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Cybersecurity Threat Intelligence

In times when cases of scam and <keyword id="20649571" type="General" weightage="20" keywordseo="spam-calls" source="keywords">spam calls</keyword> are on the rise, <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword>’s new AI-powered spam detection system has identified 51 million potential spam calls and 1.6 million <keyword id="23471655" type="General" weightage="20" keywordseo="malicious-SMS" source="keywords">malicious SMS</keyword> messages in Rajasthan—all in just the first 10 days since its launch. This technology, rolled out at no additional cost to <keyword id="19896909" type="General" weightage="100" keywordseo="Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Airtel" meta.hostid="261" meta.entityid="Airtel">Airtel</keyword> customers, promises to offer real-time protection against scammers and fraudulent links.<br /><br />Marut Dilawari, CEO of Bharti Airtel in <keyword id="19898913" type="General" weightage="20" keywordseo="Rajasthan" source="keywords">Rajasthan</keyword>, shared the news on Tuesday, revealing the breakthrough solution that’s already making a significant impact. “For this, Airtel has built a centralized database of blacklisted URLs, and every SMS is scanned in real-time by a state-of-the-art AI algorithm to caution users from accidentally clicking on suspicious links,” he explained as per PTI.<br /><br /><h2>How the tool works<br /></h2><br />Airtel’s AI-powered system works quietly in the background, scanning every incoming SMS for potentially dangerous links. When a suspicious link is detected, users are immediately alerted, helping them avoid accidentally falling victim to <keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">phishing scams</keyword> or malicious websites. This isn’t just about blocking irritating spam—it also protects users against cybercriminals targeting unsuspecting customers.<br /><br />What sets Airtel’s solution apart is its extensive database of blacklisted URLs, which is constantly updated to ensure real-time protection. The AI system analyses every message before it reaches the customer.<br /><br />Airtel is the first telecom provider to roll out such an AI-driven spam protection system for its users, a move that places it ahead in the battle against increasingly sophisticated cyber threats. The best part? It’s completely automatic and free for all Airtel users, with no need for customers to install additional apps or sign up for extra services.<br /><br />Dilawari talked about how important this solution is in today’s digital age. “The threat of scams, fraud, and malicious communications has become a growing concern for customers. In view of this, Airtel has introduced an AI-powered solution which equips all Airtel customers in Rajasthan with a powerful shield against the schemes of cybercriminals and scammers,” he told PTI.<br /><br /><h2>Spam calls are on the rise<br /></h2><br />With phishing attempts and spam calls on the rise, especially in regions with high mobile penetration like Rajasthan, customers have been increasingly vulnerable to fraudsters. Whether it’s a fraudulent link promising a fake lottery win or a robocall posing as a government agency, the tactics are becoming more devious—and difficult to detect.<br /><br />Airtel’s move to integrate AI into its security systems is not only a step forward for telecom providers but also a much-needed layer of protection for millions of customers. As digital fraud continues to evolve, proactive measures like these will become essential in keeping users safe.<br /><br /><strong>(With PTI inputs)</strong><br />

AI helped Airtel detect 51 million spam calls in 10 days, all details

AI-smartphones, AI-fridges, AI-this, AI-that.. it seems like we’re only a couple of years away from students using AI-powered pens to play pen-fight in their classrooms. However, as artificial intelligence protects us from the toil of day-to-day labour, what is protecting us from AI?<br /><br />For instance, Tamil Nadu’s Cyber Crime Department recently issued an advisory notifying that scammers were beginning to employ advanced AI to impersonate the voices of distressed family members, in the hope that they manage to extract money out of the unknowing victims.<br /><br />While the impersonation might seem ingenious on the fraudster’s part, this can still be considered a somewhat rudimentary tactic, when all things are considered. AI-tech, despite being in somewhat of a nascent stage, is already being leveraged to uncover major <keyword id="21563728" type="General" weightage="20" keywordseo="security-breaches" source="keywords">security breaches</keyword> and inflict devastating financial losses to organisations, which can have a disastrous impact on them and their workforce.<br /><br />“Organisations have learned how to cope with cyberattacks that deliberately target enterprise technology, such as networks, cloud storage, and endpoint devices. But AI is a game-changer,” David Bicknell. “Now, organisations must respond to <keyword id="21563727" type="General" weightage="20" keywordseo="AI-attacks" source="keywords">AI attacks</keyword> that can adapt to a specific environment, seek out weaknesses, and exploit them. This is uncharted territory.”<br /><br />Anticipating such attacks, major tech giants have already begun ramping up their <keyword id="21563729" type="General" weightage="20" keywordseo="cyberdefenses" source="keywords">cyberdefenses</keyword>. Despite this improvement, it will take another 2-3 “bumpy” years before these companies are sufficiently able to effectively counter such AI-led cyberattacks, notes <keyword id="19910824" type="General" weightage="20" keywordseo="GlobalData" source="keywords" meta.keywordsubtype="org" meta.entityname="GlobalData" meta.hostid="261" meta.entityid="GlobalData">GlobalData</keyword>, a major data and analytics company, in their latest report.<br /><br />The report, "<em><keyword id="19906883" type="General" weightage="100" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword> – Thematic Intelligence</em>," notes that while AI will be instrumental in enhancing threat detection and incident response, the looming threat of AI-led attacks will remain overwhelming for a while.<br /><br />However, this is not to say that companies aren’t doing something about it. The report notes that cybersecurity budgets are also on the rise, with the market likely to grow at a compound annual growth rate of 13% till 2027. According to GlobalData, the cyberdefense industry will be worth a whopping $290 billion by 2027, with maximum growth in the security services, application security, and identity and access management areas. Even PwC’s projections reveal that cyber investments will comprise 14% of the total IT operational tech budget in 2024, three points higher than in 2023.<br /><br />Major market public players within the cybersecurity theme include <keyword id="6370971" type="General" weightage="20" keywordseo="accenture" source="Orion">Accenture</keyword>, Google parent <keyword id="6357623" type="General" weightage="20" keywordseo="alphabet" source="Orion">Alphabet</keyword>, Check Point Software, <keyword id="6390344" type="General" weightage="20" keywordseo="cisco" source="Orion">Cisco</keyword>, <keyword id="1617807" type="General" weightage="20" keywordseo="cloudflare" source="Orion">Cloudflare</keyword>, with Cybereason, Code42, ForgeRock, Illumio and LogRhytm expected to the be biggest private companies.<br /><br />In fact, the report elaborates further that Cisco's recent $28 billion landmark acquisition of Splunk, with its focus on AI-driven cybersecurity solutions, is poised to catalyse a wave of mergers and acquisition deals centered on AI-led security technologies.<br /><br />However, amidst the flurry of M&amp;A activity, regulatory scrutiny looms large. The consolidation of cybersecurity firms, driven by both established players and private equity investors, has raised concerns about freedom of speech, market competition and potential anti-competitive practices. With regulators keeping a close eye on deals like Thoma Bravo's acquisition of Darktrace, the cybersecurity M&amp;A landscape is fraught with regulatory challenges.<br /><br />As organisations chart their course in this era of AI-driven cybersecurity, collaboration, innovation, and regulatory compliance will be paramount. The fusion of AI and cybersecurity presents unparalleled opportunities for defense and disruption alike, challenging industry stakeholders to adapt, innovate, and stay ahead of emerging threats.<br />

