The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Bill to better protect people’s smartphones, TVs, speakers, toys and other digital devices from hackers
Will prevent the sale of consumer connectable products in the UK that do not meet baseline security requirements
Comes as research shows four in five manufacturers of connectable products do not implement appropriate security measures
Includes plans for fines up to £10 million or up to 4 per cent of global revenue for firms failing to comply
A new law will require manufacturers, importers and distributors of digital tech which connects to the internet or other products to make sure they meet tough new cyber security standards - with heavy fines for those who fail to comply.
The Product Security and Telecommunications Infrastructure Bill (PSTI), introduced to Parliament today, will allow the government to ban universal default passwords, force firms to be transparent to customers about what they are doing to fix security flaws in connectable products, and create a better public reporting system for vulnerabilities found in those products.
The Bill will also speed up the roll out of faster and more reliable broadband and mobile networks by making it easier for operators to upgrade and share infrastructure. The reforms will encourage quicker and more collaborative negotiations with landowners hosting the equipment, to reduce instances of lengthy court action which are holding up improvements in digital connectivity.
Minister for Media, Data and Digital Infrastructure Julia Lopez said:
Every day hackers attempt to break into people’s smart devices. Most of us assume if a product is for sale, it’s safe and secure. Yet many are not, putting too many of us at risk of fraud and theft.
Our Bill will put a firewall around everyday tech from phones and thermostats to dishwashers, baby monitors and doorbells, and see huge fines for those who fall foul of tough new security standards.
The ownership and use of connected tech products has increased dramatically in recent years. On average there are nine in every UK household, with forecasts suggesting there could be up to 50 billion worldwide by 2030. People overwhelmingly assume these products are secure, but only one in five manufacturers have appropriate security measures in place for their connectable products.
Cyber criminals are increasingly targeting these products. A recent investigation by Which? found a home filled with smart devices could be exposed to more than 12,000 hacking or unknown scanning attacks from across the world in a single week.
And, in the first half of 2021, there were 1.5 billion attempted compromises of Internet of Things (IoT) devices, double the 2020 figure. The UK’s National Cyber Security Centre last week revealed it had dealt with an unprecedented number of cyber incidents over the past year.
Currently the makers of digital tech products must comply with rules to stop them causing people physical harm from issues such as overheating, sharp comp
https://www.gov.uk/government/news/new-cyber-laws-to-protect-peoples-personal-tech-from-hackers
https://www.wordfence.com/blog/2021/11/godaddy-breach-plaintext-passwords/
https://www.sharesmagazine.co.uk/video/crossword-cybersecurity-ccs-tom-ilube-cbe-ceo
The US and UK are joining forces to "impose consequences" on their shared adversaries who conduct malicious cyber-activities.
The combined action would address "evolving threats with a full range of capabilities", they said.
The shared adversaries were not named but the announcement follows increasing concern over Russia-based ransomware.
The plan was discussed last week at an annual meeting of intelligence chiefs, in the US.
Gen Sir Patrick Sanders and Government Communications Headquarters (GCHQ) director Sir Jeremy Fleming and US Cyber Command head Gen Paul Nakasone "reaffirmed" their commitment to jointly disrupt and deter new and emerging cyber-threats.
decent new hire, now lets sell to Danone lol
https://www.gov.uk/government/news/new-plans-to-boost-cyber-security-of-uks-digital-supply-chains
https://www.cityam.com/cyber-security-giant-mcafee-goes-private-in-a-14bn-deal/
I have just signed up for this free account - my Horizon account https://www.darkbeam.com/ - my goodness that is interesting - not just cyber but investors should probably keep an eye on the cyber risk of their investments. Highly recommend it.
https://www.retaildetail.eu/en/news/electronics/mediamarkt-victim-international-cyber-attack
https://www.darkbeam.com/blog/cybersecurity-is-an-investment-not-a-liability
interesrting, i went on the twitter page etc, founders of Darkbeam seem really switched on
the founder at DarkBeam also founded RDT
Rosslyn Data Technologies PLC (LON:RDT) president Charles Clark is stepping down after 14 years in the company.
