Friday, April 07, 2023 // (IG): BB // Financial Enabler // Coffee for Bob
Supply Chain Attacks and Critical Infrastructure: How CISA Helps Secure a Nation's Crown Jewels
Analyst Comments: The current state of critical infrastructure protection relies heavily on the cooperation and collaboration between government and private sector entities. Organizations need to adopt a proactive approach to cybersecurity, focusing on resilience and debunking misconceptions that may hinder effective security measures. CISA's efforts in promoting cybersecurity awareness, coordinating incident response, and partnering with the private sector can aid in strengthening defenses against cyber attacks on critical infrastructure.
FROM THE MEDIA: Critical infrastructure refers to vital assets and systems that are essential for a nation's security, public health, safety, and economy. Due to their importance, they are prime targets for cyber criminals and nation-states. The primary attack methods include DDoS, ransomware, vulnerability exploitation, and supply chain attacks. To protect critical infrastructure, organizations must prioritize cybersecurity resilience by employing efficient security products, maintaining network visibility, and training employees. CISA plays a significant role in protecting the US's critical infrastructure through various programs and partnerships with the private sector.
READ THE STORY: THN // The Record
Supply Chain Attacks and Critical Infrastructure: How CISA Helps Secure a Nation's Crown Jewels
Analyst Comments: The rapid pace of generative AI development raises concerns about its potential consequences and the need for effective guardrails. Current measures, like filtering hate speech or criminal advice, may be insufficient. More robust solutions, such as digital watermarking for AI-generated content, could be considered. The widespread access and unpredictability of generative AI's applications make it difficult to assess its long-term impact on society, but it is clear that it will bring about significant change.
FROM THE MEDIA: Generative AI, like ChatGPT, has rapidly gained popularity and diversified applications, from education and law to gaming and video production. Comparisons to the atom bomb highlight its potential for great impact, but the analogy may be misleading. While nuclear weapons have immediate, devastating effects, generative AI is accessible to many and has more unpredictable consequences. Some may be as disruptive as the atom bomb in specific areas, while others could have slower, unforeseen impacts. The comparison to the Manhattan Project is apt in the sense that there will be distinct worlds before and after mass access to generative AI.
READ THE STORY: Wired
China’s Spy Games: ‘Non-traditional’ Espionage Network Uses Students, Scribes, Industrialists Abroad
Analyst Comments: The allegations against the UFWD and Confucius Institutes are not new, and various security agencies worldwide have been warning against them for some time. The UFWD has been under scrutiny for its activities in many countries, including the US, Canada, and India. Confucius Institutes have been under suspicion for their functioning and real aim, with China pushing in around $10 billion annually into the initiative. Reports suggest that these institutes are just another CCP propaganda organ and a part of China’s non-traditional espionage network abroad. The situation becomes more complicated when a person supposed to be part of China’s non-traditional espionage operations is sitting abroad and connected to the target digitally.
FROM THE MEDIA: China’s United Front Work Department (UFWD), an organization which co-opts and neutralizes potential opposition to the policies of the Chinese Communist Party (CCP), has been accused of espionage activities by security agencies worldwide. The UFWD is believed to recruit ethnic Chinese people who are settled abroad for non-traditional intelligence operations, and it has close connections with the Chinese diaspora. Reports suggest that the UFWD is well-embedded in Chinese embassies, and its operatives are considered middlemen for China’s hardcore spy operations. The UFWD is alleged to have established itself as a hub of China’s non-traditional espionage network abroad. The organization has separate wings devoted to influencing external states and politicians. Its scale of operations can be understood by the fact that the UFWD is the main agency responsible for CCP propaganda, ideological subversion, and religious oppression in Xinjiang and Tibet. The same umbrella agency is also responsible for Chinese subversive and influence activities in Taiwan and Hong Kong. Confucius Institutes, which were started by the CCP in 2004 as an outreach program to inform the outside world about China’s culture, tradition, and history, are alleged to be part of China’s non-traditional espionage network abroad.