Fear of AI threats could propel cybersecurity into becoming a $290 billion industry by 2027, as per reports

<ul class="summary-list"><li><strong>Pure Storage provides cloud-storage systems to over 11,000 customers.</strong></li><li><strong>It uses AI to help automate and enhance security, finance processes, and product development.</strong></li></ul><p><em>For "CXO AI Playbook," Business Insider takes a look at mini case studies about AI adoption across industries, company sizes, and technology DNA. We've asked each of the featured companies to tell us about the problems they're trying to solve with AI, who's making these decisions internally, and their vision for using AI in the future.</em></p><p>Pure Storage has been providing cloud-storage systems for more than a decade and is trusted by some of the world's largest organizations, such as ServiceNow and Domino's Pizza. It uses generative AI to help make its 2,000 engineers even more efficient.</p><h2 id="ec04abf8-6dc5-4015-93f4-02f9ad5ed95c"><strong>Situation analysis: What problem was the company trying to solve?</strong></h2><p>Pure Storage was founded in 2009 and, according to its website, serves over 11,000 global customers. As a result, it has extensive institutional knowledge in providing data storage to companies.</p><p>However, making use of that knowledge across complex business processes was a challenge, Ratinder Paul Singh Ahuja, the company's chief technology officer for security and networking, told Business Insider.</p><p>That changed with the popularization of generative-AI platforms in 2022. "I could see how this could be used in a number of business processes," Ahuja said. "We put together a company-level initiative to do what we call a generative-AI-powered enterprise."</p><div type="image" title="Ratinder Paul Singh Ahuja, the CTO of Pure Storage" height="1098" width="1458" msid="111691307" hostid="261" sizebytes="66392"></div><p>Ahuja said the company considered several options for deploying generative artificial intelligence, such as using it to sift through queries, support its internal help desk, or help the company's finance arm.</p><p>But the most pressing improvement Ahuja wanted to make was speeding up and bolstering the checks his security team carried out. He quickly hit upon two key areas where AI could help.</p><p>Normally, his development, security, and operations program would have to sit through design discussions with company teams and try to find security issues to fix before rolling out products. It was laborious and time-consuming.</p><p>The security team at Pure Storage would also be overwhelmed by threat announcements — when providers of hardware or software used by companies, including Pure Storage, announce they've found vulnerabilities in their code that need fixing. But these reports are often for products not used by Pure Storage or don't affect them, so filtering through the announcements is hard.</p><h2 id="d702a117-49b9-49d5-88a7-7de508c675b9"><strong>Key staff and partners</strong></h2><p>The process of implementing these uses of AI was led by Ahuja, who demonstrated the early examples to the executive team at Pure Storage.</p><p>He said that at Pure Storage, the office of the technology officer had more freedom and ability to explore new technologies than the IT department: "They kept it under the office of CTO, as opposed to IT services, just because the field is changing rapidly, and we wanted to have the ability to not be rigidly covered by an IT process."</p><h2 id="5779d2e8-4b73-42e7-a5d1-d9b90f413fca"><strong>AI in action</strong></h2><p>In its security department, Pure Storage now uses a generative-AI tool that was trained with Ahuja's presentation slides and knowledge about modeling threats — similar to the way a human staff member would be trained on best practices. "This GPT can now be cut and pasted as a picture of a design, any documentation or code you have written, and it will walk through the STRIDE methodology," Ahuja said, referring to a standard threat-modeling methodology that stands for spoofing, tampering, repudiation, information disclosure, denial of service, and elevation of privilege.</p><p>Other Pure Storage teams, not just security, can use the program, meaning they don't have to wait for a security specialist to become free to check their plans.</p><p>The generative-AI tool scanning the vast volumes of threat announcements and warnings can quickly triage what human security professionals need to pay attention to and what they can ignore. The tech analyzes the threat feed and asks what class of system is affected and which signs to look for to detect the issue. "Then it queries our asset database, and says, 'Do we have this class of systems? Should I even worry about it?" Ahuja said. If the answer is yes, it'll continue to analyze until it's convinced it needs to flag a human, he said.</p><h2 id="ccb3b76e-1e17-4dd4-8699-7ed00002b15c"><strong>Did it work, and how did leaders know?</strong></h2><p>Pure Storage's AI model is designed to poke holes in new features, products, or services, probing for weaknesses that cybercriminals could exploit. "What used to take a couple of weeks is now an hour's job, with the bot guiding the different teams through the STRIDE methodology," he said. "This is really popular with our engineering teams because they don't have to wait for a security expert."</p><p>Meanwhile, Ahuja said, the triaging tool is so helpful it's as if the security-operations team has added another worker: "This is really powerful. You could not keep up. They were constantly underresourced."</p><h2 id="c3092f72-433a-422a-ac8a-da8ccd2cd4a5"><strong>What's next?</strong></h2><p>Ahuja wants to layer AI on top of Pure Storage's products. "Gen AI is really good at analyzing configurations — it's very good at generating code," he said. "If you look at Pure Storage and many other vendors, we put out complex systems, and you have to configure them."</p><p>He believes generative AI can help automate large parts of that process.</p><p><em>We want to hear from you. If you are interested in sharing your company's AI journey, email </em><a target="_blank" href="mailto:jhood@businessinsider.com"><em>jhood@businessinsider.com</em></a><em>.</em></p>

