Cisco faces fallout from a massive data leak exposing critical files, while China accuses the U.S. of cyber espionage amid rising tech tensions. AI governance sparks debate as Europe enforces strict rules, and ASIC sues HSBC for $23M scam failures. Global cyber affairs take center stage this week.
ASIC is suing HSBC Australia over $23M in scam losses, alleging systemic failures in fraud detection and delays in resolving complaints. Meanwhile, Singapore's proposed anti-scam law aims to freeze accounts of scam victims to prevent further losses, sparking debate on privacy and autonomy.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
Government agencies are stepping up with rewards to catch cyber criminals, and we've got the latest scoop on global cyber threats and AI breakthroughs.
As we reach the end of June, the cyber and AI landscapes are buzzing with activity. Government agencies are stepping up with rewards to catch cyber criminals, and we've got the latest scoop on global cyber threats and AI breakthroughs. This week, we delve into the rising cybersecurity threats to Australia’s critical systems and antitrust challenges in Europe.
We also explore the geopolitical risks linked to Russia’s influence campaigns targeting the upcoming U.S. presidential election. Stay tuned as we break down these pivotal stories shaping the cyber and AI landscapes.
One of the standout stories this week involves government agencies from the US, Australia, and Canada, who are ringing alarm bells about memory safety issues in open source software. Their joint guidance highlights the vulnerabilities in many OSS projects due to the use of memory-unsafe languages.
Meanwhile, Australian businesses are gearing up to boost their cybersecurity investments in 2025, with a strong focus on firewalls and network security monitoring tools.Plus, OpenAI’s acquisition of Rockset is set to enhance their AI capabilities, and the US government has announced a hefty $10 million reward for information on a Russian national behind the WhisperGate malware attacks. Enjoy a global weekly review in just a 2-minute read!
Government agencies from the US, Australia, and Canada are raising concerns about memory safety issues in open source software (OSS). Many OSS projects rely heavily on code written in memory-unsafe languages, creating vulnerabilities that could be exploited by attackers.
The joint guidance from CISA, the FBI, Australia’s Cyber Security Center (ACSC), and the Canadian Centre for Cybersecurity (CCCS) highlights the importance of addressing these memory safety concerns to protect both organisations and users.
An analysis of 172 projects from the Open Source Security Foundation (OpenSSF) found that over half contain code written in memory-unsafe languages, comprising 55% of their total lines of code. Notably, the largest projects, such as the Linux kernel and Chromium, are predominantly written in these languages.
The guidance also points out that even projects entirely written in memory-safe languages often depend on components that are not. "Mistakes, which inevitably occur, can result in memory-safety vulnerabilities such as buffer overflows and use-after-free," the guidance states. To mitigate these risks, the agencies recommend transitioning critical projects to memory-safe languages like Rust, which can offer performance comparable to traditional memory-unsafe languages.
A recent survey by WatchGuard Technologies revealed that over two-thirds (69%) of Australian managed service providers (MSPs) and resellers anticipate their clients will increase cybersecurity investments in the new financial year. Notably, 51% of respondents believe that generative AI (GenAI) will open up new work opportunities. This survey, conducted at the Leader Expo events in Sydney and Melbourne, gathered insights from 84 participants and highlighted a strong focus on enhancing cybersecurity measures.
According to the survey, the top priority for investment is firewalls, with 63% of respondents indicating a high demand for advanced firewall appliances. Network security monitoring tools also show robust demand at 51%, while 41% of respondents expect continued investment in remote employee security, reflecting the ongoing hybrid work environment in many Australian businesses.
Anthony Daniel, Regional Director for Australia, New Zealand, and Pacific Islands at WatchGuard Technologies, emphasised that security budgets are being allocated to areas that offer significant and measurable benefits. Despite the attention on emerging technologies like AI, fundamental security measures remain a critical focus. The survey also identified the primary cybersecurity threats for the coming year, with data breaches and data loss leading at 75%, followed by identity-based threats (45%), ransomware (38%), insufficient technical skills (36%), and the increasing use of generative AI (31%).
On June 21st, OpenAI announced its acquisition of Rockset, a leading real-time analytics database company. This acquisition stands out as OpenAI's first move beyond acqui-hires. OpenAI's blog post highlighted the goal of this acquisition: to "enhance our retrieval infrastructure to make AI more helpful." The post emphasised that AI has the potential to transform how people and organisations use their data, making Rockset a strategic fit with its world-class data indexing and querying capabilities.