READ THE STORY: News 18
In wars of the future, national security won't end at space
Analyst Comments: The future of warfare is increasingly intertwined with cyberspace, as demonstrated by the Russian invasion of Ukraine in 2022. With the world relying more heavily on space-based platforms for various services, securing these systems is crucial for national security. The growing number of satellites and the involvement of commercial companies in space present both challenges and opportunities for ensuring space security. While initiatives like the US Space Force and cybersecurity frameworks are steps in the right direction, further efforts are needed to develop space-focused cybersecurity standards, improve training, and integrate security measures into system designs and testing. As the landscape of space operations evolves, so too must the strategies for securing them against potential threats.
FROM THE MEDIA: The Russian invasion of Ukraine showcased the critical importance of space security to national security, as demonstrated by the cyberattack on Viasat's Ukrainian satellite broadband system that disrupted service for tens of thousands across Europe. There are currently over 5,000 satellites orbiting the Earth, with more than half used for communications and the rest for observing Earth, technology development, navigation, and space science. Experts predict that within 15 years, there could be over 100,000 satellites in orbit, not to mention in-orbit systems for cloud storage, edge computing, energy production, and mining and manufacturing in space. The shift from a government-dominated space economy to one that is commercially driven has begun, with companies like Microsoft and Amazon extending their cloud computing capabilities into space systems. As many as 30 countries could launch systems or other assets, and China has published a national strategy outlining its intent to reach "space superiority."
READ THE STORY: The Register
China’s military aims to launch 13,000 satellites to rival Elon Musk’s Starlink
Analyst Comments: The Chinese proposal to establish their own satellite network is a direct response to concerns about Starlink's military success and is part of China's broader effort to excel in space technology. This emphasizes the intense rivalry between China and the US in space technology and the potential military uses of satellite networks. Starlink's technological achievements on the battlefield have been recognized, but its political brinkmanship, demonstrated by its CEO's comments on its deployment in Ukraine, has sparked criticism and worries about its weaponization. The Chinese project is still in its infancy and may pose a challenge to Starlink; however, technological obstacles and launch capacity could restrict its access to available frequencies in low orbit. It has been mentioned several times this year, but it remains unclear whether the project will come to fruition.
FROM THE MEDIA: Chinese military researchers are pushing for the rapid deployment of a national satellite network project to compete with SpaceX’s Starlink, citing national security concerns after Starlink was successfully used in the Ukraine war. They plan to deploy a national mega-constellation of almost 13,000 low-orbit satellites, and military scientists are pursuing research on how to "suppress" or damage Starlink satellites in wartime scenarios. Beijing's concern over Starlink comes amid an increasingly heated space race between China and the US. Large low-earth internet satellite networks like Starlink are designed to provide broadband internet to areas that have low connectivity. However, their potential to provide cheap, portable high-speed internet communications where other infrastructure has failed has been used to improve the accuracy of artillery fire and save ammunition, among other benefits.
READ THE STORY: The Washington Post
CISA Warns of Critical ICS Flaws in Hitachi, mySCADA, ICL, and Nexx Products
Analyst Comments: The newly published advisories by CISA indicate that cyber-attacks targeting industrial control systems continue to pose a significant risk to organizations. With attackers exploiting vulnerabilities in these systems, it is imperative that organizations ensure their ICS and critical infrastructure are secure by implementing security best practices such as regularly patching vulnerabilities, isolating control system networks from business networks, and implementing firewalls. Organizations should also keep their systems up to date with the latest security patches and monitor security advisories to stay informed about the latest threats and vulnerabilities
FROM THE MEDIA: The U.S. Cybersecurity and Infrastructure Security Agency (CISA) has released eight Industrial Control Systems (ICS) advisories that warn of critical vulnerabilities in products from Nexx, Hitachi Energy, Industrial Control Links, and mySCADA Technologies. One of the most severe flaws, CVE-2022-3682 (CVSS score: 9.9), affects Hitachi Energy's MicroSCADA System Data Manager SDM600, which could allow an attacker to take remote control of the product. Additionally, five critical vulnerabilities were disclosed in mySCADA myPRO versions 8.26.0 and prior, with a CVSS score of 9.9, that relate to command injection bugs that can let an authenticated user inject arbitrary operating system commands. The advisory also included a security bug in Industrial Control Links ScadaFlex II SCADA Controllers (CVE-2022-25359, CVSS score: 9.1), and five shortcomings impacting garage door controllers, smart plugs, and smart alarms sold by Nexx, which could enable an attacker to receive sensitive information, execute application programmable interface (API) requests, or hijack devices.
