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Technology
AI Act Artificial Intelligence Cyberattacks Cyberhackers CyberThreat EU Bans AI Technology

EU Bans AI Systems Deemed ‘Unacceptable Risk’

 


As outlined in the European Union's (EU) Artificial Intelligence Act (AI Act), which was first presented in 2023, the AI Act establishes a common regulatory and legal framework for the development and application of artificial intelligence. In April 2021, the European Commission (EC) proposed the law, which was passed by the European Parliament in May 2024 following its proposal by the EC in April 2021. 

EC guidelines introduced this week now specify that the use of AI practices whose risk assessment was deemed to be "unacceptable" or "high" is prohibited. The AI Act categorizes AI systems into four categories, each having a degree of oversight that varies. It remains relatively unregulated for low-risk artificial intelligence such as spam filters, recommendation algorithms, and customer service chatbots, whereas limited-risk artificial intelligence, such as customer service chatbots, must meet basic transparency requirements. 

Artificial intelligence that is considered high-risk, such as in medical diagnostics or autonomous vehicles, is subjected to stricter compliance measures, including risk assessments required by law. As a result of the AI Act, Europeans can be assured of the benefits of artificial intelligence while also being protected from potential risks associated with its application. The majority of AI systems present minimal to no risks and are capable of helping society overcome societal challenges, but certain applications need to be regulated to prevent negative outcomes from occurring. 

It is an issue of major concern that AI decision-making lacks transparency, which causes problems when it comes to determining whether individuals have been unfairly disadvantaged, for instance in the hiring process for jobs or in the application for public benefits. Despite existing laws offering some protection, they are insufficient to address the unique challenges posed by AI, which is why the EU has now enacted a new set of regulations. 

It has been decided that AI systems that pose unacceptable risks, or those that constitute a clear threat to people's safety, livelihoods, and rights, should be banned in the EU. Among their plethora are social scoring and data scraping for facial recognition databases through the use of internet or CCTV footage, as well as the use of AI algorithms to manipulate, deceive, and exploit other vulnerabilities in a harmful way. Although it is not forbidden, the EC is also going to monitor the applications categorised as "high risk." These are applications that seem to have been developed in good faith, but if something were to go wrong, could have catastrophic consequences.

The use of artificial intelligence in critical infrastructures, such as transportation, that are susceptible to failure, which could lead to human life or death citizens; AI solutions used in education institutions, which can have a direct impact on someone's ability to gain an education and their career path. An example of where AI-based products will be used, such as the scoring of exams, the use of robots in surgery, or even the use of AI in law enforcement with the potential to override people's rights, such as the evaluation of evidence, there may be some issues with human rights. 

AI Act is the first piece of legislation to be enforced in the European Union, marking an important milestone in the region's approach to artificial intelligence regulation. Even though the European Commission has not yet released comprehensive compliance guidelines, organizations are now required to follow newly established guidelines concerning prohibited artificial intelligence applications and AI literacy requirements, even though no comprehensive compliance guidelines have yet been released. 

It explicitly prohibits artificial intelligence systems that are deemed to pose an “unacceptable risk,” which includes those that manipulate human behaviour in harmful ways, take advantage of vulnerabilities associated with age, disability, and socioeconomic status, as well as those that facilitate the implementation of social scoring by the government. There is also a strong prohibition in this act against the use of real-time biometric identification in public places, except under specified circumstances, as well as the creation of facial recognition databases that are based on online images or surveillance footage scraped from online sources. 

The use of artificial intelligence for the recognition of emotions in the workplace or educational institutions is also restricted, along with the use of predictive policing software. There are severely fined companies found to be using these banned AI systems within the EU, and the fines can reach as high as 7% of their global annual turnover or 35 million euros, depending on which is greater. In the days following the enactment of these regulations, companies operating in the AI sector must pay attention to compliance challenges while waiting for further guidance from the EU authorities on how to accomplish compliance. 

There is an antitrust law that prohibits the use of artificial intelligence systems that use information about an individual's background, skin colour, or social media behaviour as a way of ranking their likelihood of defaulting on a loan or defrauding a social welfare program. A law enforcement agency must follow strict guidelines to ensure that they do not use artificial intelligence (AI) to predict criminal behaviour based only on facial features or personal characteristics, without taking any objective, verifiable facts into account.

Moreover, the legislation also forbids AI tools which extract facial images from the internet, or CCTV footage, indiscriminately to create large-scale databases that can be accessed by any surveillance agencies, as this is a form of mass surveillance. An organization is restricted from using artificial intelligence-driven webcams or voice recognition to detect the emotions of its employees, and it is forbidden to use subliminal or deceptive AI interfaces to manipulate the user into making a purchase. 

As a further measure, it is also prohibited to introduce AI-based toys or systems specifically designed to target children, the elderly, or vulnerable individuals who are likely to engage in harmful behaviour. There is also a provision of the Act that prohibits artificial intelligence systems from interpreting political opinions and sexual orientation from facial analysis, thus ensuring stricter protection of individuals' privacy rights and privacy preferences.
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VPN
Cyber Security Cyberattacks CyberThreat Smiths Group unauthorised access VPN

Smiths Group Reports Cybersecurity Incident: Systems Breached

 


Smiths Group, a London-listed engineering firm operating in energy, security, aerospace, and defence, has reported a cybersecurity incident involving unauthorised access to its systems. The company has taken immediate steps to mitigate potential disruptions and contain the breach. In a statement issued to the London Stock Exchange, Smiths Group confirmed the detection of unauthorised activity and outlined measures to protect business continuity, including isolating affected systems and ensuring normal operations are maintained.

The company emphasized its commitment to safeguarding operations, stating that swift action was taken to minimize the impact of the breach. Smiths Group is actively restoring affected systems and assessing the impact on its business operations. However, the company has not provided specific details about the nature of the cyberattack, though indications suggest it may have been a ransomware incident, given the common practice of taking systems offline in such cases.

Impact and Response

Following the announcement of the cybersecurity breach, Smiths Group’s share price dropped by nearly 2%. The company is collaborating with cybersecurity experts to assess the extent of the breach and facilitate the restoration of affected systems. While Smiths Group has confirmed adherence to regulatory requirements, it has not disclosed details about the cause of the incident, the exact timing of its discovery, or whether business or customer data was compromised. The company has promised to provide updates “as appropriate.”

This incident is part of a growing trend of cyberattacks targeting organizations across various sectors. Earlier this month, the International Civil Aviation Organization (ICAO), a United Nations specialized agency, confirmed a data breach affecting nearly 12,000 individuals in the aviation sector. The breach exposed approximately 42,000 recruitment records from April 2016 to July 2024, with 11,929 individuals directly impacted.

Similarly, Conduent, a business services company, recently confirmed a cyberattack that caused a system outage. Meanwhile, Hewlett Packard Enterprise (HPE) is investigating claims of a data breach after an adversary allegedly accessed documents associated with its developer environment. In the UK, the domain registry Nominet reported a network compromise in early January due to a zero-day vulnerability in Ivanti VPN, which has been linked to cyber espionage activities by the UNC5337 threat group.

Why Engineering and Manufacturing Are Targeted

Smiths Group, established in 1851, employs over 15,000 people and reported annual revenues of approximately $3.89 billion in fiscal 2024. The company’s Smiths Detection arm develops security screening systems for airports and other ports of entry, while its other divisions support industries such as mining, oil, gas, clean energy, and semiconductor testing. The engineering and manufacturing sectors are prime targets for cybercriminals and nation-state hackers due to their economic importance and the sensitive nature of their work.

