Virgin Money's $250 Million Bet Against AI and Quantum Cyber Threats
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to "Hacker Hacks," the podcast where we delve into the ever-evolving world of cybersecurity. In today's episode, we're traversing the globe to bring you the latest and most significant developments in the field. From major acquisitions and investments to innovative programs and the crucial role of human factors in cybersecurity, we're covering it all. Whether you're a cybersecurity professional, a tech enthusiast, or just keen to stay informed about the digital world's safety, this episode is packed with insights and updates you won't want to miss. So, let's hack into today's stories!
Kiteworks, a US-based cybersecurity platform provider, has acquired DRACOON, a German software company that specializes in secure data and file exchange. This acquisition is part of Kiteworks' expansion into the DACH markets. DRACOON offers highly secure, platform-independent file exchange software for both public cloud and on-premises versions, and has over 500,000 users globally, including major companies like Deutsche Bahn, Telekom, and Thyssenkrupp. Round2 Capital, a pan-European software lending firm, facilitated the sale of all shares in its portfolio company, DRACOON, through a definitive agreement with Kiteworks.
Virgin Money, a UK bank, is investing ￡130 million ($250 Million) over three years to improve its cybersecurity defenses against AI- and quantum-enabled fraud and cybercrime. This investment is in response to the growing threat of these types of attacks, which are becoming more sophisticated due to advances in technology. The bank plans to use AI-driven security solutions to counter these threats and is also reducing its physical branch network to balance its expenditure. This investment is part of a growing trend among financial institutions worldwide to enhance cybersecurity in response to evolving digital threats.
MPs have raised concerns over cybersecurity in the new Parliament building and have called for adequate measures to secure the financial assets of the public. The meeting was attended by top officials from the Ministry of Electronics and Information Technology (MeitY) and the Punjab National Bank. The members stressed the need for increasing cybersecurity awareness in the country and developing a "cyber consciousness index" to gauge it.
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The European Union is considering expanding the scope of its cybersecurity certification scheme to include more industries, such as banks, airlines, and utility companies. The scheme, which is currently in draft form, requires cloud service providers to operate and maintain their services from within the EU and store customer data within the EU, with EU laws taking precedence over non-EU laws. The proposal has been met with criticism from tech lobbying groups and industries that may be affected by the requirements.
The Internal Revenue Service's (IRS) progress on cybersecurity, specifically in the areas of logging, multifactor authentication, and zero trust security. The IRS has made significant strides in these areas, including automating many of its cybersecurity response playbooks and implementing a SOAR platform to improve its security orchestration, automation, and response capabilities. Additionally, the IRS is exploring ways to better manage and secure its data using zero trust principles and is planning to conduct a tabletop exercise on AI threats in the coming year. The Treasury Department is also launching a blanket purchase agreement to streamline cybersecurity services across the department. Overall, the IRS is making good progress on cybersecurity and is focused on preventative, proactive measures for the upcoming year.
NTU Singapore and Mastercard have launched a new program called the NTU-Mastercard FlexiMasters in Cybersecurity & Digital Trust to enhance cybersecurity expertise and combat cybercrime. This program is tailored for mid-career professionals and is the first part-time FlexiMasters program in cybersecurity at NTU. It's open to professionals from all backgrounds and aims to grow the pool of cybersecurity talent in the market. This initiative is part of Mastercard's efforts to support the region's cybersecurity efforts.
The importance of addressing the human element in India's cybersecurity equation, as the digital transformation of India drives industries forward with cutting-edge technologies. The article highlights the significance of nurturing a culture of security awareness, training employees to recognize and counter cyber threats, and integrating cybersecurity into organizational culture. The article also emphasizes the importance of addressing the human risk factor, as human error is a significant source of vulnerability in cybersecurity. By strengthening the weakest link, organizations can protect their digital transformation and empower citizens to become digital warriors, safeguarding the nation's digital future.
The AWS & CrowdStrike Cybersecurity Accelerator is an equity-free program for startups in the EMEA region, offering product development, business mentorship, investment readiness, and comprehensive business support. Apply by November 30th, 2023, to be part of this 10-week program and showcase your innovations at a Demo Day in San Francisco.
And that wraps up another episode of "Hacker Hacks." Today, we've journeyed through a landscape where cybersecurity intersects with global business, government policy, and human behavior. We hope these insights have enlightened you on the critical developments shaping our digital world's security. Remember, in the realm of cybersecurity, staying informed is your first line of defense. Join us again for more updates and deep dives into the world of cybersecurity. Until then, stay vigilant and keep your digital life secure. Goodbye, and stay safe in the cyber world!
Founder | Shiv Software Experts | Driving Innovation in Software Solutions & IT Consulting | Technology Strategist
1 年Smart move by Virgin Money! Investing $250 million to counter AI and quantum cyber threats is a proactive step in safeguarding against evolving risks in the digital landscape.