods, <a target="_blank" class="" href="https://www.businessinsider.com/citadel-securities-ceo-peng-zhao-olympics-career-advice-interns-2024-8">Citadel Securities</a>' chief technology officer, have been strategizing to consolidate redundancies, mitigate operational complexities, and reduce the cost of trading and entering new businesses. They're looking across the entire lifecycle of a trade as a blueprint for the rebuild.Since its inception in 2002, Citadel Securities has used predictive analytics, <a target="_blank" class="" href="https://www.businessinsider.com/citadel-securities-data-ken-griffin-markets-assets-2023-6">data</a>, and technology to allow buyers and sellers to trade assets by providing market liquidity. It uses algorithms to capture profit from small differences in prices. In the past two decades, the market maker has expanded in the types of clients it works with, the products it trades, and the exchanges where it trades.The goal is to prepare the firm for what lies ahead while delivering more resiliency and capabilities to clients today, Woods said."This is a way to, over time, keep your agility. I almost look at it as the stretching of business," Woods told Business Insider. "If you don't do these things, your technology stack eventually gets more rigid than you'd like, and then when you need to stretch, you're unable to."<h2 id="c49a2ec2-8ae0-4677-96cd-94e7f2168232">Building Citadel Securities' trading infrastructure of the future</h2>In the last few years, Citadel Securities pushed into credit trading, expanded its rates franchise, and introduced an institutional options offering. It has <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#gidan-dan-35-citadel-securities-13">scaled up its operations in Asia Pacific</a> and launched rates trading in EMEA; it is now active in more than 50 markets across 150 venues. As it grew, it developed a vast patchwork of different technology solutions to meet its needs.But as Citadel Securities looks to continue to grow, it needs to position its technology to easily break into new markets, asset classes, and geographies. The firm is aiming to do that by re-architecting key systems in a standard, global way, Maurone said."Part of this is just evolving the technology and being able to take a step back with fresh eyes and say, 'Well, now that we've built out a lot of these offerings across all these different markets with so many different types of counterparties, we just have a much bigger set of requirements that we're looking at,'" Woods said. "And so how do we look at all those and try to find the patterns and the best way of operating?"Take the diversity in exchanges, which vary dramatically in terms of fee structures, operating hours, and clearing requirements. Instead of relying on individual systems that cater to individual exchanges, the firm is aiming to adapt its back-end systems to be flexible enough to accommodate many exchanges and onboard new ones efficiently.Asset types are another area where there's lots of underlying variance, especially in terms of data structures. And differences in trading practices — from systematic to high-touch — will require Citadel Securities to rethink those underlying systems.Through several progressive changes to its tech stack, Maurone said he hopes that in 2025, the firm will be entirely trading in a system that reflects its goal to reduce operational complexity and redundancies."A lot of times, it requires reorienting how we look at the problem. Before, you couldn't really see the pattern because you're only looking at one little slice of the problem, but now that you see it across all these different domains, it becomes clear that there's more we can do," Woods said.<h2 id="9a4344c0-c7a7-4dfd-9e99-50d4262adc9b">How product managers are bridging business and technology</h2>Wall Street firms have long turned to consulting agencies, like McKinsey or Deloitte, to shepherd tech execs and other C-suites through a transformative process such as this. Instead, Citadel Securities has turned to an internal group of product managers and COOs — some of whom spent years working at consulting firms — to oversee the vision and execution of its technology.Building out this internal muscle, Maurone said, has filled a need that an external consultant never really could. "We need to live and breathe and own the strategy," Maurone said, adding that much of the software is created in-house. "You need the battle scars and the issues to shape the people who are building the solution," he said.<div type="image" title="A man smiles at his colleagues inside his New York office" height="2000" width="3000" msid="114467338" hostid="261" sizebytes="307174"></div>Each business or function has a COO backed by a team of product managers who partner closely with their business head. The operation is overseen by firmwide COO Matt Culek, who works closely with CEO Peng Zhao and President Jim Esposito on the firm's most challenging issues.Maurone's team supports Citadel Securities' technology organization, and he manages a team of 15 people. They set metrics, ensure engineers meet their delivery goals, and integrate customer feedback.Maurone, the first person with a product-management hired within the technology organization at Citadel Securities five years ago, has been slowly building out this team of product managers."Quite often, people in Jeff's org are thinking about the fundamental business problem we have," said Woods."They have a lot of impact and have on multiple occasions reshaped what we end up building, which is very different than what you'd get if somebody was just looking at the requirements," and following orders, Woods said.