For example, in August, Schlatter Group, a Swiss manufacturer of industrial welding machines, fell victim to a criminal cyberattack. Smiths Group, which reported annual revenues of £3.13 billion last year, supplies products to industries including energy, safety, security, aerospace, and defence, making it a lucrative target for cyberattacks.

The cybersecurity incident at Smiths Group highlights the increasing vulnerability of engineering and manufacturing firms to cyberattacks. As cybercriminals and nation-state actors continue to target these sectors, companies must prioritize robust cybersecurity measures to protect sensitive data and maintain business continuity. Smiths Group’s swift response to the breach underscores the importance of proactive incident management, but the incident serves as a reminder of the ongoing challenges in securing critical infrastructure and industrial systems.

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Telegram
AI Development ChatGPT Cyberattacks CyberCrime CyberThreat GhostGPT malware Telegram

Cyberattackers Exploit GhostGPT for Low-Cost Malware Development

 


The landscape of cybersecurity has been greatly transformed by artificial intelligence, which has provided both transformative opportunities as well as emerging challenges. Moreover, AI-powered security tools have made it possible for organizations to detect and respond to threats much more quickly and accurately than ever before, thereby enhancing the effectiveness of their cybersecurity defenses. 

These technologies allow for the analysis of large amounts of data in real-time, the identification of anomalies, and the prediction of potential vulnerabilities, strengthening a company's overall security. Cyberattackers have also begun using artificial intelligence technologies like GhostGPT to develop low-cost malware. 

By utilizing this technology, cyberattackers can create sophisticated, evasive malware, posing a serious threat to the security of the Internet. Therefore, organizations must remain vigilant and adapt their defenses to counter these evolving tactics. However, cybercriminals also use AI technology, such as GhostGPT, to develop low-cost malware, which presents a significant threat to organizations as they evolve. By exploiting this exploitation, they can devise sophisticated attacks that can overcome traditional security measures, thus emphasizing the dual-edged nature of artificial intelligence. 

Conversely, the advent of generative artificial intelligence has brought unprecedented risks along with it. Cybercriminals and threat actors are increasingly using artificial intelligence to craft sophisticated, highly targeted attacks. AI tools that use generative algorithms can automate phishing schemes, develop deceptive content, or even build alarmingly effective malicious code. Because of its dual nature, AI plays both a shield and a weapon in cybersecurity. 

There is an increased risk associated with the use of AI tools, as bad actors can harness these technologies with a relatively low level of technical competence and financial investment, which exacerbates these risks. The current trend highlights the need for robust cybersecurity strategies, ethical AI governance, and constant vigilance to protect against misuse of AI while at the same time maximizing its defense capabilities. It is therefore apparent that the intersection between artificial intelligence and cybersecurity remains a critical concern for the industry, policymakers, and security professionals alike. 

Recently introduced AI chatbot GhostGPT has emerged as a powerful tool for cybercriminals, enabling them to develop malicious software, business email compromise scams, and other types of illegal activities through the use of this chatbot. It is GhostGPT's uniqueness that sets it apart from mainstream artificial intelligence platforms such as ChatGPT, Claude, Google Gemini, and Microsoft Copilot in that it operates in an uncensored manner, intentionally designed to circumvent standard security protocols as well as ethical requirements. 

Because of its uncensored capability, it can create malicious content easily, providing threat actors with the resources to carry out sophisticated cyberattacks with ease. It is evident from the release of GhostGPT that generative AI poses a growing threat when it is weaponized, a concern that is being heightened within the cybersecurity community. 

A tool called GhostGPT is a type of artificial intelligence that enables the development and implementation of illicit activities such as phishing, malware development, and social engineering attacks by automating these activities. A reputable AI model like ChatGPT, which integrates security protocols to prevent abuse, does not have any ethical safeguards to protect against abuse. GhostGPT operates without ethical safeguards, which allows it to generate harmful content unrestrictedly. GhostGPT is marketed as an efficient tool for carrying out many malicious activities. 

A malware development kit helps developers generate foundational code, identify and exploit software vulnerabilities, and create polymorphic malware that can bypass detection mechanisms. In addition to enhancing the sophistication and scale of email-based attacks, GhostGPT also provides the ability to create highly customized phishing emails, business email compromise templates, and fraudulent website designs that are designed to fool users. 

By utilizing advanced natural language processing, it allows you to craft persuasive malicious messages that are resistant to traditional detection mechanisms. GhostGPT offers a highly reliable and efficient method for executing sophisticated social engineering attacks that raise significant concerns regarding security and privacy. GhostGPT uses an effective jailbreak or open-source configuration to execute such attacks. ASeveralkey features are included, such as the ability to produce malicious outputs instantly by cybercriminals, as well as a no-logging policy, which prevents the storage of interaction data and ensures user anonymity. 

The fact that GhostGPT is distributed through Telegram lowers entry barriers so that even people who do not possess the necessary technical skills can use it. Consequently, this raises serious concerns about its ability to escalate cybercrime. According to Abnormal Security, a screenshot of an advertisement for GhostGPT was revealed, highlighting GhostGPT's speed, ease of use, uncensored responses, strict no-log policy, and a commitment to protecting user privacy. 

According to the advertisement, the AI chatbot can be used for tasks such as coding, malware creation, and exploit creation, while also being referred to as a scam involving business email compromise (BEC). Furthermore, GhostGPT is referred to in the advertisement as a valuable cybersecurity tool and has been used for a wide range of other purposes. However, Abnormal has criticized these claims, pointing out that GhostGPT can be found on cybercrime forums and focuses on BEC scams, which undermines its supposed cybersecurity capabilities. 

It was discovered during the testing of the chatbot by abnormal researchers that the bot had the capability of generating malicious or maliciously deceptive emails, as well as phishing emails that would fool victims into believing that the emails were genuine. They claimed that the promotional disclaimer was a superficial attempt to deflect legal accountability, which is a tactic common within the cybercrime ecosystem. In light of GhostGPT's misuse, there is a growing concern that uncensored AI tools are becoming more and more dangerous. 

The threat of rogue AI chatbots such as GhostGPT is becoming increasingly severe for security organizations because they drastically lower the entry barrier for cybercriminals. Through simple prompts, anyone, regardless of whether they possess any coding skills or not, can quickly create malicious code. Aside from this, GhostGPT improves the capabilities of individuals with existing coding experience so that they can improve malware or exploits and optimize their development. 

GhostGPT eliminates the need for time-consuming efforts to jailbreak generative AI models by providing a straightforward and efficient method of creating harmful outcomes from them. Because of this accessibility and ease of use, the potential for malicious activities increases significantly, and this has led to a growing number of cybersecurity concerns. After the disappearance of ChatGPT in July 2023, WormGPT emerged as the first one of the first AI model that was specifically built for malicious purposes. 

It was developed just a few months after ChatGPT's rise and became one of the most feared AI models. There have been several similar models available on cybercrime marketplaces since then, like WolfGPT, EscapeGPT, and FraudGPT. However, many have not gained much traction due to unmet promises or simply being jailbroken versions of ChatGPT that have been wrapped up. According to security researchers, GhostGPT may also busea wrapper to connect to jailbroken versions of ChatGPT or other open-source language models. 