READ THE STORY: THN
Samsung to cut memory chip output to tackle global glut as profits tumble
Analyst Comments: Samsung's decision to reduce its memory chip production could be a significant move to tackle the current industry glut, which has been affecting its semiconductor division's profitability. This move is expected to reduce oversupply and stabilize prices, benefiting not only Samsung but also its rivals in the semiconductor industry. However, the company's memory chip losses are expected to continue in the second quarter, affecting its overall profitability. While the pace of recovery depends on the industry's efforts to cut supply, analysts expect a price recovery in the second half of this year.
FROM THE MEDIA: Samsung Electronics, the world's largest producer of memory chips, smartphones, and TVs, has announced that it will significantly reduce its memory chip production as a way to tackle an industry glut that has affected the company's semiconductor division. The company's quarterly operating profit fell by 96%, the lowest in 14 years, largely due to billions of dollars of losses suffered by its semiconductor division in Q1 2022. Samsung's memory chip losses are expected to continue in the second quarter as inventories remain at record levels, piling pressure on chip prices. Tech demand remains sluggish due to inflation and higher interest rates after the pandemic-era surge.
READ THE STORY: FT
China has equipment that can spy on us in our telecommunications networks. We must remove it now
Analyst Comments: The article highlights the ongoing threat of Chinese cyber espionage on U.S. telecommunications networks through the use of insecure equipment manufactured by Huawei Technologies Ltd. and ZTE Corporation. The article calls on Congress to fully fund the “rip and replace” program to reimburse small, rural telecom providers to remove and replace compromised Chinese-made equipment from their networks. The consequences of failing to secure U.S. networks are significant and could lead to indefinite delays in securing U.S. networks and rationing of wireless services across rural America. The article provides a critical assessment of the potential consequences of the widespread infiltration of U.S. networks by Chinese state-connected companies, which have been documented by national security agencies since 2017, and highlights the urgency for action.
FROM THE MEDIA: U.S. telecommunications networks continue to be vulnerable to cyber espionage, as they remain riddled with insecure equipment manufactured by Chinese companies, Huawei Technologies Ltd. and ZTE Corporation. The Chinese government-backed companies pose an immediate and invasive risk to national security by providing entry points for data capture, and the possibility of launching or amplifying cyberattacks on critical or military infrastructure, including the U.S. Strategic Command. In 2019, Congress halted sales of this equipment to American telecommunications companies and enacted the Secure and Trusted Communications Networks Act and the Ensuring Network Security Act. However, the “rip and replace” program to reimburse small, rural telecom providers to remove and replace compromised Chinese-made equipment from their networks has a shortfall of $3.1 billion. Failure to address this shortfall could lead to indefinite delays in securing U.S. networks and rationing of wireless services across rural America.
READ THE STORY: The Hill
Are Source Code Leaks the New Threat Software vendors Should Care About
Analyst Comments: Securing sensitive data in the software industry is crucial, particularly considering the recent source code leaks from numerous leading tech companies. The article presents practical approaches to tackling this problem, such as adopting secure coding practices, utilizing secrets management tools, and promoting employee training and awareness initiatives. Nonetheless, the article would be more comprehensive if it addressed the obstacles organizations encounter while implementing these measures and emphasized the importance of a comprehensive cybersecurity strategy that considers technical, organizational, and cultural aspects. In summary, the article offers a valuable perspective on the issue and underscores the necessity for software vendors to prioritize safeguarding sensitive information.