A cloud-storage company is using AI to save employees weeks of cybersecurity-threat work

Cybersecurity Threats and Solutions

Earlier this week, <keyword id="19935844" type="General" weightage="20" keywordseo="Lebanon" source="keywords">Lebanon</keyword> was rocked by a series of deadly explosions involving pagers and walkie-talkies, killing dozens and injuring thousands. These incidents, allegedly linked to Israeli covert operations targeting <keyword id="19925799" type="General" weightage="20" keywordseo="Hezbollah" source="keywords" meta.keywordsubtype="org" meta.entityname="Hezbollah" meta.hostid="261" meta.entityid="Hezbollah">Hezbollah</keyword>, sent shockwaves through the region. The blasts have since sparked a wave of fear — can modern, personal devices like smartphones also be hacked and turned into weapons?<br /><h2>What happened in Lebanon?</h2>The explosions in Lebanon were far from random. Reports suggest that pagers used by Hezbollah operatives had been rigged with explosives and remotely detonated, catching their users off-guard. Security sources indicate that the rigging involved physically placing explosives inside these relatively old devices, and then using the communication functionality of the pagers to trigger the blasts.<br /><br />This raises the question: if pagers and walkie-talkies can be tampered with in such a devastating way, could modern consumer electronics — like your smartphone — suffer the same fate?<br /><h2>Are smartphones at risk?</h2>The short answer is no, or at least not in the same way. The technology used in the <keyword id="23230922" type="General" weightage="20" keywordseo="pager-attacks" source="keywords">pager attacks</keyword> in Lebanon exploited vulnerabilities specific to older devices. Unlike the bulky pagers involved in the attacks, modern smartphones are designed with highly sophisticated internal components, which are tightly packed with almost no room for extra materials like explosives.<br />        <div type="Article" hostid="261" msid="113448146" title="Lebanon pager explosion: What is Hezbollah and why is Israel targeting it?" mstype="2" mssubtype="0"></div>Moreover, the idea of hacking a smartphone to make it explode is highly impractical. While it's true that lithium-ion batteries in smartphones can overheat and, in rare cases, explode, this is typically due to manufacturing defects or improper charging, not hacking. Security experts stress that breaking into consumer devices to physically modify them with explosives would require access to the supply chain — an almost impossible feat on a large scale. In other words, your phone isn't going to explode just because someone hacks it.<br /><br />Further, even if a hacker could compromise the software of a phone, it is unlikely that they would be able to create an <keyword id="19930918" type="General" weightage="20" keywordseo="explosion" source="keywords">explosion</keyword> just by pushing code. Devices like pagers, on the other hand, have larger components and more rudimentary designs, making them more vulnerable to physical sabotage.<br /><h2>Why the fear persists</h2>Despite reassurances from experts, the explosions in Lebanon have left many wondering what the future holds. As technology advances, so do the methods of warfare. While it is unlikely that your phone will ever be hacked to explode, the attacks on Hezbollah have inevitably sown fear that even everyday technology can be weaponised under certain conditions.<br />        <div type="Article" hostid="261" msid="113478704" title="The detonation of pagers used by Hezbollah shows the depths of supply-chain infiltration" mstype="2" mssubtype="0"></div>But for the most part, the average person needn’t worry about their phone becoming a bomb, as <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> expert Daniel Card puts it. However, the fact that such attacks are happening on specific groups means we cannot entirely dismiss the potential for other forms of tech-based sabotage in the future.<br /><br />These events serve as a stark reminder of the vulnerabilities in the devices we rely on, not just from a privacy perspective but from a <keyword id="20676085" type="General" weightage="20" keywordseo="physical-security" source="keywords">physical security</keyword> angle. Companies like Apple and Google have made strides in protecting their users from digital threats with regular updates and robust security features. However, physical tampering — like what happened in Lebanon — is a whole new battlefield that the tech world must keep an eye on.<br />

Could your personal smartphone be hacked to explode like the pagers in Lebanon?

