Six individuals were added to the EU’s sanctions list – they all have been involved in cyberattacks targeting critical infrastructure, state functions, classified information, and emergency response systems in EU member states, according to the official press release. These sanctions mark the first instance of measures against cybercriminals employing ransomware in essential services such as health and banking.
Among those sanctioned are Ruslan Peretyatko and Andrey Korinets of the ‘Callisto group,’ known for cyber operations against the EU and third countries through phishing campaigns aimed at stealing sensitive data in defense and external relations.
Also targeted are Oleksandr Sklianko and Mykola Chernykh of the ‘Armageddon hacker group,’ allegedly supported by Russia’s Federal Security Service (FSB), responsible for impactful cyberattacks on EU governments and Ukraine using phishing and malware.
Additionally, Mikhail Tsarev and Maksim Galochkin, involved in deploying ‘Conti‘ and ‘Trickbot‘ malware under the ‘Wizard Spider’ group, face sanctions. These ransomware campaigns have caused significant economic damage across sectors including health and banking in the EU.
The EU’s horizontal cyber sanctions regime now covers 14 individuals and four entities, involving asset freezes and travel bans, and prohibiting EU persons and entities from providing funds to those listed.
With these new measures, the EU and its member states emphasize their commitment to combating persistent malicious cyber activities. Last June, the European Council agreed that new measures were needed to strengthen its Cyber Diplomacy Toolbox.
The Bank for International Settlements (BIS) has advised central banks to harness the benefits of AI while cautioning against its use in replacing human decision-makers. In its first comprehensive report on AI, the BIS highlighted the technology’s potential to enhance real-time data monitoring and improve inflation predictions – capabilities that have become critical following the unforeseen inflation surges during the COVID-19 pandemic and the Ukraine crisis. While AI models could mitigate future risks, their unproven and sometimes inaccurate nature makes them unsuitable as autonomous rate setters, emphasised Cecilia Skingsley of the BIS. Human accountability remains crucial for decisions on borrowing costs, she noted.
The BIS, often termed the central bank for central banks, is already engaged in eight AI-focused projects to explore the technology’s potential. Hyun Song Shin, the BIS’s head of research, stressed that AI should not be seen as a ‘magical’ solution but acknowledged its value in detecting financial system vulnerabilities. However, he also warned of the risks associated with AI, such as new cyber threats and the possibility of exacerbating financial crises if mismanaged.
The widespread adoption of AI could significantly impact labour markets, productivity, and economic growth, with firms potentially adjusting prices more swiftly in response to economic changes, thereby influencing inflation. The BIS has called for the creation of a collaborative community of central banks to share experiences, best practices, and data to navigate the complexities and opportunities presented by AI. That collaboration aims to ensure AI’s integration into financial systems is both effective and secure, promoting resilient and responsive economic governance.
In conclusion, the BIS’s advisory underscores the importance of balancing AI’s promising capabilities with the necessity for human intervention in central banking operations. By fostering an environment for shared knowledge and collaboration among central banks, the BIS seeks to maximise AI benefits while mitigating inherent risks, thereby supporting more robust economic management in the face of technological advancements.
Oracle has cautioned investors that a potential US ban on TikTok could negatively impact its financial results. A new law signed by President Biden in April could make it illegal for Oracle to provide internet hosting services to TikTok unless its China-based owners meet certain conditions. Oracle warned that losing TikTok as a client could harm its revenue and profits, as TikTok relies on Oracle’s cloud infrastructure for storing and processing US user data.
Analysts consider TikTok one of Oracle’s major clients, contributing significantly to its cloud business revenue. Estimates suggest Oracle earns between $480 million to $800 million annually from TikTok, while its cloud unit generated $6.9 billion in sales last year. The cloud business’s growth, driven by demand for AI work, has boosted Oracle’s shares by 34% this year.
Why does it matter?
The new law requires TikTok to find a US buyer within 270 days or face a ban, with a possibility of extension. TikTok, which disputes the security concerns, has sued to overturn the law. It highlights its collaboration with Oracle, termed ‘Project Texas,’ aimed at safeguarding US data from its Chinese parent company, ByteDance. Despite this, Oracle has remained discreet about its relationship with TikTok, not listing it among its key cloud customers and avoiding public discussion.