FROM THE MEDIA: The leak of Twitter's source code on GitHub has brought attention to the issue of protecting sensitive information in the software industry. Software vendors must recognize the potential risks and take appropriate steps to mitigate them, including implementing security measures to protect against malicious activity and ensuring that hard-coded secrets are not stored in plain text within the source code. Secrets detection, which involves scanning source code and other digital assets for hard-coded secrets, can help identify potential vulnerabilities earlier in the software development lifecycle. Additionally, a combination of secrets management solutions, secure coding practices, and automated secrets detection can provide a comprehensive security strategy.
READ THE STORY: THN
NATO poses a threat to Russian imperialism not Russian security
Analyst Comments: The author suggests that Russia's lack of opposition to Finland's NATO membership contradicts Putin's claims that NATO enlargement is a security threat to Russia, highlighting the inconsistency in Putin's justifications for his actions. The author argues that Putin's unapologetic imperialism and sense of historical injustice have fueled his obsession with Ukraine, and the invasion has become increasingly evident as an imperialistic objective. While Putin's imperialistic views have played well with domestic Russian audiences, such messaging would be disastrous on the international stage. The author also suggests that NATO membership serves as a guarantee of security, which could prevent further Russian invasions in the region.
FROM THE MEDIA: Finland recently became the 31st member of NATO, which has led to speculation regarding Russia's silence on the matter. For over a year, the Kremlin has justified its invasion of Ukraine as a response to NATO enlargement, but it has taken virtually no action against Finland's NATO membership, despite this move doubling NATO's shared border with Russia. This inconsistency calls into question Putin's justification for the invasion of Ukraine as a reasonable response to NATO enlargement. While Russia has vowed to strengthen its military presence in the border area, it has not significantly opposed Finland's NATO bid.
READ THE STORY: Atlantic Council
The UK business that shipped $1.2bn of electronics to Russia
Analyst Comments: The trade by Mykines into Russia despite the UK sanctions against Russia raises questions about the effectiveness of attempts to clamp down on Russia’s ability to obtain critical technologies used by the country’s military industrial complex. Mykines’ accounts from previous years also show that at that time, it passed its profits directly to two entities in the British Virgin Islands whose ownership is unknown, raising questions about the use of British secrecy jurisdictions. Mykines’ business with Russia suddenly took off after the onset of the war. The overwhelming majority of the 10,600 batches of goods are listed as having been sent to Marsala, a Moscow-based company that imports very little except from Mykines and appears to be strongly linked to Merlion, a large computing and electronics distributor within Russia.
FROM THE MEDIA: A British company registered to a house in Enfield, London called Mykines Corporation LLP appears to have arranged the sale of about $1.2bn of electronics into Russia since the beginning of 2022, despite the UK sanctions against Russia. The goods sent by Mykines include semiconductors, servers, laptops, computer components, telecoms network equipment, and consumer electronics. The records show brands ranging from Huawei, Intel, AMD, Apple, and Samsung. A large volume of high-end microchips, telecoms equipment, and servers were also shipped. According to customs filings, at least $982m of the goods listed as sent by Mykines are subject to restrictions on export by UK companies or individuals to Russia. Sale of these goods to Russia without permission from the UK authorities may constitute a breach of its sanctions. The UK government is yet to comment on the issue.
READ THE STORY: FT
QNAP ‘urgently’ fixing vulnerabilities in multiple systems
Analyst Comments: The discovery of the vulnerabilities in QNAP highlights the need for manufacturers to test their devices thoroughly during development to avoid such security flaws. The vulnerabilities have affected various QNAP devices, potentially allowing attackers to take over a victim's device. QNAP has been previously targeted by several ransomware groups, including Deadbolt, Checkmate, and ech0raix, which could have compromised the data of many of its customers. While QNAP is addressing the vulnerabilities, it is essential that customers take measures to secure their accounts and devices.