Market-making giant Citadel Securities is rebuilding the tech that powers its trades as it eyes growth

<ul class="summary-list"><li>Boeing secured its first order since the end of a seven-week strike.</li><li>Avia Solutions Group, which leases planes to airlines, ordered 80 Boeing 737 Max jets.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-kelly-ortberg-production-737-max-787-dreamliner-2024-11">Boeing</a> has secured its first order since the end of a seven-week machinists' strike.Avia Solutions Group announced Tuesday that it ordered 80 <a target="_blank" class="" href="https://www.businessinsider.com/why-boeing-737-max-planes-have-issues-2024-1">Boeing 737 Max</a> jets, evenly split between firm orders and purchase rights.ASG describes itself as the world's largest aircraft, crew, maintenance, and insurance provider. It wet leases planes to airlines — meaning it provides planes as well as crew and other services — typically during peak travel periods.It has a fleet of 220 aircraft and carries around 35 million passengers a year for its clients. This is its first direct order from a planemaker.The news is a boon for Boeing as it works to turn things around amid an especially testing year that has seen its stock fall 40%."ACMI providers such as Avia Solutions Group offer important, flexible capacity to meet the dynamic demand in our industry and we are honored Avia has selected Boeing airplanes to help meet that demand from its customers," said Brad McMullen, Boeing senior vice president of commercial sales and marketing.Last month, rival Airbus won an order from <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-riyadh-air-airbus-a321neo-order-blow-boeing-2024-10">Saudi Arabia's Riyadh Air</a> for 60 narrow-body jets. That came months after Bloomberg reported Boeing had been set to secure an order from the kingdom's ambitious startup instead.Even with the strike ending, there is a difficult road ahead for Boeing to work through its roughly $428 billion backlog of around 5,400 commercial aircraft.<a target="_blank" class="" href="https://www.businessinsider.com/boeing-airbus-earnings-faring-better-deliveries-strike-a320-737-max-2024-10">Airbus</a> has delivered more planes and received more orders this year, while Boeing has faced intense scrutiny since January's <a target="_blank" class="" href="https://www.businessinsider.com/boeing-737-max-blowout-alaska-flight-attendant-doesnt-feel-safe-2024-8">Alaska Airlines blowout</a>.The incident saw a 737 Max lose a door plug mid-flight after the plane left Boeing's factory missing key bolts.The Federal Aviation Administration consequently limited Boeing's output of 737 Max aircraft to 38 a month until it implements a safety-and-quality plan.The planemaker has slowed below that as it overhauls its production processes, delivering around 30 per month in the last quarter.Delivery of ASG's Boeing jets is expected to start in 2030.Boeing must balance improving both its quality and production output to restore trust with customers and regulators.Credit rating agencies have warned that <a target="_blank" rel="" class="" href="https://www.businessinsider.com/boeing-credit-downgrade-sp-moodys-strike-production-cash-debt-2024-10">Boeing's bonds</a> could be downgraded to junk status. Ben Tsocanos, S&amp;P Global Ratings' aerospace director, said <a target="_blank" rel="" class="" href="https://www.businessinsider.com/boeing-19-billion-share-offering-boost-financials-liquidity-2024-10">Boeing's equity raise</a> provides a "cushion," but its rating still depends on its ability to increase both production and quality.