A massive data breach has hit Financial Business and Consumer Solutions (FBCS), a debt collection agency, affecting millions of Americans. Initially reported in February 2024, the breach was found to have exposed the personal information of around 1.9 million individuals in the US, which later increased to 3 million in June. Compromised data includes full names, Social Security numbers, dates of birth, and driver’s license or ID card numbers. FBCS has notified the affected individuals and relevant authorities.
The breach occurred on 14 February but was discovered by FBCS on 26 February. The company notified the public in late April, explaining that the delay was due to their internal investigation rather than any law enforcement directives. The leaked information could include various personal details such as names, addresses, Social Security numbers, and medical records, though not all affected individuals had all types of data exposed.
FBCS has strengthened its security measures in response to the breach and built a new secure environment. Additionally, they offer those impacted 24 months of free credit monitoring and identity restoration services. The company advises everyone affected to be vigilant about sharing personal information and to monitor their bank accounts for any suspicious activity to protect against potential phishing and identity theft.
The Biden administration is scrutinising China Mobile, China Telecom, and China Unicom over concerns that these firms could misuse their access to American data through their US cloud and internet businesses. The Commerce Department is leading the investigation, subpoenaing the state-backed companies and conducting risk analyses on China Mobile and China Telecom. These companies maintain a small US presence, providing services like cloud computing and routing internet traffic, giving them potential access to sensitive data.
The investigation aims to prevent these Chinese firms from exploiting their US presence to aid Beijing, aligning with Washington’s broader strategy to counteract potential threats to national security from Chinese technology companies. The US has previously barred these companies from providing telephone and broadband services. Authorities could block transactions that allow these firms to operate in data centres and manage internet traffic, potentially crippling their remaining US operations.
China’s embassy in Washington has criticised these actions, urging the US to cease suppressing Chinese companies. No evidence has been found that these firms intentionally provided US data to the Chinese government. However, concerns persist about their capabilities to access and potentially misuse data, primarily through Points of Presence (PoPs) and data centres in the US, which could pose significant security risks.
Google is enhancing Gmail with new AI features designed to streamline email management. A new Gemini side panel is being introduced for the web, which is capable of summarising email threads and drafting new emails. Users will receive proactive prompts and can ask freeform questions, utilising Google’s advanced models like Gemini 1.5 Pro. The mobile Gmail app will also feature Gemini’s ability to summarise threads.
However, these upgrades will only be accessible to paid Gemini users. To benefit from these features, one must be a Google Workspace customer with a Gemini Business or Enterprise add-on, a Gemini Education or Education Premium subscriber, or a Google One AI Premium member. Despite their potential usefulness, it’s advised not to depend entirely on these AI tools for critical work, as AI can sometimes produce inaccurate information.
In addition to Gmail, Google is incorporating Gemini features into the side panels of Docs, Sheets, Slides, and Drive. The rollout follows Google’s earlier promises at the I/O conference. Further AI enhancements, including ‘Contextual Smart Reply,’ are expected to arrive for Gmail soon.
The 7th edition of Cyber Europe, organised by the European Union Agency for Cybersecurity (ENISA), tested the resilience of the EU energy sector, highlighting cybersecurity as an increasing threat to critical infrastructure. In 2023, over 200 cyber incidents targeted the energy sector, with more than half aimed specifically at Europe, underscoring the sector’s vulnerability due to its crucial role in the European economy.
Juhan Lepassaar, Executive Director of ENISA, highlighted the exercise’s role in enhancing preparedness and response capacities to protect critical infrastructure, essential for the single market’s stability.
According to ENISA’s Network and Information Security (NIS) Investments report, 32% of energy sector operators lack Security Operations Center (SOC) monitoring for critical Operation Technology (OT) processes, while 52% integrate OT and Information Technology (IT) under a single SOC.
