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The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions against a Chinese cybersecurity company and a Shanghai-based cyber actor for their alleged links to the Salt Typhoon group and the recent compromise of the federal agency

Bank Info Security 1 year, 6 months ago

US Export Control Rules on AI Chips Spark Backlash

Poland, Israel, Nvidia and Oracle Question Need for RestrictionsA decision by the Biden administration to limit international access to American-made advanced artificial intelligence chips is facing backlash from countries whose purchasing power the rule affects. New export controls seeks to choke the supply of advanced chips to China.

Bank Info Security 1 year, 6 months ago

Biden's Cybersecurity Legacy Now Hinges on Trump

Experts Say Biden's Cyber, Tech and AI Legacy Faces Uncertain Future Under TrumpPresident Biden’s tenure has been marked by significant efforts to tackle cybersecurity challenges, from the SolarWinds attack to Salt Typhoon, but experts say his legacy remains uncertain as the new administration faces tough decisions on upholding his initiatives.

Plus: Uncle Sam is cross with this one Chinese biz over Salt Typhoon mega-snooping Decades-old legislation requiring American telcos to lock down their systems to prevent foreign snoops from intercepting communications isn't mere decoration on the pages of law books – it actually means carriers need to secure their networks, the FCC has huffed.…

Bank Info Security 1 year, 6 months ago

Biotech Firm to Pay $7.5M to Settle Lawsuit in 2023 Hack

Enzo Biochem Previously Paid Three States $4.5M in Fines for Same BreachBiotech firm Enzo Biochem has agreed to pay $7.5 million to settle a consolidated proposed class action lawsuit involving a 2023 ransomware attack affecting 2.5 million people. The company has already paid $4.5 million in fines to three state attorneys general for the same incident.

Also: Bringing AML and Fraud Programs Together; the Global AI Arms RaceIn this week's update, ISMG editors discussed a U.K. proposal to mandate ransomware payment reporting, tackling financial crime by bringing together fraud and AML teams, and the global AI arms race as countries compete to lead innovation while balancing regulation and ethics.

Department of Treasury Imposes SanctionsThe U.S. federal government said Friday it's traced the source of Chinese hacker intrusions into telecom networks to a government contractor located in hacking hotbed Sichuan. The Department of Treasury imposed sanctions on the firm, Sichuan Juxinhe Network Technology.

With Biden reportedly planning to skirt enforcement and kick the can to Trump, this saga might still not be over The US Supreme Court has upheld a law requiring TikTok to either divest from its Chinese parent company ByteDance or face a ban in the United States. The decision eliminates the final legal obstacle to the federal government forcing a shutdown of the platform on January 19.…

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