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Cyber security
early birds
post Posted: May 11 2021, 09:25 AM
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North America’s biggest petroleum pipeline is in a race against time to overcome a cyberattack before regional reserves run dry. Colonial Pipeline said segments of its Texas-to-New Jersey line are being reactivated in steps, and pledged that most service would be restored by the weekend. The issue now is whether inventories held in storage tanks are enough to satisfy demand while Colonial works on resuming operations. The closing of the nation’s biggest fuel pipeline system illustrates the risk facing America’s infrastructure when it comes to disruption by bad actors, Energy Secretary Jennifer Granholm said Monday. “It tells you how utterly vulnerable we are,” she said. The success of yet another massive cyberattack raises a question the U.S. has been hearing a lot lately: how can this keep happening?

The hack of Colonial is a novel form of cybercrime that puts normally staid corporate entities in the vise of an old-school extortion scheme. And guess which country the White House thinks may have played a part


https://www.bloomberg.com/news/videos/2021-...secretary-video

=======================

this time is Russia,
next will be Chieainna! lmaosmiley.gif



 
nipper
post Posted: Apr 29 2021, 06:33 PM
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any outfit dealing with the enterprise market that is pushing into online presence, software, ICT, cloud migration (and this is any and every company) then there is an attendant and necessary cyber security software offering..
. Rhype (RHP) has picked up emt, an Australian based cyber security distribution specialist that focuses on sourcing innovative security software vendors and working with channel partners, to deliver both on-premise and cloud-based security solutions, aimed at protecting companies against cyber security attacks.
Hubify (HFY) has taken a stake in Internet 2.0, an Australian and USA outfit offering cyber security for SMB, SME and Enterprise markets using a combination of proprietary technology and managed services, in order to on sell an affordable market leading defence grade Cyber Security solution to its 7,000 plus SME customers.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 27 2021, 08:13 PM
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... towards the Holy Grail of Encryption

https://www-livescience-com.cdn.ampproject....encryption.html




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 9 2021, 01:15 PM
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Home-grown cyber security outfit Internet 2.0, which counts the US State Department as its biggest client, is gunning for the ASX boards.

Street Talk understands the Australian and US based business has just closed a $1.5 million seed funding round and now had PAC Partners helping it stitch together a $1.2 million pre IPO capital raising. The pre IPO raising implies a $12 million valuation for Internet 2.0, and was expected to be followed by an IPO sometime around November this year.

The company is wellknown in Australian cyber security circles and generated $1.2 million revenue last year from its three business divisions. It sells its own cyber security hardware products, acts as an internet service provider (ISP) and provides cyber security consulting.

Internet 2.0's hardware is designed to be used on existing IT infrastructure systems to protect them against cyber attacks, and is scalable to suit companies of any size.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jan 7 2021, 04:37 PM
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In Reply To: rlane's post @ Jan 7 2021, 02:25 PM

Yes .... quite likely,

It should be PS&C (which used to be under that name, is a serial underperformer) but has rebranded. Can't remember the name..


a minute later ..... there it is . In Oct 2020 ... good old delisted.com.au. Was PSZ, now FFT
FUTURE FIRST TECHNOLOGIES LTD


Good pickup.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: rlane  
 
rlane
post Posted: Jan 7 2021, 02:25 PM
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In Reply To: nipper's post @ Jan 5 2021, 02:41 PM

Has Stockhead made a mistake ?

QUOTE
PSC .. Prospect Res Ltd 13 ... -10 $43.2M



Said 'Thanks' for this post: nipper  
 


nipper
post Posted: Jan 5 2021, 02:41 PM
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Stockhead on Cyber and AI (the hot sector for 2021 ?)

https://stockhead.com.au/tech/


Code Company ............Price© .. %Yr .. MktCap
TNT ... Tesserent Limited 33.5 .. 628 $324.2M
WHK .. Whitehawk Limited 30 .. 249 $63.4M
FZO .... Family Zone Cyber 43 .. 161 $169.6M
FFT ... Future First Tech 4.2 .. 148 $23.2M
AR9 .. Archtis Limited 31 .. 138 $62.7M
5GN .. 5G Networks Limited 131.5 .. 85 $150.2M
PRO .. Prophecy Internation 67 34 $43.5M
ELS .. Elsight Ltd 41 .. 10 ....$57.3M
VOR .. Vortiv Ltd 17 ... 6 ...... $23.9M
HWH .. Houston We Have Ltd 4.4 .. 5 $11.5M
SOV .. Sovereign Cloud Hldg 97 .. 0 $51.4M
PSC .. Prospect Res Ltd 13 ... -10 $43.2M
SEN .. Senetas Corporation 6 .... -12 $67.1M
CPT .. Cipherpoint Limited 4.6 .... -28 $7.3M
SPA .. Spacetalk Ltd 10.5 .... -64 $18.1M



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  lgrif  rlane  
 
nipper
post Posted: Jan 1 2021, 08:25 AM
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Cofense founder and chief executive Rohyt Belani told The Australian that spear phishing, using business email compromise (BEC), had cost business more than $US26bn ($34bn) over the past four years, with attacks showing no signs of abating.