Brad Lightcap, COO of OpenAI, stated, "Rockset's infrastructure empowers companies to transform their data into actionable intelligence. We're excited to bring these benefits to our customers by integrating Rockset's foundation into OpenAI products." This move is all about leveraging data to power more advanced AI applications. By incorporating Rockset's technology, OpenAI aims to provide users with improved real-time information retrieval capabilities, essential for developing intelligent applications.
The U.S. government is offering a substantial reward of $10 million for information leading to the arrest of a Russian national indicted for deploying the WhisperGate malware. This individual, allegedly a member of Russia's GRU, is charged with conspiring to hack and destroy Ukrainian government systems ahead of Russia’s invasion of Ukraine.
The malware, which also targeted systems in countries supporting Ukraine, including the United States, was part of a strategy to destabilise and spread fear. The indictment reveals that WhisperGate was designed to appear as ransomware but was intended to completely destroy the infected systems and their data, causing significant disruption.
In addition to these cyber attacks, the conspirators exfiltrated sensitive data and defaced websites with threatening messages to Ukrainians. They attempted to sell the stolen data online, further aiming to create chaos and distrust in government systems. These actions extended beyond Ukraine, including attacks on the transportation infrastructure of a Central European country and probes into a federal government agency in Maryland.
The European Union has charged Microsoft with antitrust violations for bundling its Teams app with its Office suite, marking the first such charges against the tech giant in over a decade. The European Commission's charge sheet, issued Tuesday, claims Microsoft gave Teams an "undue advantage," harming competitors like Slack and Zoom. Margrethe Vestager, the EU's competition chief, warned, "If confirmed, Microsoft’s conduct would be illegal under our competition rules."
We are concerned that Microsoft may be giving its own communication product Teams an undue advantage over competitors, by tying it to its popular productivity suites for businesses. And preserving competition for remote communication and collaboration tools is essential as it also fosters innovation on these markets. If confirmed, Microsoft’s conduct would be illegal under our competition rules. Microsoft now has the opportunity to reply to our concerns.
Margrethe Vestager, Executive Vice-President in charge of competition policy
Despite Microsoft's previous attempts to unbundle Teams from Office, the EU found these measures insufficient. Microsoft's president, Brad Smith, responded,
"We appreciate the additional clarity provided today and will work to find solutions to address the commission’s remaining concerns."
This latest challenge comes amid heightened scrutiny over Microsoft's $75 billion acquisition of Activision Blizzard and its $13 billion partnership with OpenAI. If unresolved, Microsoft could face a fine of up to 10 percent of its annual global revenues.
As the U.S. presidential election nears, geopolitical tensions are rising due to Russia-linked threat actors like CopyCop ramping up their influence campaigns. Likely aligned with the Russian government, CopyCop uses fake news websites and generative AI to manipulate political content. Initially targeting political leaders in Europe, the group now focuses on the U.S., criticising President Biden and downplaying issues related to former President Trump, as detailed in a report by Recorded Future’s Insikt Group.
These campaigns highlight the growing use of AI to undermine democratic processes globally. CopyCop's ability to generate manipulated content complicates efforts to attribute these operations to foreign adversaries. This trend extends to other Russia-affiliated networks like Doppelgänger, which spreads disinformation to discredit political movements. The U.S. Justice Department remains vigilant against foreign adversaries abusing AI to accelerate disinformation and proliferate deepfakes, signalling a significant escalation in information warfare and posing risks to election integrity and global political stability.
Cisco faces fallout from a massive data leak exposing critical files, while China accuses the U.S. of cyber espionage amid rising tech tensions. AI governance sparks debate as Europe enforces strict rules, and ASIC sues HSBC for $23M scam failures. Global cyber affairs take center stage this week.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
Christopher Wray resigns as FBI Director, signaling a shift under Trump. With Kash Patel as a potential successor, concerns grow over the FBI's independence and its impact on cybersecurity, financial crimes, and corporate governance.
Australia's government plans to make tech giants pay for local journalism, leveling the media playing field. Meanwhile, Meta faces global outages, sparking reliability concerns, and unveils nuclear ambitions with a $10B AI supercluster in Louisiana. Big tech is reshaping energy and media landscapes.