FROM THE MEDIA: Data-storage hardware vendor QNAP is working on addressing two vulnerabilities, CVE-2022-27597 and CVE-2022-27598, that allow remote hackers to access systems. The bugs affect four different QNAP products, and two of them have already been fixed. The vulnerabilities could cause unpredictable code behavior and stability issues. Hackers can exploit these vulnerabilities to gain full access to a QNAP device. QNAP is urging its customers to update their firmware to address the issue, and Sternum, the cybersecurity company that discovered the vulnerabilities, advises QuTScloud and QVP users to secure all user account credentials by using strong passwords.
READ THE STORY: The Record
How Putin Criminalized Journalism in Russia
Analyst Comments: Gershkovich's arrest signals a worrisome trend in Russia towards limiting journalistic freedom and further constraining foreign journalists. The broad espionage law allows the Russian government to target virtually anyone, creating an atmosphere of fear and intimidation.
FROM THE MEDIA: Evan Gershkovich, an American journalist, was detained in Moscow on espionage charges, with Komsomolskaya Pravda publishing numerous articles casting ordinary aspects of his life as suspicious. Gershkovich is the first foreign journalist charged under Russia's broadened espionage and high treason law. His arrest hearing was closed to the public, and he has been denied access to the US consulate. This situation is reminiscent of Soviet-era information regimes of restrictions and fear.
READ THE STORY: The New Yorker
Chinese Nationals Flood US Southern Border Amid CCP Espionage Concerns
Analyst Comments: The surge in Chinese immigrants crossing the southern border is a cause for concern, especially in light of the ongoing battle against CCP agent espionage on American soil. The Chinese government's goal is to replace the United States as the world superpower, according to an FBI agent, Joseph Bonavolonta. US universities have become ground zero for spy activities involving CCP actors, and there have been reports of espionage and unlawful exchange of information in at least five US colleges across Texas, California, Kansas, Massachusetts, and Illinois in the past four years. Although it is important to uphold national security, US officials should maintain a compassionate approach to solutions, and thorough background checks and vetting processes must be carried out while providing necessary support for those genuinely fleeing persecution or seeking better opportunities.
FROM THE MEDIA: According to reports, the United States has seen a surge in the number of Chinese immigrants crossing the southern border since China abandoned its strict "zero COVID" policy. US Customs and Border Protection encountered nearly 3,000 Chinese nationals between October 2022 and February 2023, representing a more than 700% spike from the same period in 2022. Reports suggest that the deepening income gap in China and the Chinese Communist Party's draconian pandemic lockdowns are driving the surge in migration. Some analysts warn that illegal immigrants from China carry risks similar to other groups, while others suggest that CCP has better options for intelligence operations than asylum seekers.
READ THE STORY: The Epoch Times
Microsoft, Fortra get legal permission to counter Cobalt Strike abuse
Analyst Comments: The partnership between Microsoft, Health-ISAC, and Fortra is a significant development in the ongoing fight against cybercrime. The use of legitimate tools like Cobalt Strike to launch attacks on organizations highlights the challenges facing the cybersecurity industry. This collaboration is a positive step in identifying and disrupting cybercriminal infrastructure and will help in severing the connection between criminal operators and infected victim computers. The involvement of multiple agencies, including the FBI's Cyber Division, NCIJTF, and Europol's European Cybercrime Centre, will enable the partnership to take a more comprehensive approach to tackling the issue.
FROM THE MEDIA: Microsoft, Health-ISAC, and Fortra have teamed up to combat the rampant abuse of Cobalt Strike, a legitimate testing tool used by attackers to create malware and launch attacks. Cobalt Strike is an adversary simulator and penetration testing software used by red teams to detect vulnerabilities and plan response. However, older versions of the program have been widely exploited by cybercriminals. The US District Court for the Eastern District of New York has granted Microsoft and its partners an order to go after the malicious infrastructure used in the attacks, such as command-and-control servers. Microsoft and its partners have tracked infrastructure worldwide, including in China, the US, and Russia, and have observed nation-state groups in Russia, China, Vietnam, and Iran using cracked copies of Cobalt Strike. The software has been used in over 68 ransomware attacks on the healthcare sector in over 19 countries.