While GhostGPT has some similarities with models like WormGPT and EscapeGPT, researchers from Abnormal have yet to pinpoint its exact nature. As opposed to EscapeGPT, whose design is entirely based on jailbreak prompts, or WormGPT, which is entirely customized, GhostGPT's transparent origins complicate direct comparison, leaving a lot of uncertainty about whether it is a custom large language model or a modification of an existing model.
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Privacy
Cyberattacks Cybercrimes Cyberhackers Cybersafety Cybersecurity Cyberthreats Hackers Privacy

The Evolution of Data Protection: Moving Beyond Passwords

 


As new threats emerge and defensive strategies evolve, the landscape of data protection is undergoing significant changes. With February 1 marking Change Your Password Day, it’s a timely reminder of the importance of strong password habits to safeguard digital information.

While conventional wisdom has long emphasized regularly updating passwords, cybersecurity experts, including those at the National Institute of Standards and Technology (NIST), have re-evaluated this approach. Current recommendations focus on creating complex yet easy-to-remember passphrases and integrating multi-factor authentication (MFA) as an additional layer of security.

Microsoft’s Vision for a Passwordless Future

Microsoft has long envisioned a world where passwords are no longer the primary method of authentication. Instead, the company advocates for the use of passkeys. While this vision has been clear for some time, the specifics of how this transition would occur have only recently been clarified.

In a detailed update from Microsoft’s Identity and Access Management team, Sangeeta Ranjit, Group Product Manager, and Scott Bingham, Principal Product Manager, outlined the anticipated process. They highlighted that cybercriminals are increasingly aware of the declining relevance of passwords and are intensifying password-focused attacks while they still can.

Microsoft has confirmed that passwords will eventually be phased out for authentication. Although over a billion users are expected to adopt passkeys soon, a significant number may continue using both passkeys and traditional passwords simultaneously. This dual usage introduces risks, as both methods can be exploited, potentially leading to privacy breaches.

According to Bingham and Ranjit, the long-term focus must be on phishing-resistant authentication techniques and the complete elimination of passwords within organizations. Simplifying password management while enhancing security remains a critical challenge.

The Need for Advanced Security Solutions

While passwords still play a role in authentication, they are no longer sufficient as the sole defense against increasingly sophisticated cyber threats. The shift toward passwordless authentication requires the development of new technologies that provide robust security without complicating the user experience.

One such solution is compromised credential monitoring, which detects when sensitive information, such as passwords, is exposed on the dark web. This technology promptly notifies administrators or affected users, enabling them to take immediate corrective actions, such as changing compromised credentials.

As the era of passwords draws to a close, organizations and individuals must embrace more secure and user-friendly authentication methods. By adopting advanced technologies and staying informed about the latest developments, we can better protect our digital information in an ever-evolving threat landscape.

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Security Vendors
Credentials Cyber Hackers Cyberattacks CyberCrime Cybersecurity CyberThreat Darkweb Data Breach Security Vendors

Credentials of Major Cybersecurity Vendors Found on Dark Web for $10

 


As a result of recent findings on dark web marketplaces, it has been found that many account credentials from major security vendors are being sold. According to Cyble, the rise of information stealers has been largely responsible for this alarming situation, since the credentials of vendors and their clients are compromised. This poses a substantial risk to both vendors and their clients, which makes the need for enhanced cybersecurity measures more urgent than ever before. 

As a result of these credentials, which can be purchased on cybercrime markets for a mere $10, access to internal accounts, customer systems, and cloud-based environments can be acquired. This is alarming because it encompasses internal enterprise accounts of security companies as well as internal development accounts, thereby posing a severe security threat. 

The best solution would have been to protect these accounts by implementing multifactor authentication (MFA). This would have made it much harder for unauthorized individuals to gain access to these accounts in the first place. It is evident from this incident that there are critical vulnerabilities in access management practices when these protections are not in place or fail, further emphasizing the necessity of robust dark web monitoring as a proactive security measure. 

It is important to detect credential leaks early on so that organizations can minimize the risk of such exposures escalating into large-scale cyberattacks. This will prevent operational integrity from being compromised as well as stakeholder trust from being compromised. It is important to remember that even the most well-defended organizations face persistent threats and that continuous vigilance is essential to preventing those threats from happening. This is a very timely report, as Cyble's data focuses on leaks from the current year, highlighting a more urgent threat than old breaches. 

As these accounts are often associated with sensitive management and development interfaces, attackers may be able to use them to conduct reconnaissance, locate sensitive data, and exploit system vulnerabilities, thereby being able to exploit sensitive data. Even multi-factor authentication (MFA) systems are at risk of misuse because of the stolen credentials, which include company email addresses. 

It has been reported that cybersecurity vendors' credentials are becoming increasingly accessible on dark web marketplaces for as little as $10. According to the findings from Cyble, these credentials were likely harvested from information stealer logs and sold in bulk, which indicates that cybercrime targeting sensitive access data has increased significantly in recent years. In a study aimed at examining leaks occurring in 2025, all 14 vendors that were examined had exposed their customers' and internal credentials.

Among these vendors are those that mainly offer enterprise security solutions and cloud security services, as well as consumer security solutions, but Cyble did not reveal the names of the affected vendors because it wanted to protect their identities and emphasize that such a situation poses a serious risk to the integrity of the company as well as client trust. Based on the findings in this study, it is obvious that drastic security measures, as well as comprehensive monitoring, are required to prevent credential theft from occurring in the cybersecurity sector, as the threat of credential theft continues to grow. 

The researchers at Cyble did not attempt to determine whether any credentials were valid. Many of these vulnerabilities were associated with easily accessible web console interfaces, single-sign-on (SSO) logins, and other web-based account access points. The researchers concluded that vulnerabilities likely caused these leaks in potentially critical internal systems, such as password managers, authentication systems, device management platforms, or common internet services, such as Okta, GitHub, Amazon Web Services, Microsoft Online, Salesforce, SolarWinds, Box, WordPress, Oracle, and Zoom. 

There was an incident in which sensitive internal company accounts, including email addresses, developer interfaces, and product accounts of a large vendor, were exposed, posing significant risks depending on the extent of access granted to these accounts. Even if all the exposed accounts were protected by other means, as ideally they should have been, this leak is concerning for another reason. By providing threat actors with insight into how a target's systems operate, including the locations of sensitive data and potential vulnerabilities they can exploit, they can assist in conducting reconnaissance.

Hackers can also expose sensitive information by revealing URLs of management interfaces that are not publicly known, offering attackers further reconnaissance information. Monitoring leaked credentials for essential systems like security tools is necessary to prevent breaches and to hinder hackers from obtaining valuable information about an organization's systems and how to access them. The company stated that, in addition to the direct threats associated with unauthorized access, the exposed credentials could serve as a valuable asset for threat actors as a means of reconnaissance. 

Such access can provide attackers with valuable insights into the systems a potential target relies on, including the location of sensitive data and exploitable vulnerabilities, among other things. Infostealers can also uncover critical information that is not publicly disclosed, thus enhancing an attacker's ability to exploit the target's systems. 

As Cyble highlighted in its analysis, these findings have a broader impact on any organization, since even the largest cybersecurity vendors are susceptible to hacking, making any company vulnerable. Several security measures have been identified in the report, including multi-factor authentication (MFA), zero-trust architecture, effective vulnerability management, and network segmentation, as essential to ensuring the security of an organization. 

Several practices can be implemented to reduce the risk of data breaches, ransomware incidents, or other cyberattacks. This report serves as a stark reminder of the pervasive and ever-evolving nature of cyber threats, making it increasingly imperative to take proactive measures to safeguard both organizational integrity and sensitive data in the future. Finally, dark web monitoring has the potential to play a critical role in the fight against cyber threats. 

