Samsung workers strike over wages | National Public Data confirms data breach | Texas firm loses $60m in bank wire transfer scam

In today’s Portfolio Intelligence Daily:?

• Samsung Electronics workers go on strike over wages
• National Public Data confirms data breach
• Texas firm loses $60m in bank wire transfer scam

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:

• Tackling Information Overload in the Age of AI [private credit] (TDWI Upside)
• How RAG completes the generative AI puzzle (InfoWorld) — Retrieval-augmented generation brings to generative AI the one big thing that was holding it back in the enterprise.
• Will AI be transformative for ESG data? (Environmental Finance)
• Why AI is finally catching up with financial services (Maddyness)

Samsung Electronics workers go on strike over wages

Samsung Electronics workers in South Korea have initiated a four-day strike starting August 15, 2024, as part of ongoing efforts to secure better wages and working conditions..?

• The strike is led by the National Samsung Electronics Union (NSEU), the largest workers' union in South Korea, which has been advocating for wage increases and improved bonus structures since early summer.

• This action follows a series of previous strikes, including a one-day walkout in June and an indefinite strike in July, marking a significant escalation in the labor movement within Samsung's 55-year history.

• The union has expressed its intention to continue striking unexpectedly until a satisfactory agreement is reached, indicating a commitment to their demands amidst the ongoing labor dispute.

Select timeline

• Aug 15, 2024 | Samsung Electronics Workers in South Korea Go on Four-Day Strike (Supply Chain Brain)
• Aug 13, 2024 | Samsung Electronics' main South Korea union to strike over pay from Thursday (Reuters)
• Aug 13, 2024 | Samsung Electronics' main SK union to strike over pay from Thursday (Business Standard)

National Public Data confirms breach

National Public Data, a Florida-based background-check company has confirmed a significant data breach on August 15, 2024.

• Initial reports suggest that the breach could involve billions of personal records, highlighting the severity of the incident.

• This breach is part of a troubling trend by a threat actor known as USDoD, as over 5.3 billion data records were exposed in April 2024 alone, marking a staggering increase in cybersecurity incidents compared to previous months.?

• Experts emphasize the need for organizations to prioritize cybersecurity measures and compliance to safeguard sensitive information and prevent future breaches.

Select timeline

• Aug 16, 2024 | Lawsuit filed in potential data breach impacting billions (Scrips news)
• Aug 16, 2024 | National Public Data confirms breach affecting Social Security numbers of nearly all Americans (Cybernews)
• Aug 15, 2024 | National Public Data confirms breach, scope unknown (Tech Target)

Texas firm loses $60m in bank wire transfer scam

A Texas-based company, Orion, which specializes in carbon black production, reported a financial loss of $60 million due to a sophisticated bank wire transfer scam.

• The scam involved criminals impersonating legitimate vendors, tricking Orion into transferring funds that were ultimately misappropriated, showcasing the increasing sophistication of fraud tactics.
• The Federal Bureau of Investigation (FBI) has noted that such wire fraud schemes are prevalent and have cost businesses billions of dollars annually, emphasizing the need for enhanced security measures.?
• Orion has informed its investors about the incident and is currently working with law enforcement to investigate the matter and recover the lost funds.
• This incident serves as a cautionary tale for companies to implement stronger verification processes for wire transfers to mitigate the risk of falling victim to similar scams in the future.

Read about it here: Texas firm says it lost $60M in a bank wire transfer scam (Beamstart)

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