READ THE STORY: The Record
China imposes further sanctions on Taiwan's US representative
Analyst Comments: This move by China is not surprising as it has been known to use sanctions as a tool to put pressure on foreign entities and individuals it deems a threat to its national interest. China has been increasingly hostile towards Taiwan since the election of Taiwanese President Tsai Ing-wen, who is viewed by China as pro-independence. It is notable that these latest sanctions come after Tsai's meeting with the US House Speaker during a stopover in the United States, which is likely to further strain the already tense relations between China and Taiwan. However, these sanctions are unlikely to have a significant impact on Hsiao or the institutions targeted, as senior Taiwanese officials do not visit China while Chinese courts do not have jurisdiction in Taiwan.
FROM THE MEDIA: China has imposed sanctions on Taiwan's de facto ambassador to the US, Hsiao Bi-khim, prohibiting her and her family members from entering the mainland, Hong Kong and Macau. The sanctions also prohibit investors and firms related to Hsiao from cooperating with mainland organisations and individuals. This move by China comes after the Taiwanese President's meeting with the US House Speaker during a stopover in the United States. China has also imposed similar sanctions on two institutions, The Prospect Foundation and the Council of Asian Liberals and Democrats, accusing them of promoting the idea of "Taiwan independence" internationally.
READ THE STORY: TBS
Sanctions, Russia and ‘crypto crime’
Analyst Comments: The article provides a comprehensive overview of how digital assets have become a tool for circumventing economic sanctions imposed on rogue states, particularly in the aftermath of the Russian invasion of Ukraine. The use of DeFi protocols and mixers to obfuscate the origins and ownership of digital assets highlights the difficulty in enforcing sanctions on digital asset platforms. However, the article does not provide a clear solution to address the abuse of anonymity and sanctions-busting in the digital asset industry. Overall, the article presents a useful case study on the challenges of enforcing sanctions in the digital asset industry and the need for more robust regulatory frameworks.
FROM THE MEDIA: Sanctions have become a common response to illegal actions by nation-states. The digital asset industry has been particularly prone to illicit misuse by rogue states, resulting in further sanctions on individuals and entities within the industry. Digital assets offer a way for countries under economic sanctions to reintroduce capital flows through criminal means, and the use of decentralized finance (DeFi) protocols and mixers has made it difficult to enforce sanctions against digital asset platforms. Sanctions-related transaction volume rose significantly in 2022, with a large portion of illicit transaction volume coming from activity associated with sanctioned entities.
READ THE STORY: CoinGeek
Artificial Intelligence and Modern Warfare: Comparative Analysis of India and Pakistan
Analyst Comments: The article provides a comparative analysis of the AI capabilities of India and Pakistan for military purposes, highlighting India's leading position in the development of AI-based solutions for enhanced decision-making, autonomous systems, and cybersecurity. However, it also notes that Pakistan has been investing in AI technology for use in the military, with a focus on developing cognitive systems for electronic warfare. While Pakistan faces several challenges in developing AI capabilities for military applications, it is clear that both countries are investing in AI and that their capacities in this area are growing.
FROM THE MEDIA: India and Pakistan are investing in artificial intelligence (AI) technology for military uses, with India leading the way due to a larger talent pool, economy and more resources. India's defence forces are investing in AI to facilitate quicker decision-making, with the Defence Artificial Intelligence Council (DAIC) recently established to offer general direction and support for initiatives incorporating cutting-edge technologies. India's military is focusing on developing AI-based solutions for several applications, including enhanced decision-making, autonomous systems, border security, and maritime domain awareness. In contrast, Pakistan is struggling to find specialists in AI and related disciplines, lacks data quality and quantity, and faces ethical and legal challenges.