It enables the detection of credential leaks that often result in significant incidents, such as breaches of sensitive data and ransomware attacks before they fully materialize Monitoring compromised credentials associated with critical security tools and systems is crucial in preventing unauthorized access and thwarting threat actors from acquiring critical insights into an organization's infrastructure. Such reconnaissance capabilities have been shown to greatly enhance attackers' effectiveness in exploiting vulnerabilities. This study emphasizes that even the largest cybersecurity vendors are vulnerable to infostealer attacks, demonstrating that no organization can be completely protected from cyberattacks. 

To combat these risks, foundational cybersecurity measures are imperative—including multi-factor authentication (MFA), zero-trust architecture, vulnerability management, and network segmentation—to prevent cyber threats from occurring. Such strategies play a pivotal role in minimizing the risk of cyberattacks while effectively mitigating their potential consequences. This highlights the critical need for organizations to adopt a proactive, multi-layered cybersecurity approach. By doing so, they can bolster their resilience and safeguard their assets against the ever-evolving challenges of today’s complex threat environment.
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VPN
BitTorrent Cyber Security Cyberattacks Cyberbreach CyberThreat Server Torrent VPN

A Closer Look at Torrenting and Its Applications

 


Downloading through a peer-to-peer (P2P) network referred to as torrenting involves either using torrent files or magnet links to download files. Torrent files are index files that provide the necessary information to locate certain files, segments of files, or segments within a network. Using this method, the computer can download multiple parts of the same file from multiple peers across a network at the same time, greatly enhancing the efficiency of the download process. 

With magnet links, which function similarly to torrent files, it is unnecessary to host or download the torrent file itself, further streamlining the process and eliminating the need for hosting. As a result, both methods utilize the distributed nature of P2P networks to speed up and increase the efficiency of file transfers. It is worth mentioning that before streaming platforms made it possible to access digital content, torrents were used widely. 

It has been estimated that many individuals are turning to torrent websites to download movies, music albums, and video games; however, such practices often fall into the category of questionable and legally questionable behaviour. Digital piracy and its complex relationship with modern technology will continue to be relevant in 2025, despite controversies such as Meta's claims of using pirated books to train artificial intelligence, according to an article that discusses the principles and mechanisms of torrenting.

There has been an increase in the use of torrents as a method of sharing and downloading files over the Internet. As well as providing fast download speeds, torrenting also offers access to a wide variety of content, including movies, television shows, and music. However, torrenting carries significant legal and security risks, which make it difficult for torrenting to be successful. The possibility of inadvertently downloading copyrighted materials, which may result in legal consequences, or finding malware-containing files, which may compromise system security, is well known to users. 

The Torrent protocol, which is a peer-to-peer (P2P) file-sharing system that utilizes BitTorrent, is a decentralized method of file sharing. A torrent is an open-source file-sharing service that allows users to share and download files directly from one another, as opposed to traditional file sharing which relies on a central server to distribute content. 

To create a torrent, users connect and share files directly. Its decentralized nature enables the system to work efficiently and faster than other existing file transfer systems, especially for large files since it leverages the resources of multiple users instead of relying on a single source for file transfers. 

Understanding Torrent Files 


When it comes to torrenting, a torrent file plays a crucial role. A torrent is simply a small file containing metadata about the content downloaded. However, it does not contain the actual content of the downloaded content itself, such as a video, a music file, or a document. 

Instead, it is a roadmap that guides the torrent client, software that manages and facilitates the torrenting process, in finding and assembling the file you are looking for. Torrent files contain a lot of essential information, including the names and sizes of the files being shared, the structure and content of the content, as well as the location of the network servers that assist in coordinating the download process. 

There are certain pieces of information that the torrent client needs to reassemble the complete file, including the following information, as they are required for it to be able to break the content down into smaller segments, to retrieve these segments from multiple sources within the swarm, and then to reassemble them. As opposed to traditional methods of downloading, this approach to file sharing offers a significant advantage. 

Besides making these processes more effective and faster, it is also more resilient to interruptions as different parts of the image can be sourced from multiple peers simultaneously, making this process very fast and more reliable. Even if one peer goes down, the client will still be able to download the files from other active peers, ensuring that minimal interruption will occur. There is, however, a risk associated with torrenting not only that it provides a convenient way of sharing files, but also that there are some legal and security risks associated with it. 

Ensure that users exercise caution to make sure they do not unintentionally download copyrighted content or malicious files, as this can compromise both their legal standing as well as the integrity of their systems. There has been a negative perception of torrenting over the years due to its association with illegally downloading copyright-protected media. There were some early platforms, such as Napster, Kazaa, and The Pirate Bay, which gained attention and criticism as they began to enable users to bypass copyright laws and enable them to disseminate content illegally.

Although torrenting can be unlawfully used, it is equally important to remember that it is not inherently illicit and that its ethical implications depend on how it is employed. Similarly, seemingly benign objects can be misused to serve unintended purposes, just as any tool can have ethical implications. The reputation of torrenting has been diminishing in recent years because its potential for legitimate applications has been increasingly acknowledged, resulting in its decreased controversy. 

In addition to providing a variety of practical benefits, peer-to-peer (P2P) file-sharing technology allows for faster file transfers, decentralized distribution, and improved accessibility when it comes to sharing large quantities of data. To minimize the risks associated with torrenting, it is very important to observe certain safety practices. 

There is no inherently illegal aspect of torrenting technology, however, its reputation has often been shaped by its misuse for bypassing copyright laws, which has shaped its reputation. It is the most reliable and efficient way to ensure the safety of content is to restrict it to materials that do not possess any copyright protection, and by adhering to "legal torrenting" users will be able to avoid legal repercussions and promote ethical use of the technology safely. 

The use of Virtual Private Networks (VPN) is another important step in ensuring secure torrenting when users are downloading files. By encrypting the internet connection of a user, a VPN makes file-sharing activities more private and secure, while ensuring that the user's IP address remains hidden so that the user's online actions can remain safe. VPNs also offer a significant layer of protection against the possibility of monitoring by Internet Service Providers (ISPs) and third parties, thereby reducing the risk of being monitored. 

In addition to offering robust security features and user-friendly interfaces, trusted platforms such as uTorrent, qBitTorrent Transmission, and Deluge make it very easy for users to navigate torrenting. In addition to protecting against malicious files and potential threats, these clients help facilitate a seamless file-sharing experience. Torrents, while they are an efficient method of sharing content, can also pose several risks as well. 

There are several concerns associated with the use of copyrighted material without the proper authorization, one of which is the potential legal repercussions. Serious problems can arise if improper authorization is not obtained. Furthermore, torrents can contain malicious software, viruses, or any other dangerous element that can compromise the security of a user's device and their personal information. A user should practice caution when downloading torrents, remain informed about the risks, and take the appropriate steps to ensure that their torrenting experience is safe and secure.
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PKI
Cyber Security Cyberattacks Cyberencryption Cyberhackers CyberThreat MFA PKI

Why MFA Failures Signal Greater Cybersecurity Challenges

 


In the current cybersecurity era, multi-factor authentication (MFA) is widely recommended and often mandated across several sectors, making it one of the most popular security measures that are available. As stated by the Cybersecurity and Infrastructure Security Agency (CISA), implementing MFA is an easy-to-follow method for safeguarding organizations and reducing the risk of account compromise attacks significantly, thereby ensuring the organization's security. 

Several key guidelines and regulations emphasize the importance of multi-factor authentication (MFA) for improving security protocols in several ways, for example, NIST Special Publication (NIST SP) 800-63-3 stipulates that multi-factor authentication is a requirement for systems requiring authentication assurance levels two and three (AAL). 

