Finastra investigates data breach after SFTP hack | Norway's Equinor cuts 20% of staff | Ford data breach allegedly leaked customer data

In today’s Portfolio Intelligence Daily:?

• Finastra investigates data breach after SFTP hack
• Norway's Equinor cuts 20% of staff?
• Ford data breach allegedly leaked customer data

Our analyst team curates these summaries from Auquan’s Intelligence Engine, which uses generative AI and retrieval augmented generation (RAG) to uncover material non-financial insights at scale to support deal sourcing, due diligence, risk monitoring, and compliance.

Industry trends:

• The magic of RAG is in the retrieval (InfoWorld) — Retrieval-augmented generation (RAG) and AI agents are transforming how AI can automate knowledge work in the enterprise.
• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• Why AI is finally catching up with financial services (Maddyness)

Finastra investigates data breach after SFTP hack

Finastra, a leading financial technology company based in London that serves over 8,000 financial institutions worldwide, is currently investigating a significant data breach involving its Secure File Transfer Platform (SFTP). The incident was detected on November 7, 2024, and has raised concerns about the security of sensitive customer data.

• A hacker using the alias "abyss0" has claimed responsibility for the breach, alleging the theft of 400 gigabytes of data, which they have attempted to sell on a cybercrime forum. This data reportedly includes sensitive files linked to Finastra's largest banking clients.

• Following the detection of suspicious activity, Finastra notified its customers on November 8 and has since isolated the affected SFTP platform. The company is conducting an investigation with the help of third-party cybersecurity experts to assess the breach's impact and determine which customers may be affected.?

• Finastra has stated that there is currently no direct impact on customer operations or its ability to provide services. The firm has implemented an alternative secure file-sharing platform to maintain continuity while investigations continue.?

• The company is analyzing the exfiltrated data to identify specific customers impacted by the breach and is prioritizing transparency in its communications with affected parties. Initial findings suggest that compromised credentials may have facilitated the unauthorized access.?

Select timeline

• Nov 21, 2024 | Finastra probes SFTP security breach as threat actor alleges 400GB data theft (Tech monitor ai)
• Nov 20, 2024 | Fintech giant Finastra confirms it’s investigating a data breach (Techcrunch)
• Nov 20, 2024 | Fintech Giant Finastra Hit by Data Breach, Hacker Claims Responsibility (EM360TECH)

Norway's Equinor cuts 20% of staff?

Equinor ASA, a leading Norwegian energy company, has announced a 20% reduction in its renewables division, equating to approximately 250 full-time job equivalents, as part of a strategic shift to streamline operations amid challenging market conditions

• The company will focus on fewer, more profitable projects, primarily in offshore wind, while scaling back its business development activities in several countries, including Vietnam, Spain, and France.

• This move reflects a broader trend among European energy firms like BP and Shell, which have also reduced their investments in renewable energy due to rising costs and pressures from investors to prioritize profitability over expansion.

• Despite the cuts, Equinor remains committed to its long-term target of achieving 12-16 gigawatts of installed renewable energy capacity by 2030, focusing on major projects like Dogger Bank and Empire Wind 1.

Select timeline

• Nov 21, 2024 | Norway's Equinor cuts 20% of staff at renewables unit (Reuters)
• Aug 20, 2024 | Equinor to Downsize Renewables Unit, Begins Talks With Unions (Financial Post)
• Sep 2, 2024 | Equinor prepares to downsize its renewable energy division (Energy Watch)

Ford data breach allegedly leaked 44K customer data

Ford is currently investigating allegations of a data breach after a hacker claimed to have leaked the personal information of 44,000 customers, including names and addresses, on a hacking forum, raising concerns about potential phishing and social engineering attacks.

• The leaked records reportedly include customer names, physical addresses, purchase details, and dealer information. While this data is not extremely sensitive, it could be exploited for phishing and social engineering attacks.?

• Following the allegations, Ford stated that its investigation found no breach of its systems or customer data. The issue was linked to a third-party supplier and involved a small batch of publicly available dealer addresses.

• Despite the resolution of the matter, Ford advises customers to remain vigilant against unsolicited communications and to protect their personal information from potential phishing attempts.?

Select timeline

• Nov 21, 2024 | Hacker claims to leak 44,000 Ford customer records: Here’s what the automaker says (Digit)
• Nov 19, 2024 | Ford Investigating Potential Breach After Hackers Claim Data Theft (Securityweek)
• Nov 18, 2024 | Ford 'actively investigating' after employee data allegedly parked on leak site (The register)

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