READ THE STORY: ModernDiplomacy
D.C. isn’t worried about China’s role in Saudi-Iran deal
Analyst Comments: The article provides an insightful analysis of the recent Saudi-Iran deal brokered by China, highlighting the potential benefits and drawbacks for the United States. The arguments presented by experts and lawmakers offer different perspectives on the deal, providing a nuanced view of the situation. However, some of the assertions made in the article lack sufficient evidence to support them. For instance, the claim that better relations between Saudi Arabia and Iran would lead to less conflict in the region and reduce the chances of the US getting involved in a fight in the Middle East is not adequately substantiated. Additionally, the statement that there is no real evidence that China's role in the Saudi-Iran deal means that the United States has removed itself from the Middle East is somewhat ambiguous and could benefit from more elaboration.
FROM THE MEDIA: Saudi Arabia and Iran were in Beijing to finalize a deal that would reopen embassies, resume direct flights between their two nations and restart security and trade agreements. The move is being seen as a sign of China's growing influence on the global stage. The article discusses how better relations between Saudi Arabia and Iran could lead to less conflict in the region, reducing the chances of the United States getting involved in a fight in the Middle East. Some experts argue that the deal is a win-win for American interests, as it allows the US to focus on other national security priorities such as defending Ukraine against Russia and deterring China from invading Taiwan. However, others express concerns that the deal gives China too much influence and positions them in the Middle East as a political power. Despite this, there is no evidence that China's role in the Saudi-Iran deal means that the United States has removed itself from the Middle East.
READ THE STORY: Politico
US defense tech veterans call for a separate Cyber Force
Analyst Comments: The push for the creation of a Cyber Force comes as cyberattacks continue to pose a significant threat to American national security, with China, Russia, Iran, North Korea, and for-profit independent groups being cited as key perpetrators. The Biden administration has been keen to bolster the country's cyber defenses, but it has yet to commit to creating another military service for cybersecurity. The MCPA has called for a thorough study of the idea, but there are concerns that a Cyber Force could be costly to set up and maintain. The proposal for a Cyber Force is not without controversy, with some arguing that the creation of a new military branch could result in a less coordinated approach to cybersecurity.
FROM THE MEDIA: There is increasing pressure in Washington for the creation of a new branch of the military focused solely on cybersecurity, with proponents citing the need to protect against online threats from China, Russia, and other nations. Supporters argue that a Cyber Force would provide a more consistent approach and greater military readiness than the current Cyber Command, which is reliant on personnel and input from other military branches. The Military Cyber Professionals Association (MCPA) has called for the creation of a Cyber Force within this year's National Defense Authorization Act, warning that the country's cyber threats are significant, dynamic, ever-present, and consequential. A Cyber Force would be the seventh branch of the military, if created, and could have half the personnel of the Space Force.
READ THE STORY: The Register
Bitcoin, Crypto Billionaires Lost $110 Billion In Past Year
Analyst Comments: Forbes' report on the decline of cryptocurrency billionaires shows how vulnerable this industry is to regulatory scrutiny and market volatility. The report highlights how the crypto industry's image has been tainted by fraud allegations, internecine squabbling, and government investigations, leading to a decline in asset valuations. Furthermore, the report highlights how regulatory crackdowns, such as the one led by SEC Commissioner Gary Gensler, have spooked investors and caused losses for crypto billionaires. While the crypto industry remains innovative and dynamic, the report underscores how it needs to become more transparent, accountable and regulation-friendly to build investor confidence and gain wider acceptance as a legitimate investment option.
FROM THE MEDIA: Forbes' 2023 World's Billionaires List shows that the cryptocurrency industry's 19 billionaires have lost a collective $110 billion over the past year. Last year, the crypto billionaires were valued at $140 billion collectively; now, only ten of them remain billionaires, with a collective net worth of less than $30 billion. The report highlights the cases of crypto moguls such as Sam Bankman-Fried, whose FTX exchange filed for Chapter 11 bankruptcy protection, and Changpeng Zhao, founder and CEO of Binance, who is facing money laundering and tax evasion charges. The Winklevoss twins are also facing legal action over their Gemini exchange, which has frozen $900 million of funds belonging to 340,000 investors.