As an additional measure of security, Executive Order 14028 directs all government agencies in the United States to adopt multi-factor authentication. Several industry standards, including the Payment Card Industry Data Security Standard (PCI DSS) and the Service Organization Control 2 (SOC 2), also require MFA to secure sensitive data environments, to ensure compliance with these standards, and even though MFA has been widely endorsed, emerging concerns over its vulnerabilities are prompting experts to examine its limitations and potential risks in light of those concerns. As the traditional mechanisms of multi-factor authentication (MFA), which have been widely considered a cornerstone of cybersecurity for many years, are struggling to keep pace with the advancing threats, they are coming under more scrutiny. 

It is becoming increasingly evident that legacy multifactor authentication systems are being circumvented with alarming effectiveness as a result of phishing campaigns, ransomware attacks, and advanced exploitation techniques. MFA has become increasingly vulnerable to sophisticated cyberattacks and these developments raise serious concerns about its reliability as a protection measure. Authentication by multiple factors (MFA) has been a cornerstone of cybersecurity for decades.

It has proven to be a very effective method of strengthening security perimeters against unauthorized access. However, with the relentless evolution of cyber threats, it is imperative that organizations continually evaluate whether it is effective. Emerging vulnerabilities in traditional MFA approaches emphasize the importance of adjusting and evolving the security perimeters. 

As a result, the use of SIM swapping techniques, in which attackers hijack mobile phone numbers to intercept SMS codes, has become increasingly prevalent, resulting in significant financial losses. In addition, authentication fatigue is also a growing challenge, since users who are overwhelmed with frequent prompts may adopt risky behaviors, such as sharing codes or circumventing security protocols, that can lead to significant financial losses. 

Moreover, new forms of exploitation of biometric authentication are becoming available because of advances in artificial intelligence and deep-fake technology. As a result of push notification hijacking and sophisticated account takeover techniques, legacy MFA systems remain vulnerable to exploitation. The vulnerability highlights the need to diversify authentication factors, incorporate risk-based assessments, and leverage advanced threat detection tools to enhance security against these threats. 

A crucial part of modern cybersecurity strategies remains Multi-factor authentication (MFA), but it is not immune from failure; organizations should take proactive measures to strengthen their defenses and educate their users about the threats they are facing. In today's rapidly changing threat landscape, it is imperative to maintain an adaptive and dynamic authentication approach to maintain a resilient security posture. 

Insurers are advised to consider the importance of multi-factor authentication (MFA) when insuring businesses because it directly impacts the level of risk incurred by the business. Providing another layer of security to sensitive systems besides passwords makes MFA a very effective security measure that significantly reduces the likelihood of unauthorized access to sensitive systems. In turn, this reduces the risk of cyberattacks, phishing attempts, account takeovers, and credential stuffing, among other cyber threats. 

As insurers, it is important to know if a company has implemented MFA as well as how effectively it is used so that the overall risk profile can be assessed. Insurance companies can price policies accurately based on this knowledge, ensuring that the policies reflect a company's true security posture. A company's liability liability may be misjudged if insurers do not receive this critical information, leaving them at risk of inadequate coverage or increased claims exposure. The use of multi-factor authentication has been a key way of preventing unauthorized access for years, but it is no longer immune to evolving threats as it has been for years. 

As the frequency of tactics such as SIM swapping increases, the risk of hackers intercepting SMS codes has increased, resulting in significant financial losses for the company. Additionally, authentication fatigue is still a concern, as users may bypass security measures or share MFA codes if they become overwhelmed by constant prompts. As artificial intelligence and deepfake technologies continue to rise, biometric systems are becoming more vulnerable. 

Moreover, push notifications hijacking and account takeover methods illustrate the limitations of legacy multi-factor authentication systems. To deal with these challenges, a variety of authentication factors must be used, dynamic risk assessments must be conducted, and advanced threat detection tools be incorporated. While Multi-factor authentication remains a cornerstone of cybersecurity, organizations should continue to strengthen their defenses and adapt their strategies to stay ahead of emerging threats even though MFA remains a cornerstone. 

Today's increasingly complex technological landscape has made biometric authentication an increasingly challenging process, despite being once hailed as a breakthrough in securing systems where passwords failed to work. As far as fingerprints, facial recognition, and retinal scanners were concerned, they were once considered unique and practically impenetrable, but now deepfake technology has disrupted the perception that these systems are secure. As deepfakes have become more sophisticated, they have been revealing critical flaws in biometric systems that can mimic voices, facial features, and even expressions in real-time.

It is warned that as deepfakes become more common in the business world, organizations will need to adopt additional verification procedures to keep their business environment secure, particularly when conducting sensitive transactions. Approximately one-third of businesses may abandon facial recognition technology altogether by the year 2026, signaling an erosion of trust in biometrics as a whole. In light of the increasing threats from insecure biometrics, organizations must reevaluate their dependence on these technologies and implement robust countermeasures to address them. When stakes continue to rise in cyberspace, it will be imperative to safeguard sensitive systems against exploitation by adapting strategies and implementing layered defenses. 

A significant advancement has been achieved in the field of digital security in the form of the integration of Public Key Infrastructure (PKI) into Multi-Factor Authentication (MFA) systems. In the process of verifying identities through digital certificates, a PKI provides a secure framework for the authentication of users. As cybersecurity threats continue to evolve, PKI's role in enhancing multifactor authentication is gaining prominence. 

PKI guarantees ethe encryption of data transmission and employs digital signatures to guarantee the integrity and authenticity of the data. Based on a study by Orbis Market Reports, it has been projected that PKI will continue to grow in the authentication market, indicating its increasing adoption. Organizations are making progress towards a safer digital environment by combining PKI with adaptive authentication and artificial intelligence. As an integral part of cybersecurity, multifactor authentication plays a critical role, but it is not sufficient by itself to address every risk associated with cybercrime. 

Companies must integrate multifactor authentication with advanced threat detection, ongoing monitoring, and other proactive security measures to build a robust security framework. Layered approaches are essential for combating evolving threats and ensuring comprehensive protection for their systems.
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IT risks
Banking Cyber Security Cyber Technology Cyberattacks CyberCrime Cyberthreats Digital Supply IT risks

EU Mandates Tougher Cybersecurity for Banking Sector

 


European Banks Strengthen Cybersecurity Amid Strict Regulations

European banks are being compelled to enhance their cybersecurity systems to comply with stringent regulations aimed at safeguarding critical infrastructure against cyber threats. The rise of digital tools in the financial sector has brought with it an urgent need for robust data protection systems and comprehensive cybersecurity measures.

Cyber risks remain a persistent challenge in the banking industry, with no signs of abatement. According to industry projections by Cybersecurity Ventures, global cybercrime costs are expected to escalate to a staggering $10.5 trillion annually by 2025. While these figures highlight the gravity of the issue, financial institutions have an opportunity to protect themselves from financial and reputational harm through the strategic implementation of dependable cybersecurity frameworks.

The Digital Operational Resilience Act (DORA)

On January 17, after a two-year implementation period, the Digital Operational Resilience Act (DORA) was signed into law. This legislation mandates financial services firms and their technology providers to enhance their resilience against cyberattacks and operational disruptions.

Under the new rules, financial institutions must:

  • Implement proactive risk management systems to identify and mitigate operational disruptions.
  • Establish rapid-response protocols to address technological challenges.
  • Conduct regular resilience tests to strengthen their digital defenses.
  • Continuously monitor and assess third-party IT risks across the supply chain.

