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.
Hackers at Pwn2Own Automotive 2024 won $200,000 for finding vulnerabilities in Tesla’s systems. The event awarded over $1 million to improve automotive cybersecurity. As electric vehicles grow, addressing these risks becomes even more critical.
At the Pwn2Own Automotive 2024 event, organised by Trend Micro's Zero Day Initiative, a hacker team secured a $200,000 reward for successfully identifying and exploiting vulnerabilities in a Tesla's cellular modem and infotainment system.
This competition, aimed at uncovering and addressing potential security gaps in automotive technologies before they can be exploited maliciously, awarded over $1 million in total prizes.
The event, held in Japan, saw participants challenge the security of automotive electronics, with the winning team, Synacktiv, earning a cumulative $450,000 for their expertise in breaching various car-related technologies, including charging stations and a Sony infotainment system.
The initiative emphasises the importance of cybersecurity in the automotive industry by rewarding hackers for finding flaws and ensuring these vulnerabilities are shared with manufacturers for remediation, thereby enhancing the safety and reliability of automotive technologies in the face of evolving cyber threats.
There's no doubt electric vehicles come numerous advantages to their counterparts, such as lower emissions and reduced cost over time. However, the also open up new opportunities for hackers to exploit them.
As recently as 2023 Eagers Automotive, one of Australia's largest car dealership groups, was hacked. Recently they released a statement confirming the incident:
“The company can now confirm that the incident involved unauthorised access to parts of the company’s IT systems by a third party, which accessed some data from our servers”
“The disruption is primarily impacting the company’s ability to finalise transactions for certain new vehicles which have been sold and are ready for delivery, and some aspects of the company’s service and parts operations.”
Whist the incident did not directly affect electric vehicle systems, accessing a dealership's IT systems is a step too close to comfort to compromising the cars.
Several officials have already held a forum to discuss how to manage any potential vulnerabilities, especially regarding power grids and charging.
With the US looking bolster electric vehicle (EV) adoption events such as Pwn2Own become so much more important.
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.
Australians face rising cyber scams during holiday shopping, with scammers using AI-driven tactics like phishing and deepfakes. Spending $70B online puts consumers at risk, as reports show $30.7K average losses. Visa's new measures push beyond SMS OTPs to combat fraud. Stay vigilant.
In this Cyber Bites edition: North Korean IT workers resort to extortion, Singapore tightens chatbot controls, Casio faces a ransomware setback, and China challenges Intel amid U.S. tech rivalry. The stakes in cybersecurity are higher than ever!
Cisco faces a major data breach, AT&T agrees to a $13M settlement for mishandling customer data, and Notion’s founders are revolutionising enterprise operations with AI-driven tools. Discover the latest developments impacting cybersecurity and business tech innovation.