<ul class="summary-list"><li>MK Palmore worked in the FBI for 22 years and has been a director in Google's CISCO for about three.</li><li>He told BI that <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-cyber-security">cybersecurity</a> roles are in high demand and there's a shortage of talent.</li></ul><p><em>This as-told-to essay is based on a conversation with MK Palmore, a director in Google Cloud's office of the </em><a target="_blank" class="" href="https://www.prnewswire.com/news-releases/google-announces-cybersecurity-action-team-to-support-the-security-transformations-of-public-and-private-sector-organizations-301396922.html"><em>chief information security officer</em></a><em>. This essay has been edited for length and clarity.</em></p><p>I'm a director in <a target="_blank" class="" href="https://www.businessinsider.com/google">Google</a> Cloud's office of the chief information security officer.</p><p>I've been at <a target="_blank" class="" href="https://www.businessinsider.com/google-cloud-platform">Google Cloud</a> now for about three and a half years and Palo Alto networks before that. Before that I had a long and very extensive career in the US federal government comprised of <a target="_blank" class="" href="https://www.businessinsider.com/former-fbi-agent-shares-5-precautions-he-would-take-online-2024-9">22 years in the FBI</a> and another five years in the United States Marines.</p><p>Cybersecurity is one of the most dynamic career fields in the industry right now across all business variables.</p><p>Every company needs cybersecurity professionals. You will find a preponderance of us engaged in the technology space. You'll find cybersecurity leaders and practitioners working for agricultural companies, trucking companies, logistics, operations,<strong> </strong>and<strong> </strong>certainly in financial services.</p><p>When you become a cyber security professional and you develop the skills, you basically make yourself the go-to person or persons across <a target="_blank" class="" href="https://www.businessinsider.com/what-to-know-about-sec-cybersecurity-rules-and-guidance">all business industries</a>. For those of us who have been trained and do have professional experience, because there are such small numbers of us, we've kind of had the lion's share of the opportunities presented to us.</p><p>I've been a particular observer of both threat landscape issues and issues related to the cybersecurity workforce for about 10 to 15 years now. I've seen the relative importance of <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-pwnies-award-comms-masterclass-outage-vegas-2024-8">the role of cybersecurity practitioners gain tremendous traction</a> in all circles as we start to recognize the importance that our digital footprint and digital technology needs have on our ability to operate around the world.</p><p>The information that we exchange is so important from a privacy standpoint that the protection of information and the assets for which the information traverses has become a <a target="_blank" class="" href="https://www.businessinsider.com/cyber-insurance-coverage-plan-benefits-costs">huge priority for businesses around the world</a>.</p><p>As an entity, we want to make sure that we're positioned to help folks and protect these assets and the information that they have.</p><h2 id="db68d173-5635-4361-bd7d-f42450adf2ce">Cybersecurity demand isn't being met</h2><p>One thing is clear: there are hundreds of thousands of positions open here in North America, probably more than a million globally. As industry importance continues to rise, the <a target="_blank" class="" href="https://www.businessinsider.com/cybersecurity-jobs-openings-how-to-hire-2022-5">availability of talent continues to be a bit of a challenge</a> across all industries.</p><p>What we're seeing right now in the industry is that we can't bring folks in fast enough. That means we're a little bit behind in terms of filling the pipeline with viable candidates.</p><p>There's no clear direct path into cybersecurity unless you are one of the rare people who has actually majored in the newly available cybersecurity majors in our educational system. <a target="_blank" class="" href="https://www.businessinsider.com/relax-college-kids-ai-will-not-kill-computer-science-degree-2024-8">Computer science, of course, has been around</a> for a number of years but even that doesn't provide you a direct line to cyber security positions.</p><p>Most cybersecurity professionals have started their careers as IT professionals and at some point transitioned over. But, the fact of the matter is there still aren't enough people to feed the robust pipeline or open positions that we have.</p><p>Ideally, a candidate would be someone that has done the academic work associated with it or they gained certifications across the cyber security spectrum and have combined some level of practical experience. It doesn't have to be a ton, but there is a prejudice toward people who have hands-on experience.</p><p>The challenge with our industry is that hands-on experience portion can be a bit of a challenge to get for new entrants. That's where the gap continues to increase in terms of available candidates.</p><p>As an industry, we have to take a step back and start planning and making changes so that we're prepared for the challenges of the next three to five years, which means we need to make an investment in that pipeline.</p><p>We have a team called Grow with Google and some of the other teams internally here that pay particular interest to what people need to learn in a future state, and we invest time in building out courses, certificates, and opportunities for people to learn.</p><h2 id="27f12508-6fec-4ba2-9215-0f451653a751">It's a field that's here to stay</h2><p>I believe that <a target="_blank" class="" href="https://www.businessinsider.com/why-you-may-want-to-rethink-ai-career-path-2024-8">cybersecurity roles will continue to flourish</a> in terms of their relevance for a decade-plus to come.</p><p>We haven't even gotten to the point where we're talking about cryptographic challenges. In terms of post-quantum computing, cybersecurity is going to be relevant for a very, very long time.</p><p>People who decide early on in their careers to invest in it will benefit — and even if they choose to veer off into things like operations, marketing, or other aspects of business, all they gain from a cybersecurity standpoint will make them better business leaders.</p><p>I am certain that somewhere out there, there's a CEO-in-waiting who happens to come from a cybersecurity background because they understand the importance and role that technology plays in their ability to deliver business results.</p>

I'm a Google Cloud director who spent decades in the FBI. If you want a tech job, cybersecurity is the place to be.