The act affects over 22,000 institutions, including banks, digital banks, and cryptocurrency service providers. Non-compliance can result in fines of up to 2% of annual global revenue, with managers personally liable for breaches, facing penalties of up to €1 million.

Compliance with European cybersecurity regulations remains complex. Harvey Jang, Chief Privacy Officer and Deputy General Counsel at Cisco, notes that the financial sector operates under multiple overlapping regulations. These include the Network and Information Systems Directive (NIS), which focuses on critical infrastructure security, and the General Data Protection Regulation (GDPR), which standardizes data protection across the EU.

Each regulation introduces unique requirements, and national implementation adds further fragmentation. For instance:

  • The NIS Directive mandates member states to ensure high-security standards for critical infrastructure.
  • The GDPR emphasizes privacy, security, and breach management, significantly impacting financial institutions that control and process vast amounts of data.

DORA and NIS2: Strengthening EU Cybersecurity

DORA complements the updated NIS2 Directive, introduced in 2023 to address evolving cyber threats. Together, these regulations aim to bolster resilience across EU member states, ensuring financial institutions are prepared for the complexities of modern cyber threats.

However, a survey by Orange Cyberdefense revealed that 43% of UK financial institutions are still not fully compliant with DORA. Despite the UK’s departure from the EU, DORA applies to any financial institution operating within the EU, including those without an EU office.

Rising Awareness and Proactive Measures

Recent incidents, such as the 2024 Microsoft/CrowdStrike outage, have underscored the importance of proactive cybersecurity measures. These events have prompted organizations to allocate larger budgets to risk management teams and adopt a crisis-preparedness mindset.

"Forward-thinking organizations understand that it’s better to be prepared for crises when they occur, rather than if they occur," states the Boyle report. This shift in mindset has empowered companies to focus on readiness in an increasingly complex threat landscape.

The Role of High-Security Solutions

Companies like Salt, a Belfast-based cybersecurity firm, are addressing the growing need for high-security solutions. Salt serves industries such as finance, defense, and law enforcement in over 50 countries, including clients like BAE Systems and Mishcon de Reya.

Salt’s approach prioritizes customized, high-security communication systems that offer clients absolute control and exclusivity. “Our high-security clients demand systems that are independent and inaccessible once deployed — even to us,” explains Boyle. This assurance gives clients confidence and peace of mind in today’s complex threat environment.

As the financial sector navigates an increasingly digital and interconnected world, the importance of robust and proactive cybersecurity strategies cannot be overstated. Compliance with evolving regulations like DORA and NIS2 is critical to safeguarding financial institutions and maintaining trust in the industry.

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My Digital Office
Cyberattacks Cybersecurity CyberThreat Data Data Breach Have I Been Pwned Hilton Hotel Chain Hyatt Marriott My Digital Office

Otelier Security Breach Leaks Sensitive Customer and Reservation Details

 


The International Journal of Security has revealed that some of the world's biggest hotel chains have had their personal information compromised following a threat actor's attack on a program provider that serves the industry. As part of a data breach on Otelier's Amazon S3 cloud storage system, threat actors were able to steal millions of guests' personal information and reservations for well-known hotel brands like Marriott, Hilton, and Hyatt after breaching the cloud storage. 

According to the threat actors, almost eight terabytes of data were stolen from Otelier's Amazon AWS buckets during the period July 2024 through October 2024, with continued access continuing to this date until October.   Hotelier, one of the world's leading cloud-based hotel management platforms, has reportedly confirmed a data breach affecting its Amazon S3 storage that exposed sensitive information from prominent hotel brands such as Marriott, Hilton, and Hyatt through the exposure of sensitive data from its Amazon S3 storage, according to reports. 

There were reports of unauthorized access to 7.8 terabytes of data from threat actors during this period. These threats were reported as starting in July 2024 and continuing until October 2024. There has been no report of any incident at Otelier as of now, but they have reportedly suspended their operations and have entrusted an expert team to investigate the incident. 

A freelance security expert, Stacey Magpie, speculates that the stolen data may contain sensitive data like email addresses, contact information, the purpose of the guest's visit, and the length of the stay, all of which could be utilized for phishing schemes and identity theft attacks. Telier, also formerly known as "MyDigitalOffice," has not yet made an official statement regarding the breach, but it is thought that a threat group is responsible for the attack. 

By using malware, the group may have been able to gain access to an employee's Amazon Web Services credentials and then transfer the stolen data to the company's servers. A spokesperson from the company has confirmed that no payment, employee, or operational data was compromised during this incident. An Otelier employee was recently reported to have had his Atlassian login credentials stolen by malicious actors using an information stealer. 

A user with this access is then able to scrape tickets and other data, which allows the attackers to get the credentials for S3 buckets, which is where the attackers obtained the credentials. As a result of this exfiltration, the hackers managed to get 7.8TB of data from these buckets, including millions of documents belonging to Marriott. The information contained in these buckets included hotel reports, shift audits, and accounting data, among other things. 

Among the data samples offered by Marriott were reservations, transactions, employee emails, and other internal data about hotel guests. There were instances where the attackers gained the names, addresses, phone numbers, and email addresses of hotel guests. The company confirmed that through Otelier’s platform, the breach indirectly affected its systems. A forensic analysis of the incident has been conducted by Otelier as a result of the suspension of the company's automated services with Otelier, which said it had hired cybersecurity experts to do so. 

Additionally, according to Otelier, affected accounts were disabled, unauthorized access had been terminated, and enhanced security protocols had been implemented to prevent future breaches from occurring. According to Otelier, affected customers have been notified of the breach. It is said that the hackers accessed Otelier's systems by compromising the login credentials of an employee who used malware to steal information. By using these credentials, they were able to access the Atlassian server on which the company's Atlassian applications were hosted. 

These credentials allowed them to gather additional information from the company, including credentials for Amazon S3 buckets. Based on their claims, they were able to extract data, including information regarding major hotel chains, using this access. In their initial attempt to get Marriott's data, the attackers mistakenly believed that the data belonged to Marriott itself. To avoid leaking data, they left ransom notes that demanded cryptocurrency payments. Otelier rotated their credentials in September, which eliminated the attacker's access. 

There are many types of data in the small samples, including hotel reservations and transactions, employee emails, and other internal files. In addition to information about hotel guests, the stolen data also includes information and email addresses related to Hyatt, Hilton, and Wyndham, as well as information regarding the properties owned by these companies. As Troy Hunt revealed during an interview for BleepingComputer, he has been given access to a huge dataset of data, which contains 39 million rows of reservations and 212 million rows of users in total. As a result of the substantial amount of data, Hunt tells us that he found 1.3 million unique email addresses, many of which appeared several times in the data. 

As a result of the recently discovered vulnerability, the exposed data is now being added to Have I Been Pwned, making it possible for anyone to examine if their email address appears to be a part of the exposed data. The breach affected a total of 437,000 unique email addresses which originated during reservations made with Booking.com and Expedia.com, thus resulting in a total of 1,036,000 unique email addresses being affected. 

A robust data protection strategy should be implemented by businesses in the hospitality sector to minimize risks, including the implementation of effective data continuity plans, the application of regular software updates, the education of staff regarding cybersecurity risks, the automation of network traffic monitoring for suspicious activity, the installation of firewalls to prevent threats, and the encryption of sensitive information.
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TON
Blockchain Crypto Cyberattacks CyberCrime Cybersecurity CyberThreat Digital Privacy Technology Telegram TON

Telegram's TON Blockchain Embarks on US Growth Mission

 



A foundation, closely associated with Telegram, called the Open Network (TON), is pursuing ambitious expansion in the United States. A strategic move like this comes amid the expectation that Donald Trump's upcoming administration will be able to offer a more favourable regulatory environment. The TON Foundation is proud to announce a pivotal leadership transition: Manuel "Manny" Stotz, an experienced investor and blockchain advocate, has been selected as President of the organisation. 