Mr Belani said while most companies were running phishing simulation software to train their employees in preventing attacks, a more proactive approach was needed.

“You can reduce susceptibility. But we weren’t quite happy with saying ‘great you brought susceptibility rates down from 45-50 per cent to 5 per cent’ because there is still residual risk and what do you do about the 5 per cent?” Mr Belani said.

Part of the solution was installing a button in Outlook and other email platforms for people to report suspicious emails to aid early detection by cyber security experts. That button now has more than 29 million unique deployments globally, Mr Belani said, and is growing by about 100,000 per week.

“What we found was it is a tremendous source of crowdsourced data on suspicious emails. The challenge is how do you find the needle in the haystack.

“There are lot of suspicious emails being reported — some benign, some are spam, some are legitimate emails, and then there are the few that are malicious in nature.

“We created a suite of software to help members of security operations teams take this barrage of reports from an organisation and separate the signal from the noise.”

But Mr Belani said even some of the biggest corporations were facing talent constraints in securing cyber security experts, making it difficult to act on the deluge of suspicious email reports — even when they were sorted.

And this is when Cofense went from software developer to a managed service offering.

“It allowed organisations to outsource the problem of detecting phishing attacks that have bypassed their perimeter controls, their gateways … and essentially remove the threat from their environment.

“We’ve done this for about three years in other parts of the world. We started in the US and now have phishing defence centres in the UK, Ireland and India as well. It’s just been a natural progression.”



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Nov 23 2020, 10:09 AM
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This is appalling
QUOTE
Fake Zoom invite cripples Aussie hedge fund with $8m hit


A Sydney hedge fund has collapsed after a cyber attack triggered by a fake Zoom invitation saw its trustee and administrator mistakenly approve $8.7 million in fraudulent invoices.

The scam, the latest in a series of strikes by offshore criminal gangs against Australian fund managers, has also ensnared ANZ after the bank failed to stop almost $800,000 being withdrawn from an account linked to the cyber criminals.

Levitas Capital, which traded the so called far index in the US, was forced to close due to its largest institutional client, Australian Catholic Super, withdrawing its money after the September cyber attack.

NSW police are investigating the matter as digital crime experts report a spike in attacks on hedge funds and private equity firms this year, as informal checks were weakened due to staff working at home as a result of the pandemic.

There were so many red flags which should have been spotted, said Michael Fagan, who co-founded Levitas Capital, which had $75 million under management before the attack.

The Australian Financial Review has been told of another fund which lost $25 million in client money from a similar cyber attack, while the trustee for another firm blocked a $1.8 million transfer after the fake invoice was spotted.

Cyber investigators hired by Levitas said the attack was initiated after Mr Fagan or Mr Brookes clicked on a fake Zoom invitation, which triggered a malicious software program to be planted on the company's network. This allowed the cyber criminals to take control of its email system and send off the bogus invoices.

Mr Fagan discovered the cyber attack on Levitas by chance on September 23, when the four-year-old fund was preparing to receive a further $16 million from Australian Catholic Super after a bumper year. ACS declined to comment.

The fund, which Mr Fagan founded with fellow trader Michael Brookes, had risen 20 per cent for the year as its algorithm-based model benefited from the wild fluctuations on global markets.

... By chance on that Wednesday morning, Mr Fagan was in the office early and checked their Commonwealth Bank account only to discover $1.2 million had been transferred out eight days earlier. The company receiving the money, Unique Star Trading, meant nothing to him.

Even more curious was that the money had been transferred to an ANZ account in the south-western Sydney suburb of Bankstown, which the fund had never dealt with previously.

The payment was approved by AET Corporate Trust, Australia's third-largest trustee with $55 billion under supervision, which holds money on behalf of funds like Levitas and is responsible for protecting investors. AET is owned by Sargon, a superannuation services roll-up that was bought by New York financiers this year after going into voluntary administration.