The AIM-listed firm, which provides a cloud-based enterprise data analytics platform, said Clark will continue to work for his notice period of six months and then will pursue “other business interests”.
“We'd like to thank Charlie for his contribution to Rosslyn over the years from founding it back in 2005 and wish him well in his future endeavours,” said chairman James Appleby.
just posting general cyber attack news
an actual Fishing attack not PHISHING :)
nothing to do with CCS though is it though?
By the looks of things Darkbeam is materially different than Darktrace and is focused on monitoring external vulnerabilities of companies and not internal risks as Darktrace does. This is interesting for Crossword as supply chains have thousands of suppliers and if you can in real-time monitor all their external vulnerabilities you are addressing an ever-present important risk that all supply chain functions will be looking to address. If you can see what the hacker sees you can take action. Interesting!
RNS this morning........Darkbeam rather than Darktrace but still very good news.
Angling Direct PLC ("Angling Direct" or the "Company"), the leading retailer of fishing tackle products and equipment, announces that it is currently managing a cyber security incident after detecting unauthorised activity on its network late on Friday 5 November 2021. This unauthorised activity shut down the Company's websites and these remain inactive. Some of the Company's social media accounts have also been compromised. The Board has appointed external cyber security specialists whose investigations are underway to establish what happened. Work continues round the clock to bring the websites back online while our 39 retail stores across the UK have remained open and continue to trade.
As a precaution, the Company has notified the relevant regulators and law enforcement agencies, including the Information Commissioner's Office in the UK. We are mindful of our obligations regarding data; it is too soon yet to make any determination around the impact this incident has had on personal data, but we will inform any individuals in line with our regulatory obligations should there be a need to do so. Importantly, the Company does not hold any customer financial data as our website transactions are handled by third parties.
As matters currently stand, the Board does not anticipate that this incident will have a detrimental impact on underlying trading and the Company will continue to assess any cost exposure that this incident may create. The Board will provide a further update as and when appropriate and apologises for any disruption that has been caused to customers by this incident.
Angling direct cyber attack
Soaring cost of cyber protection lifts commercial insurers
Beazley and Hiscox report further rises for cover to counter threat of ransomware attacks
The surging cost of cyber protection is buoying commercial insurers and powering a persistent upswing in broader insurance prices, as the industry continues to reprice the risk of ransomware attacks.
Lloyd’s of London insurer Beazley said that cyber price rises “continue to exceed expectations” as it delivered a third-quarter update on Friday, even as the frequency of claims the FTSE 250 group receives continue to fall after work that it has done with clients to improve resilience.
Citi analysts said this “encouraging” trend would be a tail wind to full-year profits. Overall Beazley’s gross premiums written were up more than a quarter between January and September compared with the same period in 2020. Its shares were up 6 per cent in late-morning trading in London.
Hiscox, another London-listed insurer, also reported “significant” growth in cyber rates when it reported results for the third quarter on Tuesday. The group’s gross premiums over the first nine months of the year were up 6 per cent year on year. Global commercial insurance prices continued their long push higher in the third quarter, according to an index from Marsh McLennan, the world’s biggest insurance broker. While the growth rate in many lines of business is slowing, cyber is bucking the trend. Cyber insurance prices nearly doubled year on year in the US during the period, and rose 73 per cent in the UK.
There has been a flurry of corrective actions by traditional insurers this year to try and cap their cyber exposure following a wave of ransomware attacks that has driven up both the frequency and severity of claims. Some have introduced limits on coverage, or demanded that clients have basic security measures in place before they can be offered a policy.
At the same time, fresh capital has poured into some privately owned specialist cyber insurers, who also provide technology and services to companies to help them stave off attacks.
Last month, European private equity group EQT invested in CFC Underwriting in a deal that put the London-based firm at an enterprise value of more than £2.5bn, according to a person with knowledge of the deal.
“There’s been a lot of disruption,” said Graeme Newman, the head of CFC’s UK business, describing the gyrations in the market caused by the ransomware surge. But he added: “There’s more and more capacity coming into the market, there’s more and more interest.