There is a new chapter in the foundation's journey to accelerate global adoption of the blockchain, emphasising expanded operations in the United States as part of a strategic expansion plan. In a statement released by a spokesperson for the TON Foundation to Cointelegraph on January 14, a spokesperson confirmed to the Cointelegraph that the US will become one of the most important markets for TON under the Trump Administration. 

The TON Foundation has recently appointed Manuel Stotz, one of the world's leading digital asset investors, as its new president. The foundation will be able to expand its operations in the U.S. market with Stotz, the founder of Kingsway Capital Partners. Stotz stated that the U.S. would soon become a global crypto centre specialising in innovation. Steve Yun, who will remain a board member, will resign from the presidency, and he will be taking over the CEO role. 

In light of the trend that a new president in the US is expected to provide a more favourable environment for cryptocurrency, this shift reflects this expectation. It is expected that his administration will address some of the most important regulatory issues on the day of his inauguration, which is scheduled for January 20, among crypto supporters. Among the concerns is how digital assets are treated by banks, with many in the crypto sector hoping that a change will happen in the rules regarding whether they will be accounted for as liabilities. 

In addition to the issue of “de-banking,” which has impacted many crypto firms in the U.S., another issue that may be addressed is the issue of blockchain technology and its prospects. It has been Stotz's honour to serve as a board member of the TON Foundation since it was founded in Switzerland in 2023. With his new role at the TON Foundation, he will replace Steve Yun, who remains on the board. Stotz is a major investor in the digital asset industry and is the founder of Kingsway Capital Partners, an investment management firm. 

There have been over 50 projects backed by the firm, among them Animoca Brands, Blockchain.com, CoinDCX, Toncoin, Genesis Digital Assets, and others. In the TON Foundation's opinion, the changing regulatory environment in the United States offers new opportunities for blockchain technology. Notably, several industry participants are optimistic about the incoming administration's pro-crypto stance, which includes plans for creating a national Bitcoin reserve and promoting blockchain-based economic reform. 

As President-elect Trump has also indicated his desire to advance the field by appointing influential figures, such as Paul Atkins and David Sacks, to key positions in the sector, it is anticipated that these developments will lead to a surge in blockchain and artificial intelligence innovation. TON Foundation president Stotz believes that these developments may signify a turning point for the industry as a whole, and he believes that the US is an important market for accelerating blockchain adoption worldwide.

A decentralised project called TON is closely related to Telegram's TON blockchain, which was developed by the messenger and then turned into a decentralised project. The Toncoin token allows the network to provide 950 million Telegram users with services such as in-app payments and games, and with Stotz's leadership, TON plans to increase its user base and integrate blockchain-based solutions into everyday applications under Stotz's leadership. 

The main objective of the fund is to use Telegram's vast global audience to promote the widespread adoption of blockchain technologies. With the TON Foundation, which is dedicated to supporting the development of the TON blockchain, Telegram's 950 million users will have access to crypto services through Telegram's platform. In 2023, Telegram formalised the foundation in Switzerland, a year after a 2020 settlement with the SEC ended Telegram's earlier fundraising efforts. 

It was announced in December 2024 that the foundation would be expanding to Abu Dhabi following the ADGM's distributed ledger technology framework. This move is intended to provide legal backing for decentralised projects throughout the MENA and APAC regions, with a target of reaching 500 million users by 2028. In the crypto industry, the return of Trump to power could be considered a turning point in the market as a result. He has announced that cryptocurrencies will be treated differently in the United States of America than they were in the past, which could result in more blockchain projects coming into the country in the future and increased innovation in decentralised technologies. 

Despite this change in leadership at the TON Foundation, the organisation continues to adhere to its mission and values even during this transition and continues to follow through with its objectives. As a board member of the foundation, Steve Yun provides ongoing leadership and direction and Manny Stotz plays a pivotal role in helping to make it a place for growth, collaboration, and innovation in the future. TON anticipates milestones to be achieved in the US over the coming months, which will further enhance the company's reputation as one of the leading blockchain companies in the world.

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Privacy
Cyberattacks CyberCrime Cyberhacker CyberThreat Data protection Privacy

Smart Meter Privacy Under Scrutiny as Warnings Reach Millions in UK

 


According to a campaign group that has criticized government net zero policies, smart meters may become the next step in "snooping" on household energy consumption. Ministers are discussing the possibility of sharing household energy usage with third parties who can assist customers in finding cheaper energy deals and lower carbon tariffs from competitors. 

The European watchdog responsible for protecting personal data has been concerned that high-tech monitors that track households' energy use are likely to pose a major privacy concern. A recent report released by the European Data Protection Supervisor (EDPS) states that smart meters, which must be installed in every home in the UK by the year 2021, will be used not only to monitor energy consumption but also to track a great deal more data. 

According to the EDPS, "while the widespread rollout of smart meters will bring some substantial benefits, it will also provide us with the opportunity to collect huge amounts of personal information." Smart meters have been claimed to be a means of spying on homes by net zero campaigners. A privacy dispute has broken out in response to government proposals that will allow energy companies to harvest household smart meter data to promote net zero energy. 

In the UK, the Telegraph newspaper reports that the government is consulting on the idea of letting consumers share their energy usage with third parties who can direct them to lower-cost deals and lower carbon tariffs from competing suppliers. The Telegraph quoted Neil Record, the former economist for the Bank of England and currently chairman of Net Zero Watch, as saying that smart meters could potentially have serious privacy implications, which he expressed concerns to the paper. 

According to him, energy companies collect a large amount of consumer information, which is why he advised the public to remain vigilant about the increasing number of external entities getting access to household information. Further, Record explained that, once these measures are authorized, the public would be able to view detailed details of the activities of households in real-time. 

The record even stated that the public might not fully comprehend the extent to which the data is being shared and the possible consequences of this access. Nick Hunn, founder of the wireless technology consulting firm WiFore, also commented on the matter, highlighting the original intent behind the smart meter rollout, He noted that the initiative was designed to enable consumers to access their energy usage data, thereby empowering them to make informed decisions regarding energy consumption and associated costs. Getting to net zero targets will be impossible without smart meters. 

They allow energy companies to get real-time data on how much energy they are using and can be used to manage demand as needed. Using smart meters, for instance, households will be rewarded for cutting energy use during peak hours, thereby reducing the need for the construction of new gas-fired power plants. Energy firms can also offer free electricity to households when wind energy is in abundance. Using smart meters as a means of controlling household energy usage, the Government has ambitions to install them in three-quarters of all households by the end of 2025, at the cost of £13.5 billion. 

A recent study by WiFore, which is a wireless technology consulting firm, revealed that approximately four million devices are broken in homes. According to Nick Hunn, who is the founder of the firm: "This is essentially what was intended at the beginning of the rollout of smart meters: that consumers would be able to see what energy data was affecting them so that they could make rational decisions about how much they were spending and how much they were using."
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Technology
Blender Mixer Cyberattacks CyberCrime Cybersecurity CyberThreat Russian Crypto Technology

Three Russian Nationals Charged with Money Laundering via Crypto-Mixing Services

 


The U.S. Department of Justice (DOJ) has charged three Russian nationals with money laundering for operating two sanctioned cryptocurrency mixing services, Blender.io and Sinbad.io. A federal grand jury in Georgia indicted Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov for their alleged involvement in these operations. 

