This week’s Cyber Pulse Mid-Week Briefings cover Australia’s new Cyber Security Bill, rising ransomware claims, Zscaler's AI-driven platform growth, and cyber threats from East Asia, including Chinese influence operations, North Korean tech theft, and costly global data breach claims.
Visa boosts AI fraud detection with Featurespace acquisition, lifting its stock; Experian expands Latin American security by acquiring ClearSale; Booz Allen shares cyber expertise at Singapore International Cyber Week; Torq secures $70M for global growth; SentinelOne and Okta shine in top awards.
With OpenAI’s shift to a $157 billion for-profit model, CEO Sam Altman maintains its mission to "benefit humanity." However, as investors seek high returns and Altman stands to gain equity, doubts arise over who truly benefits from OpenAI’s growth—society or its shareholders?
LockBit Seized - Major Victory For Global Cyber Security
Global law enforcement, including Australia, took down the ransomware group LockBit, seizing its dark web site. This marks a significant win in the fight against cybercrime and underscores the power of international collaboration.
Australia Aids In Operation Cronos - LockBit Takedown
A coalition of international law enforcement agencies, including the Australian Federal Police, have disrupted LockBit - a prolific ransomware group involved in recent cyber incidents such as the DP World hack and Citrix Bleed Vulnerability just to name a couple.
“As of today, LockBit are locked out. We have damaged the capability and most notably, the credibility of a group that depended on secrecy and anonymity.”Graeme Biggar, the NCA’s director general.
LockBit’s software is a malicious software notorious for disabling computer networks and facilitating ransomware demands. It infiltrates computer systems, encrypts files, and holds them hostage, demanding a ransom for their release.
It is most infamous for being used against hospitals and schools, but is dangerous against any organisation regardless of type.
LockBit operates as a trailblazer in the realm of "ransomware as a service" (RaaS), innovatively outsourcing target selection and attacks to a network of semi-independent "affiliates."
The organisation equips these affiliates with the necessary tools and infrastructure while earning a commission based on the ransoms collected in return.
This distinctive model enhances the scalability and efficiency of cyberattacks, presenting a formidable challenge for cybersecurity efforts.
By decentralising operations, LockBit not only facilitates a broader reach but also underscores the evolving and intricate nature of cyber threats in the modern landscape.
A Big Win For Global Collaboration And Security
“A beautiful site [sic]“, said Ciaran Martin, former head of Britain’s National Cyber Security Centre
On Tuesday the 20th of February, 2024, LockBit’s website was replaced with a message from international police forces reading
“this site is now under the control of law enforcement”.
The law enforcement breach of LockBit's website, hosted on the "dark web" accessible through dedicated applications, stands as a rare public instance of Western countries intervening against hackers typically operating beyond their jurisdiction.
“Through our close collaboration, we have hacked the hackers; taken control of their infrastructure, seized their source code, and obtained keys that will help victims decrypt their systems,” said Graeme Biggar, the NCA’s director general.
This action highlights the challenge of addressing cyber threats that transcend geographical boundaries.
The incident underscores the significance of cross-border collaboration in combating cybercrime and serves as a reminder of the ongoing efforts by law enforcement agencies to disrupt illicit activities in the digital realm, particularly when dealing with sophisticated entities like LockBit.
CrowdStrike's disastrous July 19 software update crippled Jetstar and exposed vulnerabilities, causing a global IT outage. Competitors like SentinelOne exploited the chaos, shaking customer trust and eroding CrowdStrike's market value by 25%.
This week, the cybersecurity world is in turmoil following a massive data breach at National Public Data. The breach, involving 2.9 billion records, has exposed sensitive information spanning decades.
A major cyberattack that led to a significant Microsoft Azure outage, a high-stakes prisoner swap involving Russian cybercriminals and U.S. journalists, and Google's urgent patching of an Android zero-day vulnerability.
We cover the extensive supply chain disruptions affecting logistics, airlines, and transport worldwide. Additionally, we examine the financial impact on CrowdStrike’s stock price and the ensuing reactions from financial markets and analysts.