This year’s Cyber Europe exercise focused on a scenario involving cyber threats to EU energy infrastructure amidst geopolitical tensions. Over two days, stakeholders from 30 national cybersecurity agencies and numerous EU bodies collaborated, developing crisis management skills and coordinating responses to simulated cyber incidents. The exercise, one of Europe’s largest, involved over thousand experts across various domains, facilitated by ENISA, which celebrates its 20th anniversary in 2024.
Japan’s Chief Cabinet Secretary Yoshimasa Hayashi confirmed that Japan’s space agency, JAXA, has been targeted by several cyberattacks since late last year. The agency has been investigating the breaches, shutting down affected networks, and verifying that no classified information related to rocket and satellite operations or national security was compromised.
Hayashi also confirmed that hackers are located outside Japan and emphasised Japan’s commitment to enhancing its cybersecurity defences. Amidst increasing military developments in response to China’s growing power, Japan aims to develop a counterstrike capability, though experts believe Tokyo will still rely heavily on the United States for launching long-range missiles.
Defense Minister Minoru Kihara assured the public that the attacks have not impacted his ministry but stated that he is closely monitoring JAXA’s ongoing investigation. As part of the investigation, a portion of the affected JAXA network was temporarily shut down.
JAXA, which develops and launches satellites and is involved in advanced missions like asteroid exploration and potential lunar human exploration, has faced multiple cyber incidents since 2016. That year, it was among 200 Japanese companies and research institutes allegedly targeted by Chinese-speaking military hackers. Last year, unknown hackers also attempted to breach JAXA’s network server but failed to access information critical to the operation of rockets and satellites.
In February 2024, Japan’s cyber official Kazutaka Nakamizo highlighted the increasing cyber threats to the country’s critical infrastructure, particularly from China. However, he did not specify which attacks were believed to be linked to Beijing.
Frank McCourt, a US real estate billionaire, aims to acquire TikTok to combat the negative influence of major tech platforms on society. Known for owning the Los Angeles Dodgers and Olympique de Marseille, McCourt has been vocal about the harm these platforms inflict, particularly on children. Speaking at the Collision tech conference in Toronto, he emphasised the manipulative nature of social media algorithms, linking them to societal chaos and political polarisation.
McCourt’s concern stems from the detrimental impact of social media on mental health, especially among children, citing rising anxiety, depression, and youth suicides. His solution is a ‘new internet’ based on an open-source, decentralised protocol where users control their own data, a vision he calls Project Liberty. With its vast user base of young people, acquiring TikTok would significantly advance this initiative. Project Liberty has garnered support from internet pioneer Tim Berners-Lee and NYU professor Jonathan Haidt.
The acquisition bid comes amid US government pressures on TikTok to divest from Chinese ownership due to national security concerns. While the future of TikTok’s ownership remains uncertain, McCourt hopes this situation will raise awareness about data privacy issues across all platforms, emphasising the need for user control over personal data to preserve democratic values.
Next month, athletes worldwide will converge on Paris for the eagerly awaited 2024 Summer Olympics. While competitors prepare for their chance to win coveted medals, organisers are focused on defending against cybersecurity threats. Over the past decade, cyberattacks have become more sophisticated due to the misuse of AI. However, the responsible application of AI offers a promising countermeasure.
Sports organisations are increasingly partnering with AI-driven companies like Visual Edge IT, which specializes in risk reduction. Although Visual Edge IT does not directly work with the Olympics, cybersecurity expert Peter Avery shared insights on how Olympic organisers can mitigate risks. Avery emphasised the importance of robust technical, physical, and administrative controls to protect against cyber threats. He highlighted the need for a comprehensive incident response plan and the necessity of preparing for potential disruptions, such as internet overload and infrastructure attacks.
The advent of AI has revolutionised both productivity and cybercrime. Avery noted that AI allows cybercriminals to automate attacks, making them more efficient and widespread. He stressed that a solid incident response plan and regular simulation exercises are crucial for managing cyber threats. As Avery pointed out, the question is not if a cyberattack will happen but when.
The International Olympic Committee (IOC) also embraces AI responsibly within sports. IOC President Thomas Bach announced the AI plan to identify talent, personalise training, and improve judging fairness. The Summer Olympics in Paris, which run from 26 July to 11 August, will significantly test these cybersecurity and AI initiatives.
