CYBERATTACK RISKS
Donald Trump's AI task force met Thursday, discussed AI-powered cyberattacks
Members of Trump's AI task force convened to discuss the necessity of reporting AI-driven cyberattacks. The group aims to develop national standards for reporting safety incidents and cybersecurity vulnerabilities. Critical sectors such as banking and energy are particularly at risk from these potential cyber threats.
Indian firms begin to see AI returns, but readiness to manage risks falls: Report
A report from IT services provider Kyndryl suggests that infrastructure upgrades alone may not be enough, with companies also needing to address governance, cybersecurity and organisational capabilities
56% of global business leaders expect disruptions to severely hit operations: KPMG
A recent KPMG International report indicates that 56 percent of global business leaders anticipate severe disruptions affecting operations. The report highlights increasing risk exposure, with 70 percent of leaders noting escalated risks in recent years.
Under attack, banks bolster cyber covers, opt for higher sum assured to protect against hits
For large financial institutions, the biggest impact often is the loss arising from systems remaining unavailable after an attack, rather than the immediate cost of the breach. Besides business interruption, ransomware, data theft, cyber extortion and third-party liabilities are among the key risks.
56% of global business leaders expect disruptions to severely hit operations: KPMG
A recent KPMG International report indicates that 56 percent of global business leaders anticipate severe disruptions affecting operations. The report highlights increasing risk exposure, with 70 percent of leaders noting escalated risks in recent years. Technology disruption and geopolitical tensions are identified as primary concerns for the near future. Companies are prioritizing AI and predictive analytics to enhance supply chain resilience and managing risks.
Companies need to overhaul cybersecurity as AI accelerates vulnerability attacks: Report
Companies will need to fundamentally overhaul their cybersecurity strategies and increase investments in automated threat detection and vulnerability management as frontier artificial intelligence (AI) makes it easier for cyberattackers to identify and exploit software weaknesses, according to a McKinsey report.
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Binance $6.3 billion heist to prompt closer scrutiny by insurers
Following the $6.3 billion Binance heist, insurers are stepping up their scrutiny of cryptocurrency firms' security measures. During policy renewals, they will inquire about vulnerabilities exposed by the Binance incident. This reassessment could lead to new security prerequisites and an overhaul of risk evaluations. The event underscores the inadequacies of existing insurance solutions in the crypto landscape. Insurers will likely keep a vigilant eye on developments as the sector progresses.
AI sharpens cat-and-mouse hacking battle as companies strengthen defences
From hacked supermarket fridges and a record cryptocurrency theft at Binance to an emergency over flaws in widely used web software, companies worldwide are facing a wave of cyber threats executives say AI is accelerating
SBI-led banking alliance comes together to mount a defence to AI threats
Indian Banks' Association, led by State Bank of India, is developing a strategy for cybersecurity in the AI era. The initiative focuses on improving coordination among banks and facilitating timely information sharing. Increasing digitalization has expanded the potential for cyberattacks, urging immediate measures to mitigate risks.
AI turns cyber threat into boardroom crisis
In India, State Bank of India disclosed that 375,000 customer records had been leaked on the dark web, while vulnerabilities in eMudhra’s digital certificate keys exposed websites to potential attacks.
Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore frauds
I4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machine speed. The agency has flagged multi-crore unauthorised fund transfers, urged financial institutions to strengthen API security and directed them to report cyber incidents to CERT-In and RBI within six hours.
India cybercrime agency warns financial firms on AI attacks
"These attacks are financially motivated and are being carried out with the help of Artificial Intelligence (AI) agents leading to machine speed compromise," the Indian Cybercrime Coordination Centre said in an advisory made public on Wednesday.
Tencent rolls out AI model trained with limited cybersecurity data amid hacking fears
Tencent on Wednesday released Hy4, its new open-source model, that the company said was trained with limited cybersecurity data to "defensive" content to reduce the risks of the model's ability to aid cyberattacks.
70% of global business leaders report rising risk exposure amid AI, geopolitical disruptions: KPMG
According to the report, 56% of respondents said external disruptions involving geopolitical, energy, cyber, trade or climate-related factors would cause severe operational disruptions or significantly affect their organisations' costs and performance over the next three to five years.
India’s cooling systems face Europe-style cyber risks, say experts
The concerns follow cyberattacks on supermarket refrigeration systems across Europe, with stores in Sweden, Belgium, Estonia, the Netherlands, Finland and Luxembourg reporting disruptions. Attackers reportedly manipulated refrigeration controls, raising freezer temperatures and switching equipment into defrost mode, forcing stores to discard food stocks. The incidents follow similar attacks on hundreds of supermarkets in France in October.
Cert-In gets Mythos access, being careful with testing: Officials
Government agencies cannot download the AI’s source code or weights for running on their own, completely isolated or ‘air-gapped’ systems. Instead, to use Mythos, they must send their proprietary data, code, or network blueprints over the internet to Anthropic’s cloud servers.