<ul class="summary-list"><li>Last year, the SEC mandated that public companies disclose material cybersecurity incidents.</li><li>Cybersecurity experts explained the rule, which can be confusing for company executives.</li></ul><p>Investors <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-a-cyber-attack">consider cyberattacks one of the biggest threats to business</a>. The incidents can cost companies millions of dollars, damage their reputations, <a target="_blank" class="" href="https://www.pwc.com/kz/en/pwc-news/what-new/investors-put-cybersecurity.html">diminish trust with investors</a>, and affect their share prices.</p><p>Though cyberattacks are <a target="_blank" href="https://www.gao.gov/cybersecurity">occurring more frequently</a>, investors don't always understand their scope or how to factor them into their investing strategies, said Hugh Thompson, the executive chairman of the <a target="_blank" href="https://www.businessinsider.com/rsa-conference-best-practices-securing-5g-iot-devices-2024-5">RSA Conference</a>, a global cybersecurity gathering.</p><p>To ensure investors have access to timely, relevant information about cybersecurity events, the US Securities and Exchange Commission last year adopted <a target="_blank" class="" href="https://www.sec.gov/newsroom/speeches-statements/gerding-cybersecurity-disclosure-20231214">rules requiring public companies to disclose details about "material cybersecurity incidents,"</a> or those likely to <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">affect a company's operations</a>, finances, legal obligations, or reputation.</p><p>"These types of cybersecurity incidents have a real impact, potentially, on shareholder value," Kate Dedenbach, a privacy and cyber attorney at Fisher Phillips in Detroit, told Business Insider. "The SEC's goal is to provide investors with more robust and timely information about cybersecurity incidents so they can make more knowledgeable investment decisions."</p><p>Thompson said that while the regulations were well meaning, they'd been confusing to chief information-security officers and others tasked with assessing cyber incidents. He said this was a common concern among <a target="_blank" href="https://www.businessinsider.com/rsa-conference-us-national-security-5g-infrastructure-ai-anne-neuberger-2024-5">attendees at the RSA Conference</a> in May.</p><p>In January, <a target="_blank" href="https://affiliate.insider.com?h=7ea93943421ee09ecc063ab20182a0e5cd655eb602ca051d3fc9e2e5baae85a2&amp;postID=66d72882f12d26d0131892d1&amp;postSlug=what-to-know-about-sec-cybersecurity-rules-and-guidance&amp;site=bi&amp;u=https%3A%2F%2Fwww.microsoft.com%2Fen-us%2Fsecurity%2Fblog%2F2024%2F01%2F25%2Fmidnight-blizzard-guidance-for-responders-on-nation-state-attack%2F">Microsoft disclosed a cyberattack</a> on its senior executives' email accounts and said hackers were able to access the company's network. That month, the mortgage lender <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1831631/000183163124000011/pressrelease.htm">LoanDepot also disclosed an attack</a> in which hackers took control of company data. But a <a target="_blank" href="https://www.forbes.com/sites/bobzukis/2024/03/04/companies-are-already-not-complying-with-the-new-sec-cybersecurity-incident-disclosure-rules/">Forbes report</a> suggested the companies didn't include all the SEC-required information, such as a description of the attack's material impact.</p><p>Here's what leaders of public companies should know about the regulations.</p><h2 id="992d7a04-260d-41a1-b5b0-3aa9ef6f517a">The final rule builds on previous guidance</h2><p>In 2011 and 2018, the SEC issued guidance for public companies to disclose cybersecurity risks and incidents. But the agency said disclosures were inconsistent.</p><p>"This made it difficult for investors to quickly locate information about risks," said Lei Zhou, a research scholar at the University of Maryland's business school who coauthored <a target="_blank" href="https://www.rhsmith.umd.edu/research/sec-cites-smith-research-new-cybersecurity-disclosure-rules-public-companies">research</a> that the SEC cited in the final rule.</p><p>She said the 2023 final rule standardized the process for disclosing information and made disclosures a "binding requirement."</p><p>"When a company can choose not to report or choose to report, the investor can't fully understand what's going on with a company," Zhou said.</p><p>Still, organizations' reports will differ. She said investors could use differences in companies' disclosures to help make investment decisions.</p><h2 id="6965b16b-3a7c-4ca7-b7ae-859a7eb676c6">The first step is determining materiality</h2><p>Public companies are required to disclose any "material cybersecurity incident," or something likely to affect their financial condition or operations. This can include <a target="_blank" class="" href="https://www.businessinsider.com/cybersecurity-ai-mobile-app-data-protection-2024-3">the release of customers' personal information</a> or internal communications or the shutting down of a company's systems.</p><p>"The thought process is 'Would a reasonable investor consider this important when making their investment decision?'" Dedenbach said. "That's what determines whether it's material."</p><p>She said the concept of materiality is well known in SEC reporting regulations but acknowledged that it might be new to CISOs.</p><p>"We have a lot of experience and standards around understanding business risk," said Steve Winterfeld, the advisory CISO of Akamai Technologies, a cloud computing, security, and content-delivery company. "What we don't know is if you lose a customer database, what is the risk to the investor?"</p><p>He said CISOs are now tasked with working with legal and financial teams to <a target="_blank" class="" href="https://www.businessinsider.com/insurance-fraud-artificial-intelligence-detection-2023-10">define materiality for their organization</a> and then determine whether a cyberattack meets those criteria.</p><p>Zhou said that determining materiality could be challenging, as some elements, like reputational damage, may take time to quantify. Ultimately it's up to companies to decide what affects their operations and business profile.</p><h2 id="58ce7e50-468d-4c3f-9f6b-6426aefc9173">There's a timeframe for disclosures</h2><p>The SEC says that <a target="_blank" class="" href="https://www.businessinsider.com/ai-secure-5g-networks-combat-cyber-threats-2024-5">determining a cybersecurity incident's materiality</a> should be done "without reasonable delay" but doesn't specify a timeframe. Once materiality is determined, organizations must report the incident within four business days, including its nature, timing, and scope as well as its material impact on the business.</p><p>"The best course of action is to start a timeline when an event happens," Dedenbach said, "so you can make a defensible position about when you determine materiality."</p><p>Winterfeld said <a target="_blank" class="" href="https://www.businessinsider.com/how-companies-can-respond-to-cybersecurity-risks-after-layoffs-2024-9">cyberattacks often develop over several days or weeks</a> and can take several weeks to investigate. But Zhou said the SEC was relying on companies using their best judgment to comply in good faith and find "a balance between having an accurate disclosure and a timely disclosure."</p><p>The SEC says companies can delay disclosure if a cybersecurity incident poses a substantial risk to national security or public safety.</p><p>The final rule also requires companies to submit an annual disclosure about cybersecurity risk management, strategy, and governance, such as whether members of their boards have cybersecurity expertise.</p><h2 id="b13cfa15-9780-43e7-9218-84802bf7a075">Create a plan to streamline compliance</h2><p>Thompson suggested developing a plan for assessing cyber incidents and determining their materiality. Winterfield said such a plan should outline who should do what, define materiality for the company, and involve core stakeholders, including security, information, and legal teams.</p><p>Zhou said extensive documentation is vital in case the SEC later asks for more explanation or details. The SEC hasn't specified the penalties for noncompliance.</p><p>Zhou added that as companies disclose their material cyber incidents, the SEC is likely to issue more guidance and clarification, and the regulations are likely to evolve.</p><p>But she said the final rule was a step in the right direction to help enhance cybersecurity and minimize attacks. Dedenbach predicted it would increase investments in technology and demand for people with cybersecurity and technology expertise.</p><p>"The investors are watching," Zhou said, "and the SEC is watching closely."</p>

