Cybersecurity remains a critical concern as organizations worldwide face increasing threats. Recent incidents highlight the evolving nature of cyberattacks and the urgent need for robust security measures.
Smiths Group Faces Global Cyberattack
Smiths Group, a global engineering and technology conglomerate, experienced a worldwide cyberattack resulting in unauthorized access to its systems. The company promptly isolated the affected systems and activated business continuity plans, working with cybersecurity experts to assess and recover from the incident. The cyberattack led to a 1.7 percent drop in the company’s share price. Smiths Group operates across various sectors, including connectivity for satellites, security screening components, and the oil and gas industry. The company has not disclosed any ransom demands or data losses but previously faced criticism from Engine Capital for strategic changes. This incident underscores the ongoing cybersecurity challenges faced by corporations, emphasizing the importance of robust defenses and board-level attention to cybersecurity risks.
Exein Partners with MediaTek to Enhance Chip Security
Italian startup Exein has signed a deal with Taiwan’s MediaTek to embed its cybersecurity systems in MediaTek’s Genio platform. This collaboration will enhance the security of billions of chips used globally in various industries such as mobile, home, automotive, and healthcare. With this agreement, Exein’s technology will be incorporated into over 3 billion devices. The partnership, valued at over 5 million euros and expected to double by 2028, marks a significant milestone for Exein, positioning it for further expansion in the automotive and robotics sectors. Exein had previously raised $15 million in Series B funding and counts prominent companies like Daikin, Seco, and Kontron among its clients. The deal emphasizes Italy’s efforts to grow its tech startup sector and expand its global reach.
India’s Central Bank Urges Banks to Strengthen Cybersecurity
The Reserve Bank of India (RBI) has urged banks to reinforce cybersecurity oversight and implement systems to prevent digital fraud. This is one of the first public discussions by RBI Governor Sanjay Malhotra with banks since his appointment in December. In a meeting with senior executives of public and some private banks, Malhotra emphasized the need for increased supervision over external service providers to mitigate technological risks. He also highlighted the rise in digital fraud and advised banks to establish robust and proactive systems to prevent such attempts.
Orbik Cybersecurity Transforms into a Cooperative
An agreement between Ikerlan and Mondragon has resulted in the transformation of Orbik Cybersecurity, a tech startup in Euskadi, into the region’s first technology cooperative. This change was made with the support of the Basque Government and the Provincial Council of Gipuzkoa through the Basque Tek Ventures program. Orbik, specializing in industrial cybersecurity, became a state reference company in early 2023 and now leads an innovative model of technological cooperatives. The collaboration aims to mobilize over 10 million euros in the next four years to create new cooperative startups in Euskadi, promoting the retention and preservation of knowledge in the territory. In 2024, Orbik achieved a turnover of 700,000 euros and plans to double both its team and revenue by 2025. Among its main clients are companies in the electrical sector and industries that must comply with the IEC62443-4-2 standard and the new European legislation, the Cyber Resilience Act.
Russian Hackers Pose as IT Support on Microsoft Teams
Russian hackers have been impersonating remote IT support staff on Microsoft Teams to gain access to networks and install ransomware. They first overwhelm victims with spam emails and then pose as tech support on Teams to gain remote access, enabling them to freeze networks and steal data for ransom. Sophos, a UK-based cybersecurity firm, has identified 15 such incidents in the past three months. The hackers are linked to the Russian criminal gangs Fin7 (also known as Carbon Spider, Elbrus, and Sangria Tempest) and Storm-1811. The method exploits Microsoft Teams’ default setting that allows external contacts to communicate with internal staff. Ransomware attacks are a significant cybersecurity threat, prompting the UK government to propose a ban on public bodies paying ransoms to discourage cybercrime and emphasize the need for robust cyber defenses.
These incidents highlight the dynamic and evolving nature of cybersecurity threats. Organizations must remain vigilant, continuously updating their security protocols and collaborating with cybersecurity experts to mitigate risks. The global response to these challenges underscores the critical importance of robust cybersecurity measures in protecting sensitive information and maintaining trust in digital systems.