Italy says cyberattack on supermarket fridges had limited impact
A hacking attack on Monday hit fridges and freezers from Sweden to Belgium, forcing stores to throw away food in an incident that echoed a similar attack in France last month.
Hackers are targeting something the world can't do without: Food
A series of cyberattacks have affected supermarket refrigeration systems in multiple European countries, leading to food spoilage. These attacks, described as deliberate attempts to disrupt the food supply chain, raised concerns among retailers and consumers alike. Various security vulnerabilities in connected refrigerated systems have been exploited, underscoring the need for better cybersecurity measures. No group has claimed responsibility for the attacks; however, state backing is being investigated.
From SBI to Binance, how financial institutions are becoming cyberattack targets
Recent incidents involving cryptocurrency exchange Binance and Indian public sector lender State Bank of India (SBI) have once again put the spotlight on the issue. While Binance reported a security breach involving unauthorised cryptocurrency withdrawals estimated at around $6.3 billion, SBI is investigating a suspected data leak involving nearly 3,900 customer records.
Kaspersky flags QR code payment scams as a key cyber risk for Indians travelling to Indonesia
As more Indian tourists move to Indonesia, Kaspersky's cybersecurity experts are sounding the alarm on rising online threats. They point out that travellers should be particularly careful about things like fake QR codes and phishing attacks, which are becoming more common. It's crucial for tourists to stay vigilant to protect themselves from these digital dangers.
Why are supermarket fridges connected to the internet, and how are hackers exploiting them?
Recent cyberattacks on supermarket refrigeration systems in Belgium and France have exposed significant vulnerabilities. Around 40 Delhaize supermarkets and several others lost food worth about €100,000 due to the incidents. Researchers found nearly 13,000 vulnerable refrigeration management services accessible online across various countries. Many of these systems have outdated security measures, which increases the risks of unauthorized access.
IKEA store in Belgium hit by fridge cyberattack; refrigeration systems impacted as supermarkets across Europe face issues
IKEA's store in Mons experienced temperature rises in refrigeration systems due to a cyberattack. Several European supermarkets, including Carrefour and Coop, also reported similar issues affecting their refrigeration control systems. A broader cyberattack targeted grocery retailers across Belgium, Estonia, Finland, Luxembourg, and Sweden, leading to food waste concerns. Investigations are ongoing regarding the causes and potential future impacts on food supplies.
'New Cold War'? Supermarket freezers hacked in six European countries, food worth millions spoiled. Who's behind it?
A wave of cyberattacks has struck supermarket refrigeration systems across several European nations, including Belgium, Sweden, Luxembourg, and Estonia, raising serious food safety alarms. These breaches allowed unauthorized access to cooling units, causing hazardous temperature increases that threaten product integrity. Experts are voicing concerns about the rising risks associated with connected technologies, while investigators work diligently to pinpoint the perpetrators and safeguard against future breaches.
Smart fridge, security camera, video doorbell, router, car, thermostat: Everyday devices hackers can exploit and how to protect them
Cyberattacks involving supermarket refrigerators and freezers have raised concerns about the security of everyday internet-connected devices. From smart appliances and security cameras to routers, thermostats and connected cars, several products could be vulnerable to hacking. Here is what cybercriminals could do after accessing these devices and the precautions users can take to protect themselves.
Fintechs fortify cyber defences; Logistics cos in the speed lane
Happy Monday! Fintechs are stepping up security as AI-powered cyberattacks become more sophisticated. This and more in today’s ETtech Morning Dispatch.
Cyberattacks on banks, including AU Small Finance Bank, worry insurers as claim risks rise
Cyberattacks targeting financial institutions have raised concerns about security vulnerabilities and potential losses. AU Small Finance Bank is investigating a possible data breach involving customer information stored on Salesforce. Insurers have recently reported an increase in cyber incidents affecting banks and manufacturers over the past few months. The extent of these breaches and the impacted customer count are still under investigation.
RBI tightens cyber checks on lenders after spate of hacks
India's banks are facing increased scrutiny from the Reserve Bank of India regarding rising cyberattacks and AI risks. Recent incidents include data leaks and unauthorized transfers from customers' accounts at major lenders. The RBI is pushing banks to investigate vulnerabilities, particularly in their application programming interfaces. Cybersecurity agency recently offered training to officials from numerous financial institutions.
eMudhra appoints KPMG to conduct independent review of TLS certificate incident
Digital trust provider eMudhra appointed KPMG to conduct an independent review of a recent TLS certificate incident. This appointment follows a commitment made by the company to ensure clarity regarding the incident. The incident involved weak private keys associated with several certificate authorities, which remained undetected for a significant period. As a result, eMudhra has withdrawn from its global SSL/TLS certificate business due to security concerns.
Chinese AI model carries out complex cyberattacks in controlled tests, researchers say
Chinese firm Z.AI's flagship AI model carried out complex cyberattacks in controlled simulations and repeatedly ignored instructions in separate tests, according to a report by AI security research firm Irregular.
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