What business leaders should know about the SEC's cybersecurity disclosure rule

<ul class="summary-list"><li>Former FBI agent Jason Hogg shared five tips to stay safe online.</li><li>Hogg emphasized the importance of verifying messages and being cautious with social media.</li></ul><p><em>This as-told-to essay is based on a conversation with Jason Hogg, a former FBI agent and an executive at the private equity firm Great Hill Partners. It has been edited for length and clarity.</em></p><p>I can't talk too much about it, but I was a special agent with the FBI.</p><p>As a member of Special Operations Group 13, I was exposed to a wide range of humanity's worst — from organized crime and terrorist activity to financial abuse and online death threats.</p><p>After I left the FBI, I became the global CEO of a cybersecurity firm, where I ran everything from digital forensic investigations to penetration testing.</p><p>The problem with staying safe on the internet nowadays is that the horse is out of the barn. But there are still things you can do.</p><p>Here are five simple things to bear in mind on the internet:</p><h2 id="66b0c235-2235-478c-bdd0-056dacd9b5d0">Always be suspicious</h2><p>If you receive a video, phone call, voicemail, email, or direct message, try to confirm independently with the sender that it's real.</p><p>If you don't recognize the number on a phone call, but it sounds like the person, put them on hold and independently verify it.</p><p>Someone once tried to execute a <a target="_blank" class="" href="https://www.businessinsider.com/hacker-online-scams-getting-worse-ai-cybersecurity-expert-2024-9">deepfake call</a> on my mother. They sounded like my eldest daughter. My mom was 80 years old then, but the good news is that multiple people in her family were FBI agents or detectives, so she was immediately suspicious.</p><p>She called me to check, and my daughter was with me, so she knew it was fake. Other people have not been that careful in the past.</p><h2 id="32b738df-1457-478e-b66d-725359185f66">Listen to your phone</h2><p>You know how your phone sometimes tells you your passwords have been compromised in a data leak? Some people just ignore that, which is astonishing to me.</p><p>My father was the former CEO of MasterCard and a former FBI agent himself, but he still ended up having a significant amount of <a target="_blank" class="" href="https://www.businessinsider.com/how-avoid-online-scam-ex-mastercard-exec-2024-9">money removed from his checking account</a> due to compromised credentials that he did not reset.</p><p>Check the list of apps that have compromised passwords — you might be surprised at how many websites you have a password for in the first place — and go into the apps and change your passwords, at least for the important ones.</p><p>Don't use the same password for absolutely everything. You don't need to have 150 passwords for 150 websites — but spread them out.</p><p>I know it's a pain, but you are better safe than sorry.</p><h2 id="839fa3ab-b7e4-4211-b803-7ad79d39b394">Free WiFi is a risk</h2><p>If you are going to be using free WiFi at coffee shops or stations, definitely think about installing a VPN on your phone. It's so easy.</p><p>And do not make financial transactions on a public WiFi network. You don't know who could have access to that information.</p><h2 id="75e4280b-83f0-4d43-8c6f-ee90d7127f83">Lock your credit information down</h2><p>It's easy. Just call the reporting agency (like Experian) and tell them you want to lock your credit bureau. They will develop a passkey for you to unlock it later.</p><p>My lifelong friend's father had his <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/how-to-reduce-identity-theft-risk">identity stolen</a> once, and he didn't have his credit bureaus locked down.</p><p>The criminals used a false identity to purchase real estate in Brooklyn in his name and used the real estate to conduct fraudulent transactions.</p><p>It was quite a personal and financial disruption in his life.</p><p>This is something a lot of people don't do, but it's a free procedure that makes you instantly more protected against fraud.</p><h2 id="83142354-c2c2-4d7c-94f5-e5a3c69a407c">Post intelligently</h2><p>Whenever you are posting, always assume it could be used in some form against you. Would you still post it?</p><p>It's one thing to post pictures of you having a good time — you do you — but it's another thing to go and publicly tag every person in the photo.</p><p>For all the positive things that come from social media, it creates a treasure trove of information for bad actors. You have video, you have pictures, you have associations of friendship. You also have machine learning that can go through all of that at an incredible rate of speed — something that we've never seen before until now.</p><p>There are service platforms and ransomware on the dark web that accelerate these exploits. That's also how <a target="_blank" class="" href="https://www.businessinsider.com/ai-image-generators-used-by-children-to-create-indecent-images-safety-group-2023-11">deepfakes</a> are becoming more and more convincing — they use voice and image models from videos and photos that are out there already.</p>