Roman Vitalyevich Ostapenko, 45, and Alexander Evgenievich Oleynik, 44, were arrested on December 1, 2024. Anton Vyachlavovich Tarasov, 32, remains at large. The DOJ alleges that the trio operated both Blender.io and Sinbad.io, with Sinbad.io considered the successor to Blender.io. Charges filed include:
  • Roman Ostapenko: Conspiracy to commit money laundering and two counts of operating an unlicensed money transmission business.
  • Alexander Oleynik and Anton Tarasov: One count each of conspiracy to commit money laundering and operating an unlicensed money transmission business.
Sinbad.io’s Role in Cybercrime 
 
In November 2023, the FBI seized Sinbad.io following its alleged use by cybercriminal groups, notably the Lazarus Group, a North Korean state-sponsored hacking organization. The U.S. Department of the Treasury identified Sinbad.io as a preferred platform for laundering stolen cryptocurrency. Authorities claim Sinbad.io was used to process significant sums of illicit funds, including portions of the $600 million stolen from Axie Infinity in March 2022 and the $100 million taken from Horizon Bridge. 
 
Blender.io became the first cryptocurrency mixer sanctioned by the U.S. Treasury in May 2022. The service was accused of aiding North Korean hackers in laundering stolen cryptocurrency. Authorities from multiple jurisdictions have since dismantled the infrastructure supporting these services. Despite assurances from Blender.io's operators that they would not retain user data or transaction logs, the service was implicated in concealing illicit transactions. Although Blender.io reportedly ceased operations in 2018, Sinbad.io began operations shortly after, continuing similar activities. 

Ongoing Investigation and Legal Proceedings 
 
The U.S. Attorney's Office for the Northern District of Georgia is leading the prosecution. Details regarding the locations of Ostapenko and Oleynik's arrests or potential extradition remain undisclosed. An arrest warrant has been issued for Tarasov, who is still at large. 
 
“These mixers were allegedly operated by the defendants to enable state-sponsored hackers and other cybercriminals to profit from crimes that threaten public safety and national security,” stated Brent Wible, Principal Deputy Assistant Attorney General in the DOJ's Criminal Division. The investigation remains ongoing as authorities work to locate Tarasov and further dismantle networks facilitating cybercrime.
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Databreach
Crypto Wallet Cryptocurrency Breach Cyber Fraud Cyberattacks Cybersecurity Databreach

$494 Million Stolen in Cryptocurrency Wallet Breaches This Year

 


As a result of the churning threat landscape, new threats are always emerging while others disappear or fade into irrelevance. Wallet drainers trick their victims into signing malicious transactions in order to steal their assets. As the name implies, Wallet Drainer is a malicious malware that is used on phishing websites in order to steal crypto assets through the enticement of users to sign malicious transactions. It was estimated that such attacks would result in an average loss of about $494 million in 2024. 

As part of its web3 anti-scam platform, Scam Sniffer, which has been monitoring wallet drainer activity for some time, these insights are derived. Previously, the platform has flagged attacks that have affected up to 100,000 people at the same time, and these tools are phishing tools that are intended to swindle cryptocurrency from users' wallets through fake or compromised websites, thereby stealing money from the wallets of users. 

As a result of the thefts, 30 large-scale thefts involving more than $1 million were reported, with the largest single heist being worth $55.4 million. As a result of this, the number of victims increased by a whopping 6.7% compared to 2023, suggesting that victims held higher amounts on average. According to web3's anti-scam platform, Scam Sniffer, which has been tracking wallet drainer activity for some time now has reported attack waves that have affected up to 100,000 individuals at the same time. The large-scale theft incidents in 2024 were characterized by distinct phases of fraud, phishing, and other sophisticated methods for stealing digital assets. 

The purpose of wallet drainers is to trick users into connecting their wallets to suspicious websites or applications in order to steal digital assets. The first halff of the year (January-June) saw frequent, but smaller-scale incidents, resulting in individual losses that ranged from $1-8 million. In August and September, major losses accounted for 52% of the year's total large-scale losses, with $55.48 million and $32.51 million losses respectively during August and September. 

There was a significant reduction in both frequency and scale of losses during the final quarter, with individual losses typically ranging between $2-6 million, which indicated a significant improvement in market awareness of security threats. It was announced in the second quarter of this year that a drainer service known as Pink Drainer had halted operations, previously known for impersonating journalists in phishing attacks, used to compromise Discord and Twitter accounts in the name of cryptocurrency theft, has been seen to be a drainer service. This caused a decrease in phishing activity, but the scammers gradually picked up the pace in the third quarter, with the Inferno service taking the lead in August and September by causing $110 million in losses. 

The final quarter of the year was considered to be one of the quieter quarters of the year. The annual losses were only about 10.3% of the total losses recorded during 2024 as a whole. Acedrainer emerged at that time as a major player as well, claiming 20% of the drainer market, according to ScamSniffer. It was reported that a total of 90,000 victims had been identified in the second and third quarters when the losses combined ttotalled$257 million; an additional 30,000 victims had been observed in the fourth quarter, which resulted in $51 million in losses. 

There were more attacks in 2024 than at the beginning of the year, but in August and September, in particular, the two largest attacks of last year were observed, at $55.48 million and $32.51 million, respectively. According to this report, Q1 was the busiest time of the year for phishing website activity, resulting in a high rate of theft. The market adjustments made in the second half of the year, as well as the exit of major drainers such as Pink and Inferno, contributed to reduced activity levels in the second half of the year." Scam Sniffer notes. 

As far as tactics were concerned, scammers became more creative during 2024. A study by Scam Sniffer found a significant increase in the use of fake CAPTCHAs and Cloudflare pages, as well as IPFS deployments in order to evade detection. Attackers are also heavily reliant on specific signature types in order to evade detection. In 56.7% of thefts, the “Permit” signature is used to authorize token expenditure, whereas in 31.9%, the “setOwner” signature is used to change ownership rights or admin rights in smart contracts. 

It was also noted that Google Adwords and Twitter ads were used by attackers to lure victims to phishing websites. Attackers manipulated compromised accounts, bots, and fake token airdrops to reel people in through these channels. 

Defending Against Cryptocurrency Attacks 

Currently, cryptocurrency scams are on the rise, so users need to take proactive measures to protect their assets from being harmed, as the prevalence of these scams is on the rise. It is emphasized by experts that one should only interact with vetted websites to reduce exposure to fraudulent platforms. 

To prevent falling victim to phishing schemes, it is equally important that one verifies URLs meticulously before engaging in any transaction. Additionally, users are encouraged to carefully review the transaction approval prompts in order to verify that the details presented are accurate. The ability to simulate a transaction before proceeding increases the level of security by allowing individuals to identify potential risks before investing money. This is a key recommendation that should not be overlooked as well. 

In addition to these practices, it is also advisable to use the built-in wallet warnings for malicious activities. It is common for modern wallets to provide users with alerts that can help detect suspicious behaviour, allowing them to take action before it's too late. It is also possible to remove unauthorized or suspicious permissions from wallets by using token revocation tools. In addition, as cryptocurrency adoption grows globally, there will come a rising trend towards the sophistication of scams that will accompany it. 

Users must remain vigilant, and use the best practices and tools available to ensure that they navigate this evolving landscape safely and effectively in the future. In a constantly changing threat environment, it will be imperative to maintain a proactive approach to security in order to safeguard digital assets.
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