Cyber Threat Report: Cyber Security News for 08/04/23

Possible Chinese Malware in US Systems a ‘Ticking Time Bomb’: Report
China has implanted malware in key US power and communications networks in a “ticking time bomb” that could disrupt the military in the event of a conflict. Read More

Data Breach Costs: Businesses Lose 73% Of Their Income In The Year Following An Incident
Erosion of trust, remediation costs, and potential regulatory fines create a confluence of financial burdens for businesses. Read More

Us Internet Hosting Company Appears To Facilitate Global Cybercrime, Researchers Say
Cloudzy, an internet hosting company with a New York phone number, may be aiding hackers from Iran, Russia, and North Korea. Read More

FBI: Cyber Attacks Are on the Rise Thanks to AI
AI is being used to code Malware, create Phishing Emails, generate Deep Fakes, and deceive victims. Read More

SEC: Companies Have Four Days to Disclose Cyberattacks
The SEC this week said publicly traded companies now have four days to disclose ransomware attacks or other cybersecurity incidents that affect their financial picture, the latest move by the government to bring more transparency as attacks on organizations continue to ramp. Read More

Microsoft Catches Russian Government Hackers Phishing with Teams Chat App
The Foreign Intelligence Service of the Russian Federation (also known as the SVR) is targeting government, non-government organizations (NGOs), IT services, technology, discrete manufacturing, and media sectors. Read More

ICS/OT Ransomware Attacks on Industrial Organizations Doubled in Past Year: Report
The third quarter of 2023 will witness increased business-impacting ransomware attacks against industrial organizations. Read More

Marine Industry Giant Brunswick Corporation Lost $85 Million In Cyberattack, Ceo Confirms
Represents 2% of annual revenue. Brunswick officials did not confirm that the incident was a ransomware attack but said they were forced to stop operations in some locations while experts and law enforcement dealt with the incident. Read More

Lawsuit: Bytedance’s Capcut App Secretly Reaps Massive Amounts Of User Data
The app gathers significant amounts of private data, including facial scans, from its 200 million active users, generating huge profits and potentially allowing the Chinese government to access that data. Read More

Owasp Top 10 For Llm (Large Language Model) Applications Is Out!
The primary audience for its Top 10 is developers and security experts who design and implement LLM applications. However, the project could be of interest to other stakeholders in the LLM ecosystem, including scholars, legal professionals, compliance officers, and end users. Read More

HEADLINE PRIVACY & IT SECURITY COMPLIANCE NEWS

A troubling situation has emerged with suspected Chinese malware infiltrating U.S. systems, raising the risk of serious outcomes. These compromised systems could grant China the ability to disrupt essential services for military bases, as well as homes and businesses across the country. The malware, tied to state-sponsored actors, can remain dormant within compromised systems, posing a potential future threat. This highlights the pressing need for increased cybersecurity measures and continuous vigilance to combat these concealed dangers.

According to a recent report done by cybersecurity research company, Extrahop, businesses are facing substantial financial repercussions after experiencing a data breach. Studies show that companies are losing up to 73% of their income in the year following a data breach incident. This staggering loss underscores the significant and lasting impact of such breaches on a business's financial stability.

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