I'm a former FBI agent and cybersecurity expert. Here are 5 things everyone should do to outsmart online criminals.

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success.<br /><br /><h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers.<br /><br />The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce.<br />  <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div><br /><h2>Challenges on the horizon<br /></h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation.<br /><br />Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important.<br /><br />Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey.<br /><br />The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap.<br />  <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div><br /><h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs:<br /><br /><ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management.<br /><br />  <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div><br />

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

On Thursday evening, a significant <keyword id="22471557" type="General" weightage="20" keywordseo="global-cyber-outage" source="keywords">global cyber outage</keyword> began, causing a massive disruption to Microsoft Windows users around the world. This event impacted users in countries including India, Australia, Germany, the United States, and the UK, with affected systems displaying the dreaded <keyword id="22469490" type="General" weightage="20" keywordseo="Blue-Screen-of-Death" source="keywords">Blue Screen of Death</keyword> (BSOD).<br /><br />This malfunction led to automatic system restarts or shutdowns, severely hampering productivity and operations across various sectors. The root cause, as identified by companies like Dell Technologies, was linked to a recent update from the <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> firm <keyword id="20424191" type="General" weightage="20" keywordseo="CrowdStrike" source="keywords" meta.keywordsubtype="org" meta.entityname="CrowdStrike" meta.hostid="261" meta.entityid="CrowdStrike">CrowdStrike</keyword>.<br /><br />The outage had far-reaching consequences, particularly for essential systems used by several airlines. In the US, carriers such as American Airlines, Frontier Airlines, Allegiant, and Sun Country experienced operational disruptions. Similarly, in India, IndiGo and other airlines were affected. Beyond the aviation industry, the outage also disrupted banks, supermarkets, media outlets, and other businesses who are extensively reliant on Microsoft's cloud services.<br /><h2>What is CrowdStrike?</h2>CrowdStrike is a leading cybersecurity company known for its advanced security solutions designed to protect against <keyword id="19973480" type="General" weightage="20" keywordseo="data-breaches" source="keywords">data breaches</keyword>, <keyword id="19955190" type="General" weightage="20" keywordseo="ransomware" source="keywords">ransomware</keyword>, and <keyword id="19945689" type="General" weightage="20" keywordseo="cyber-attacks" source="keywords">cyber attacks</keyword>. Founded in 2012 by former McAfee employee George Kurtz, CrowdStrike has become a critical player in the cybersecurity landscape, serving a diverse clientele that includes global investment banks, universities, and major corporations.<br />  <div type="Article" hostid="261" msid="111858142" title="Global cyber outage: Microsoft users report &amp;#39;blue screen of death&amp;#39;; flights cancelled" mstype="2" mssubtype="0"></div>At the heart of CrowdStrike's offerings is the <keyword id="21411329" type="General" weightage="20" keywordseo="Falcon-platform" source="keywords">Falcon platform</keyword>. This comprehensive cybersecurity solution uses a single sensor and a unified threat interface to provide real-time indicators of attacks, hyper-accurate detection, and automated protection. The platform is designed to correlate attacks across endpoints, workloads, and identities, effectively stopping identity-driven breaches in real time.<br /><br />The recent issues stemmed from an update to CrowdStrike’s Falcon sensor. This update reportedly caused the sensor to malfunction, leading to conflicts with Windows systems and resulting in the widespread blue screen errors. CrowdStrike acknowledged the error and has since been actively working on a resolution. The company assured users that there was no need to open a support ticket and promised to provide updates as they become available.<br /><h2>CrowdStrike, Sony, and <keyword id="19910206" type="General" weightage="20" keywordseo="North-Korea" source="keywords">North Korea</keyword></h2>CrowdStrike is no stranger to the spotlight, having been involved in several high-profile cyber investigations. One notable case is the 2014 Sony Pictures hack, where a group called the Guardians of Peace, believed to be affiliated with North Korea, hacked into Sony Pictures Entertainment.<br />  <div type="Article" hostid="261" msid="111856595" title="Microsoft outage – London Stock Exchange, banks and airlines across the world affected" mstype="2" mssubtype="0"></div>GoP stole vast amounts of information and threatened acts of terrorism against movie theatres unless Sony cancelled the release of "<em>The Interview</em>," a comedy about the assassination of North Korean leader Kim Jong Un. In this investigation, CrowdStrike discovered evidence that seemed to definitively connect North Korean players to the Sony hacking.<br /><h2>The “Blue Screen of Death” explained</h2>The Blue Screen of Death (BSOD) is a critical error screen displayed on Windows operating systems when a severe system issue occurs, preventing safe operation. This error forces the computer to restart unexpectedly, often resulting in data loss. In the recent incident, the BSOD error message indicated that the PC ran into a problem and needed to restart, leaving users frustrated and businesses scrambling for solutions.<br /><br />While Microsoft has confirmed that the Azure outage has been resolved, the incident has brought a spotlight to the potential risks associated with heavy reliance on cloud services. Meanwhile, CrowdStrike has offered solutions on its members-only platform and continues to address the fallout from the outage.<br />