Boeing secured its first order after a 7-week strike — 80 Boeing 737 Max jets 

<ul class="summary-list"><li>Ransomware attacks cost local governments and public colleges the most money, a new study found.</li><li>Lower education and central and federal governments reported an average of $6.6 million in payouts.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/infamous-hacker-gang-pharmacy-prescription-backlogs-2024-2">Ransomware attacks</a> are getting expensive. And it's local governments and public colleges that are handing over the most cash.Sophos, a UK-based software security company, released its annual <a target="_blank" class="" href="https://www.sophos.com/en-us/content/state-of-ransomware">ransomware report</a> this week. It details a steep increase in payouts for ransomware attacks in recent years.Ransomware attacks typically come from <a target="_blank" class="" href="https://www.businessinsider.com/ransomware-attacks-corporations-children-executives-mandiant-google-cyber-security-2024-5">criminals who hack into companies to steal data</a>, which they hold <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ransomware-payments-increase-500-in-the-last-year-finds-sophos-state-of-ransomware-report-1033305236">until the victim agrees to pay a fee</a>. The attacks leave the victims unable to access the stolen data, which can cripple the institution until the ransom is paid.Almost 60% of respondents told Sophos that ransomware attackers had targeted their organization this year. That's a slight decrease from 66% for the same period in 2023. But the companies that do fall victim to ransomware attacks are paying out more money than ever, the study found.More than 1,000 of the surveyed organizations said they paid the ransom after hackers compromised their data.IT and telecom companies reported the lowest median ransom payment at $300,000, while lower education and government agencies posted the highest with a median of $6.6 million.Professional business and financial services were the most likely to successfully reduce ransom demands through negotiation. Higher education institutions, on the other hand, were the most likely to pay more than the original demand."It may be that these industries are less able to access professional ransom negotiators to help reduce their costs," the study's authors said. "They may also have a greater need to recover the data 'at any cost' due to their public remit."Researchers say advancements in <a target="_blank" href="https://www.businessinsider.com/ai-phishing-scams-automation-detection-2024-6">AI will likely increase the scale of ransomware attacks</a>. In April, researchers from the Institute for Security and Technology told the House Financial Services subcommittee that they have "tremendous concern" about the role AI could play in future attacks, <a target="_blank" class="" href="https://thehill.com/homenews/house/4599587-ai-ransomware-easier-committee/">according to The Hill</a>.Typically, ransomware groups target large companies with revenue greater than $5 billion, but smaller organizations are starting to become more likely targets, according to the study. In the last year, organizations with less than $10 million in revenue made up about 47% of those hit by ransomware attacks, Sophos found."While many ransomware attacks are executed by sophisticated, well-funded gangs, the use of crude, cheap ransomware by lower-skilled threat actors is on the rise," Sophos says.

The price of ransomware attacks is skyrocketing and government agencies are paying the most

<ul class="summary-list"><li>Shares of Palantir soared over 11% Thursday. </li><li>Shares of the data software company rose after it announced a new partnership with Microsoft.</li></ul>Shares of Palantir jumped Thursday, fueled by a new partnership with Microsoft to provide artificial intelligence and other analytic tools to US government agencies.The data software firm's stock rose as much as 11% to $29.23 per share as of 2:18 p.m. ET before paring gains to about 9% toward the end of the trading session. Palantir's AI-driven data and analytics tools will be available on Microsoft's cloud services and use Microsoft's Azure OpenAI models, resulting in an integrated solution to sell to US defense and intelligence agencies.The partnership "will help accelerate the safe, secure, and responsible deployment of advanced AI capabilities for the US government," Microsoft Americas president Deb Cupp said in a <a target="_blank" href="https://investors.palantir.com/news-details/2024/Palantir-and-Microsoft-Partner-to-Deliver-Enhanced-Analytics-and-AI-Services-to-Classified-Networks-for-Critical-National-Security-Operations/">press release</a>. Palantir has seen growing demand amongst government agencies for its AI-driven defense products, which help plan and visualize military movements.The company signed a $480 million contract with the US Army in May, and its stock is up almost 69% this year.Palantir's latest earnings, released earlier this week, reported the company's largest quarterly profit yet. Around 54% of its revenue came from government clients.The company also raised its annual revenue forecast for the second time this year to $2.74 billion to $2.75 billion, up from $2.68 billion to $2.69 billion.

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