Techshots' Weekly Cybersecurity Newsletter

Hi readers,

In this edition of our weekly Newsletter, we will tell you what major events happened in the world of cybersecurity. But before that, let's tell you a bit about what kept news cycles busy.

India is mulling the 'One Nation, One Election' model.

What is it, you ask? Well, it is the model of holding elections simultaneously, with the hope of saving a lot of money in the country's exchequer. Currently, the Lok Sabha and state elections are held separately but if this model comes into force, voters will have to select their local and central representatives together. While this sounds interesting, it is much more challenging than that. All political parties would have to come onboard for that and some changes would have to be made in the Constitution. Do you like the idea of having simultaneous polls? Do let us know in the comments section.

Now, moving on India's pride ISRO.

After a successful Moon mission, ISRO launched the Aditya-L1 mission on Saturday with an objective to study the Sun. The mission will land at a halo orbit around the Sun-Earth system's Lagrange Point 1 (L1), situated roughly 1.5 million kilometres from Earth. ISRO said today that the satellite is healthy.

Also, ISRO made Vikram lander softly land on the Moon again. ISRO is totally making the impossible possible.

Now, moving on to cybersecurity.

Fitbit is facing privacy complaints in the EU

The Google-owned popular brand is accused of illegally exporting user data in breach of the data protection rules. While Fitbit claims users have agreed to transfer information, to the US and elsewhere, the complaints allege that the company is "forcing consent" from users. Complaints about this have been filed in Austria, the Netherlands and Italy.

FBI and its European partners seized control of a global malware network

The malicious software agent, known as Qakbot, which had been infecting systems for the last 15 years was infiltrated by the FBI and its European partners. FBI said the criminal network had facilitated about 40 ransomware attacks alone over 18 months that investigators said netted Qakbot administrators about $58 million. Officials said $8.6 million in cybercurrency was seized or frozen but no arrests were announced. However, experts have warned that any setback to cybercrime would likely be temporary

Malwarebytes has laid off 100 employees

Cybersecurity giant Malwarebytes announced that it has laid off 100 employees as it readies itself for restructuring that will split the business into two. Last year, the company fired 14% of its global workforce. This latest development came just weeks after the company’s chief product officer, chief information officer and chief technology officer were let go. As part of the bifurcation, Malwarebytes will its consumer and corporate-facing business units.

CrowdStrike, Okta shares jumped after better-than-expected earnings

Shares of CrowdStrike Holdings Inc (CRWD.O) and Okta Inc (OKTA.O) each gained more than 10% on Thursday after both cybersecurity firms reported better-than-expected quarterly results, driven by strong demand for their products. Crowdstrike announced that its revenue jumped by 37% while Okta's revenue rose by 23%. Buoyed by the success of these two companies, cybersecurity firms like Zscaler Inc. and Nasdaq Cybersecurity also benefitted.

That was all for this week. Do write to me at [email protected] if you have a particular topic in mind about which you'd like to read. Please follow techshotsapp.com for all the updates in the world of tech.