Global Cyber Outage: What is CrowdStrike? How is it linked to the global Microsoft outage?

<ul class="summary-list"><li>CrowdStrike's botched update caused flight disruptions, 911 call issues, and medical record blocks.</li><li>CrowdStrike's terms cap liability to fees paid, limiting compensation for affected companies.</li></ul><p>The <a target="_blank" class="" href="https://www.businessinsider.com/major-disruptions-airline-bank-london-stock-exchange-microsoft-outage-2024-7">devastating outages</a> from CrowdStrike's botched security update Friday grounded flights, glitched 911 call lines, and blocked patients from accessing their medical records.</p><p><span>But, according to the cybersecurity company's terms and conditions, CrowdStrike doesn't have to shell out anything more than a simple refund.</span></p><p>The <a target="_blank" class="" href="https://www.crowdstrike.com/terms-conditions/">terms</a> for CrowdStrike's Falcon security software — which is <a target="_blank" class="" href="https://www.businessinsider.com/mass-it-outage-companies-operations-airlines-affected-microsoft-crowdstrike-2024-7">used by companies and government agencies around the world</a> — limit liability to "fees paid."</p><p>That means that if a company had a claim against CrowdStrike for the damage or lost revenue to its business, the most it could recover is just what it paid to CrowdStrike, according to Elizabeth Burgin Waller, the chair of the Cybersecurity &amp; Data Privacy practice at Woods Rogers.</p><p>That means CrowdStrike users who signed the standard terms and conditions can't expect to get more than a refund from the company, Waller said.</p><p>"Even if they did cover that lost revenue or downtime, they limit the recovery against CrowdStrike to fees paid," Waller told Business Insider. "So whatever I paid for fees to CrowdStrike, that's what the limitation of liability would be."</p><p>Bigger companies using CrowdStrike's software — like some of the airlines or hospital chains affected — may have negotiated different terms and conditions contracts with the cybersecurity company. Those contracts aren't public, and it's possible they contain terms that would hold CrowdStrike liable for more damages, Waller said.</p><p>"If you're a huge company, you might have been able to get some negotiation around that," she said.</p><p>A representative for CrowdStrike didn't immediately respond to Business Insider's request for comment about how it will enforce its terms and conditions.</p><p>To cover all the expenses being paid to deal with the CrowdStrike fallout — including hiring IT people to install another update that fixes the issue on Windows machines, lost employee productivity, fixing issues for customers, and possible legal expenses for publicly traded companies that need to file relevant securities reports for investors — most companies will have to turn to cyber insurers, Waller said.</p><p>According to Waller, most cyber insurance companies have policies that cover "contingent business interruption" or "dependent business interruption." Those allow companies to recover damages from insurers against third-party cybersecurity companies they depend on. CrowdStrike's Falcon software, which monitors threats on computers, could qualify.</p><p><span>"If I've got a big stop sign in front of me — terms and conditions against CrowdStrike — or if I can only get a refund, then I need to go look to my own cyber insurance policy," Waller said.</span></p><p>Many such policies cover only malicious events like hacking, Waller said.</p><p>"We've just got a software glitch. So I think we're going to see lawsuits filed against cyber insurance carriers for years to come, I imagine, on this outage," Waller said. "This is a pretty big, from a cyber insurance standpoint, I think this is also going to spawn a lot of litigation about what's covered and what is intended under these different policies."</p><h2 id="7c4e0c6c-d15d-46dd-910a-c944efd0018e">CrowdStrike can expect SEC scrutiny</h2><p>As for CrowdStrike, it can expect lawsuits from shareholders, customers who want to try to obtain more damages, and likely an investigation from the Securities and Exchange Commission, Waller said.</p><p>The company, which is publicly traded, will have to file an 8-K report in the next few days with the SEC that lays out what went wrong with the Falcon update.</p><p>By a strange coincidence, the CrowdStrike disaster came a day after a major ruling by a federal judge in Manhattan in favor of SolarWinds — a technology security company that was breached in a 2020 Russian cyberespionage campaign — in a lawsuit brought by the SEC.</p><p>The SEC alleged SolarWinds didn't sufficiently update investors and the public about the massive scope of the fallout from the Russian hack. But US District Judge Paul Engelmayer ruled Thursday that the company didn't need to provide the "maximum specificity" the SEC demanded.</p><p>That ruling gives some breathing room to CrowdStrike, a $73 billion company, which has a responsibility to update investors and the public about what happened — but now needs to worry less about just how much detail it provides.</p><p>"You need to convey the severity of what is happening, but we don't need to be really concerned about the nitty gritty details or what we don't know," Waller said.</p>

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