3 Interesting Articles

Financial Firms Breached in MOVEit Cyberattacks Now Face Lawsuits
Dark Reading: Financial services firms such as TD Ameritrade and Charles Schwab are facing class action lawsuits for failing to protect customer data during a MOVEit zero-day vulnerability breach. The suits, filed in U.S. District Courts in Nebraska, accuse the companies of recklessness and demand compensation for potential fraud risks and other damages suffered by victims. Progress Software, the maker of the MOVEit File Transfer Software implicated in the breach, is also facing a nationwide class action lawsuit for negligence and breach of contract. The Cl0p ransomware group has claimed responsibility for the exploit, which affected over 150 organizations including Disney, Chase, and British Airways.

Voice Deepfakes Are Coming for Your Bank Balance
NYTimes ($): Scammers are increasingly using artificial intelligence to generate voice deepfakes for financial fraud. Florida investor Clive Kabatznik experienced this first-hand when a program mimicked his voice in an attempt to trick his Bank of America representative into transferring funds. Cybersecurity firms like Pindrop have noted a rise in such voice fraud attempts, made easier by the abundance of voice samples online and generative AI programs. While most fake voice attacks have targeted credit card service call centers, experts worry that scams may directly target individuals, bypassing institutional security measures. The advancements in deepfake technology raise concerns about the arms race between fraudsters and cybersecurity defenses.

Meta: Pro-Chinese influence operation was the largest in history
CyberScoop:Meta has taken down a massive cross-platform influence operation that promoted pro-Chinese messages across multiple online platforms, including Facebook and Instagram. Targeting audiences primarily in Taiwan, the U.S., Australia, the U.K., Japan, and among the global Chinese-speaking population, the operation used thousands of accounts and appeared on over 50 different platforms. Although Meta could not confirm that Chinese state agencies were directly involved, they found indications that the operators were centrally provisioned with internet access and content, operating at times that align with the Chinese workday. The operation was described as an extension of an earlier pro-Chinese influence operation called “Spamouflage,” and was also found to be using tactics similar to a known Russian influence operation.

2 Stats You Should Know

By 2025, it’s estimated there will be 75.44 billion connected IoT devices, potentially expanding the attack surface for cyber adversaries. (source)

AI could contribute up to $15.7 trillion to the global economy by 2030. (source)

1 More Thing

This Labor Day, let’s celebrate the ever-changing landscape of work, shaped by advances in AI and the growing importance of cybersecurity. As AI continues to automate tasks and create new career opportunities, the role of skilled cybersecurity professionals becomes crucial to protecting our digital assets. This holiday serves as a reminder to embrace the need for upskilling, ensuring that the workforce is prepared for the evolving challenges and opportunities in AI and cybersecurity.