In a statement, Sargon said it was "continuing to investigate the compromise" to determine "how the manual processes required to verify instructions may have fallen down". The company stressed its SargonPay infrastructure remained secure.

Mr Fagan said the payment request was suspicious on many levels and should have been picked up by both the trustee and the administrator, Apex.

The entire funds management industry relies on a range of important checks and balances to ensure the integrity of the system – in particular the role trustees and administrators are supposed to play, he said. This is one example of the manifest failure of these checks and balances with dramatic consequences for our business. It makes you wonder where else in the system could this happen?"

Issues that were not picked up included the attached invoice being addressed to Levitas, not the trustee as was required.

It also claimed to be a "capital call", something the fund had never previously requested. Unique Star also had no links or previous relationship with the fund and was not on its supplier list.

The fund administrator, Apex, did call Mr Fagan to verify the transaction, but he was at the gym and said he would call back before approving any payments.

When he returned to the office he emailed Apex but received no reply or call back. The $1.2 million was transferred to Unique Star's ANZ account that day ... September 16.

In the background, the fund later learned, the hackers had sent another email to the fund administrator Apex authorising the transaction, as they had taken control of the hedge fund email system.

Apex said it strongly disputes claims that insufficient attempts were made to inform the managers of potentially fraudulent transfers"."We have robust internal procedures and controls in place. We are confident that our processes were followed appropriately, it said in a statement.

In a 10 day period after that money was transferred, a Pakistani national, Muhammad Bhatti, walked into an ANZ branch in Bankstown and withdrew $240,000 via a bank cheque.

He also raised another bank cheque for $240,000 from an ANZ branch in Kogarah during this period. One of these cheques was then deposited in a Bank of Queensland account; the other was blocked by Commonwealth Bank, Levitas' bankers.

On September 26, Mr Bhatti left Australia on a Qatar Airways flight, but prior to this he made 64 more withdrawals from the ANZ account totalling about $300,000. These included cash withdrawals from ANZ branches and convenience stores, along with purchases from David Jones and JB Hi-Fi.

In a statement, ANZ said while realtime payments provided opportunities for criminal elements, it continued to work closely with AUSTRAC, law enforcement and the broader industry to detect, prevent and disrupt serious financial crimes.

A week after the first transaction, another fake invoice was wrongly authorised from the Levitas account. This time $2.5 million was sent to the Bank of China in Hong Kong to a company called Pavelin Limited. Once again, the fund hadn't previously dealt with this company.

The hacker had sent a further email from Mr Fagan authorising the transaction. Neither Mr Fagan nor Mr Brookes received calls from the administrator or trustee to check the transaction.

On the same day, September 22, the trustee received further instructions from the administrator to send $5 million to East Grand Trading at the United Overseas Bank in Singapore. The same red flags were evident on the invoice, but again, no verification calls were made. The money was approved for transfer.

Fortunately, on that same day, Mr Fagan checked the bank accounts, something he would not normally do, as he was waiting for the additional funds from Catholic Super.

On realising more than $8 million was missing, he immediately issued stop orders with a series of frantic phone calls. Since then he has retrieved the $5 million sent to Singapore and the $2.5 million which went to Hong Kong.

But had he not checked the account, or waited even another day, the funds would have most likely cleared both overseas banks and become almost impossible to trace. We could have lost $30 million, Mr Brookes said.

By the time the pair were alerted to the fraud, the $1.2 million ANZ payment had already gone through... and $781,000 had been taken out of the account by Mr Bhatti


https://www.afr.com/companies/financial-ser...20201122-p56f9c

.... everyone blames everyone else



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  rlane  
 
nipper
post Posted: Aug 10 2020, 11:33 AM
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This sector has got to be in a bubble? Or is the market making up for neglecting cyber security.

compare the recent runs to what was said only a year ago:
https://www.nabtrade.com.au/investor/insigh...asx_listed_cybe
QUOTE
Looking at the Australian stock market, though, you would not know that cyber security is a growth business. The ASX does host cyber security companies, but sadly, it is a desert in terms of investment success. Is this because of the technology offerings being lacking in some way, or the relative lack of specialist investors to pick up on the opportunities being presented, and give them some market support and impetus? That appears to be a big problem....

Here are four interesting candidates in the ASX-listed cyber-security world ... but be warned, all of these have severely tested investor patience.
goes to list AR9, TNT, WHK and SEN. Along with VOR, all are up 10 to 20% today. And have been booming for a month or so. With small Market Caps, there was probably no institutional presence on their registries until recently



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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