SOFTWARE VULNERABILITY DETECTION
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.
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
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’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.
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 Many of these systems have outdated security measures, which increases the risks of unauthorized access.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.
Digital payments firms race to fortify defences as cyberattacks intensify
At Bengaluru-based Cashfree, attempted attacks have been taking place repeatedly over the past three weeks, occurring at least 10 times as frequently as a year ago, chief technology officer Ramkumar Venkatesan told ET. Attackers are increasingly combining multiple vulnerabilities to attack systems, he said.
Crypto exchanges call for quick moves to bolster defenses after Binance heist
Crypto exchanges are strengthening defenses and promoting information-sharing after Binance's major $6.3 billion hack. Coinbase adjusted its systems for storing cryptocurrency keys while Kraken monitored incidents to enhance security. Analysts noted that the attack, linked to North Korea, revealed vulnerabilities within the crypto industry. Companies are planning more employee training to combat social engineering tactics used in such hacks.
PB Fintech, Delhivery improve Q2 profits; Binance's $6.3 billion caper
PB Fintech on Friday reported a strong jump in profit and revenue for the July-September quarter. This and more in today’s ETtech Top 5.
AI’s 3-week blitz digs up 14,000 security flaws in open-source software
Google Cloud’s Mandiant team reported a similar acceleration in vulnerability discovery. In August, it said that its AI-assisted system had identified more than 100 confirmed critical vulnerabilities in two days during an investigation involving stolen corporate code repositories.
Robinhood CEO's AI startup Harmonic expands into software, chip design verification
Backed by Nvidia's venture capital arm, Sequoia and Ribbit Capital, Harmonic raised $120 million in a funding round last November that valued it at $1.45 billion.
Indian patch patrol sets out to resolve PHP risk
Two critical security flaws in PHP, the programming language underpinning an estimated 70% of the internet, have triggered emergency cybersecurity measures in India. Banks are auditing applications and preparing backups, while the government is patching official websites. Razorpay has deployed AI-led vulnerability detection and warned merchants about potential breaches.
Prevention CERT-Inly better than cure
India is responding to cybersecurity challenges posed by the recent eMudhra incident and PHP vulnerabilities. Government agencies are conducting audits and investigations to strengthen digital security. The country is experiencing heightened cybersecurity risks due to its digital transformation and existing framework gaps. There are also concerns about unutilized funds and a shortage of cybersecurity talent. A broader approach is needed for transformative improvements in managing cybersecurity effectively.
Japanese companies compensate users as cyberattacks buffet economy
GMO Internet Group said customers would be compensated for losses stemming from unauthorised access following a cyberattack on its foreign exchange trading service, and all customers would receive 5,000 yen ($32) as "an initial gesture of good faith," CEO Masatoshi Kumagai said in a blog post on Sunday.
AI is finding software flaws faster, and so are hackers: Inside the PHP scramble
Governments and companies across Europe and Asia have taken services offline while they patch two vulnerabilities that researchers discovered with AI models, as exploitation attempts rise into the millions.
RBI alert about AI-driven cyber risks, banks taking steps to plug vulnerabilities: Governor
RBI Governor Sanjay Malhotra highlighted concerns regarding emerging cyber threats from artificial intelligence in banking systems. Measures are being implemented by banks and the RBI to secure IT infrastructure against these risks. The State Bank of India acknowledged potential data exposure, prompting increased vigilance for customer protection. Malhotra expressed confidence in India's robust forex reserves and external sector resilience amid these challenges.
PHP security vulnerabilities: Indian govt rushes to fix official websites, banks audit apps
Banks have begun auditing applications for weaknesses, taking some non-critical services offline and preparing backups to divert traffic if parts of their websites or mobile applications experience downtime, according to executives.
What is a PHP vulnerability? Security flaws prompt shutdowns of major websites amid global cybersecurity response
Two critical vulnerabilities in PHP have prompted the shutdown of several websites across multiple countries. Cybersecurity teams are actively working to secure these potentially affected systems using emergency fixes provided by the PHP Foundation. Major organizations, including Wikimedia and government sites in Finland and the Netherlands, have taken precautions. Researchers utilized artificial intelligence to identify these security flaws, showcasing both its benefits and risks.
ETtech Explainer: How a flaw in PHP, the code behind 70% of websites, sent governments offline
Since PHP powers 70% of the world’s websites, the vulnerabilities can allow unauthenticated attackers to execute code on affected servers or read sensitive process memory, which may contain passwords, authentication tokens, API keys and certificates belonging to other requests or the server itself, as per Wiz Research.
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