READ THE STORY: Forbes
The ‘War On Crypto,’ Is It a Uniquely American War
Analyst Comments: The regulation and control of cryptocurrencies and related technologies is a complex and contentious issue, with strong arguments on both sides. Governments have a responsibility to prevent illegal activities, but it is important to ensure that regulations do not infringe on individual privacy and freedom. The ongoing discussion and debate surrounding this topic will likely continue as the use and adoption of cryptocurrencies and related technologies grow.
FROM THE MEDIA: There are ongoing efforts by governments in the United States and Europe to regulate and control the use of cryptocurrencies and related technologies due to concerns about illegal activities such as money laundering, terrorism financing, and tax evasion. However, proponents of cryptocurrencies argue that these efforts threaten individual privacy and freedom. In the "Money Reimagined" podcast, Michael Casey and Sheila Warren discuss their take on the latest happenings in the White House's role in innovation, decentralized governance, power structures, semiconductors and Silicon Valley, the doomsday scenario, pushing back against the digital yuan, infrastructure investment, and the pressing issue of AI.
READ THE STORY: CoinDesk
Items of interest
Think tank: Chips Act is great, but US should look at biotech supply chain too
Analyst Comments: The DoD recognizes the potential of biotechnology in addressing critical issues, including national security. By investing in biomanufacturing at home, the DoD aims to mitigate supply chain weaknesses, address logistics hurdles via point-of-need manufacturing and bring materials with unique characteristics to military forces. Biologically derived products are already a part of the DoD supply chain and are poised to continue to increase in significance going forward. Biotechnology is inherently dual-use and can be used by rogue agents or nation-states to build biological weapons or create lethal pathogens, and as the field of biotechnology continues to expand, still more useful applications are likely to surface. The US needs to increase its focus on and investment in biotech and biomanufacturing to remain competitive in this space, especially given China's expected increase in spending on biotech and the country's efforts to weaponize biological data. The government must work closely with the private sector and academic institutions to leverage emerging capabilities effectively and remain competitive.
FROM THE MEDIA: The Department of Defense (DoD) is planning to spend $1.2 billion over the next five years to establish a domestic biomanufacturing industrial base, improve supply chain resiliency and develop biosecurity and cybersecurity-related initiatives for the facilities. The DoD recognizes biotechnology as a critical technology area that will change the way it develops new capabilities, conducts missions, and adapts to major global changes. Biotechnology is expected to grow from $372.8 billion in 2021 to more than $1.3 trillion by 2030 and touches everything from food and medicine to fuels, chemicals, and construction materials. Better nutrition and medical care will make for better soldiers and sailors. The DoD aims to find transition partners for early-stage innovations, expand manufacturing in the US and with allies, and use metrics to track the evolution of the relatively new space.
READ THE STORY: The Register
Enhancing Cyber Nuclear Security: A FP Virtual Dialogue (Video)
FROM THE MEDIA: The Russian hacker attacks on Ukrainian energy providers are evidence of a worrying trend: the rise of cyber-warfare. Join Foreign Policy, Schmidt Futures, and the International Strategy Forum as we convene experts for a discussion on protecting vulnerable state assets from cyber-attacks.
The Truth of the Matter: TikTok- Is it Chinese Espionage (Video)
FROM THE MEDIA: CSIS’s James Andrew Lewis joins the podcast to discuss the bipartisan discussions surrounding U.S. policy on TikTok, whether the Chinese are using it as a vehicle to spy on Americans and our government, and what we should do about it.
These open-source products are reviewed by analysts at InfoDom Securities, providing possible context about current media trends related to the realm of cyber security. The stories selected cover a broad array of cyber threats and are intended to aid readers in framing key publicly discussed threats and overall situational awareness. InfoDom Securities does not endorse any third-party claims made in their original material or related links on their sites; the opinions expressed by third parties are theirs alone. For further questions, please contact InfoDom Securities at dominanceinformation@gmail.com.