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The CyberDiplomat Daily

Date: 22nd May 2024

Family offices become prime target for cyber hacks and ransomware

Around 79% of the family offices are vulnerable to cyber attacks in the US. However, they live in denial as the majority of these businesses claim that they have the protection in place. Most family offices have enormous wealth and critical financial data that remains unprotected. Due to the threat of bad actors, businesses do not have internal cybersecurity personnel or have yet to take third-party cybersecurity services. This is a challenge which remains unsolved. 

Cyber talent gap widens: Can we plug the leak before it’s too late? 

There is a wide cybersecurity skill gap, especially in the government, banking, and power sectors. This gap is expected to widen in the coming years. Although Brazil and Indonesia have invested in bridging this skill gap, the overall rate worldwide is fairly low. Lack of diversity and high-cost skill development programs are some of the reasons for this gap. Academic and Industry collaboration and investment in training and skill development are suggested to solve the problem. 

EPA says it will step up cyber regulation of water systems amid increase in cyberattacks

The United States Environmental Protection Agency(EPA) is stepping up its Cybersecurity for water supply systems by mandating compliance with norms and standards set up by CISA. There are 88 guidelines that the agency wants the plants to comply with its policies regarding Cybersecurity. The water supply plant in Florida had also been attacked by a Russian hacker who had caused the water to overflow. 

Indians Revolt Against Cyber Crime Handlers in Cambodia

Around 300 young Indian citizens were trafficked to Cambodia through fake job scams to carry out cybercrime from the Cambodian village of Sihanoukville. This village is known as the hub of cybercrime, and the Indians held captive went on revolt due to the torture faced by their Chinese handlers. 

Securing the 2024 election: a cyber expert weighs in 

Even though the 2020 election was determined by the federal government's top cyber czar to be "the most secure in the nation's history," the threats are vastly different in 2024, including with the proliferation of A.I. Jim talks about it with Pinkesh Shah of cybersecurity firm Qualys on "The Final 5.”

Beware of Cyber Fraudsters FedEx Courier, Warns TSRTC MD Sajjanar 

Telangana RTC MD Sajjanar has warned people not to believe calls impersonating FedEx Employees and Police Officers and to certainly not make any transactions when such threats are made. 

Cyber security focus highlighted in new MAN TGE van

Among the requirements of UNECE (United Nations Economic Commission for Europe) R155 and R156 are the need for manufacturers to demonstrate to an authorised third-party auditor that their vehicle’s software and related infrastructure have gone through demanding cybersecurity measures during development and post-production. They apply in all UNECE regulated markets, including the UK, and will affect all vehicles produced in volume from July of this year onwards.

Cybersecurity: Council approves conclusions for a more cyber secure and resilient Union

The Council conclusions emphasize the importance of focusing on implementation, strengthening coordination, and avoiding fragmentation of cybersecurity rules. They also highlight the need to clarify roles and responsibilities, strengthen cooperation in fighting cybercrime, and work on a revised cyber crisis management framework. Additionally, they stress the support for small and medium-sized enterprises, closing the skills gap, and the importance of adequate funding. Finally, the Council invites the European Commission and the High Representative to present a revised cybersecurity strategy.

Can Cybersecurity Be a Unifying Factor in Digital Trade Negotiations?

The digital trade policy community has been focused on data privacy, cross-border data flows, and e-customs duties, with little progress in reaching an international consensus. Amid this struggle, there has been noticeable advancement in cybersecurity within digital trade policy. The fragmented global cyber regulation undermines cybersecurity and the potential growth of digital trade. Trade negotiators should secure more ambitious cybersecurity commitments, promoting a fair, inclusive, sustainable, and secure digital trade environment. The European Union's General Data Protection Regulation (GDPR) and transatlantic disputes over secure data flows sparked tension in recent negotiations. The US unexpectedly withdrew support for cross-border data flows, data localization, and source code review in negotiations at the WTO.

More Warnings From US and UK Officials on Chinese Cyber Threat: “Epoch-Defining Challenge”

Officials from the US and the UK have issued another warning about the Chinese cyber threat, describing it as an "epoch-defining challenge." The UK's GCHQ characterized China’s actions as destabilizing, while US National Cyber Director highlighted the unprecedented scale of the threat. This is the second such warning in as many months, following an April account of the APT group Volt Typhoon's actions.

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