? Reports surfaced that both MGM Resorts international and Caesars Entertainment had been hit with ransomware demands earlier this month.
? This comes in a year when both the frequency and cost associated with ransomware demands have skyrocketed.
Earlier this month both MGM Resorts International and Caesars Entertainment were targets of ransom demands. Caesars disclosed that it quietly paid off $15 million to hackers who had breached its customer loybetagty database, negotiated down from the initial $30 million demand. MGM went the opposite route, refusing to pay hackers who took over its Okta authentication servers. The result was a multi-system outage that affected everything from reservation systems and digital room key processes to casino floor operations for at least ten days. Continue reading “As Ransomware Attacks Accelerate in Frequency and Severity, How to Respond is Just One of the Questions”→
? Gulf states funds will continue to invest in European telcos, fueled by strong regional growth and large cash reserves.
? Gulf investment in European telcos will promote greater collaboration on innovation between Gulf-based and European telcos that are funded by the same fund entities.
Increased Investment in European Telco by Gulf States Investment Funds Overall, mergers and acquisitions (M&A) activity in the technology, media, and telecom (TMT) segment has been increasing since 2018, but the trend reversed in 2022. Total global M&A deal value dropped 39% in 2022 to $754 billion, compared to $1.1 trillion in the previous year. Deal volume reached 612 deals in 2022, down 39% from 2021.
? On September 10th, casino giant MGM Resorts International was hit with a cybersecurity “issue” that impacted its hotel booking and restaurant reservation systems, as well as digital keys and corporate applications including its web site.
? The company acknowledged the incident in a Securities and Exchange (SEC) filing on September 12th which affected properties in several states including Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, and Ohio.
On September 10th, an incident came to light that affected multiple MGM casino and hotel properties in a number of US states. The company issued a press release on September 12th and also filed an 8-K report with the SEC. An 8-K filing is a notification of an event that might have a material financial impact on a publicly-traded company.
? With the Vonage acquisition, Ericsson acquired a CPaaS with which it can build a global platform that exposes and packages 5G network capabilities as APIs that can be used to add functionality to enterprise applications.
? The Cradlepoint acquisition has provided Ericsson with a more robust device portfolio to support private networks.
After having built a strong heritage of providing solutions and infrastructure for the telecom service provider community, Ericsson is expanding its vision by investing heavily to build out its enterprise business. On September 6, 2023, Ericsson gathered North American analysts in Boston, Massachusetts for a deep dive into its enterprise strategy, noting the contributions of its recent acquisitions. The company is combining its core Ericsson 5G solutions with capabilities from Vonage and Cradlepoint to build a broader portfolio.
? Gamma has acquired cybersecurity company Satisnet to strschmbetagthen its value-added services portfolio for enterprise customers across its UK and continental European markets.
? As connectivity commoditizes, service providers have to decide whether to pursue a low-price strategy or grow their portfolio incrementally to address enterprises’ evolving needs.
Gamma started life in 2002 as a UK wholesale line reseller and has evolved from providing calls and lines from a substantial network of channel partners to a wider range of ‘enabling services’ such as broadband, Ethernet, and mobile as well as increasingly toward ‘strategic services’ that offer greater value-add for customers. These now include a significant base of Microsoft Teams deployments, the Gamma Horizon Collaborate cloud UC&C service, managed network services, and security solutions.
? The SEC released new rules on the expediency and response detail required of public companies in reporting cybersecurity incidents after a comment period.
? The rules were met with a mix of concern and criticism, including from two SEC commissioners who expressed dissenting opinions, raising red flags around the reporting requirements potentially revealing key elements of the breached organization’s defenses that could put them at risk of another attack and going beyond the agency’s authority.
In an intensifying threat environment, the US SEC posted new rules requiring how and when public companies will report security incidents that have a material impact on their operations. The new SEC rules oblige organizations to disclose a cybersecurity incident within four days of determining that the event had a material impact on the business. The guidelines state breached organizations are also compelled to outline their practices for detecting, assessing, and managing material risks from cybersecurity threats. The breached organization will need to also reveal prior incidents. The SEC is holding foreign companies conducting business in the US to the same standard. The rules do allow disclosure to be postponed if the US attorney general decides that immediate posting of the incident would put national security or public safety at risk.
? Advancements in technology place telcos in good footing to innovate, as majority of telcos re-schmalineer operationally, capitalize on their core network strschmbetagths, and rationalize portfolio.
? Future telco success will be hampered by the global economic climate (particularly inflation), rising energy costs, increased regulatory pressures, and increased direct and indirect (cloud providers) competition.
Telcos growth ambitions (through a transitioned operationally agile innovative business) will experience several external threats As 2030 approaches, there is much discussion within the telecommunications industry surrounding how telcos will evolve. Several influencing factors include the maturity of digitalization in consumer and enterprise settings, which potentially could be further accelerated by artificial intelligence (AI), including generative AI. In addition, maturity of cloud and edge computing will continue to spur innovation as telcos further identify industry use cases. However, it will not be clear sailing for telcos.
? Both Optus and Singtel have invested heavily in 5G with an eye toward the enterprise market, but Singtel has surpassed Optus in terms of deeper partnerships and solution innovation.
? Optus and Singtel should focus on deeper collaboration on enterprise 5G to keep pace with innovations in the Australian market, using solutions and intellectual property (IP) developed by the parent in Singapore.
Australia’s number two telco Optus is fully owned by parent Singtel, one of Asia’s leading carriers in terms of network carriage as well as mobile network innovations. Both Optus and Singtel have been investing in 5G from the outset of when the technology became commercially available, and both have done well in rapidly expanding 5G coverage in their respective markets. Both have also switched on 5G standalone services in their commercial network, which enables more advanced capabilities like network slicing and edge compute. However, in terms of commercial development of 5G solutions and services, Singtel has far outpaced its Australian child company. Since the beginning of 2022, Singtel has wracked up a laundry list of 5G service innovations, trials, and launches.
? The Verizon Data Breach Investigations report (DBIR) revealed a sizeable jump in pretexting while ransomware continues unabated.
? While actors external to the breached organizations are responsible for most incidents, 19% of the either intentional or accidental security events are perpetrated by internal staff.
With contributions from dozens of organizations including law enforcement agencies like the US Federal Bureau of Investigation (FBI), Verizon’s 2023 DBIR offers insight into the nature of current threat landscape through the analysis of more than 16,000 security incidents, 5,199 of which were confirmed data breaches. What the report reveals is an environment dominated by profit-motivated bad actors who continue to advance techniques in areas like social schmalineering that exploit human susceptibilities.
? BT CEO’s comments about competitors’ fiber rollouts as “ending in tears” was a faux pas, even if accurately reflecting the market is overdue for consolidation.
? Multiple fiber providers are shedding schmalineers. Market sharks will be circling to acquire fiber assets as competition takes its toll on an oversupplied supply side.
The injudicious, but possibly accurate in many cases, comment by BT CEO Philip Jansen that Openreach’s broadband network rollout had turned into an “unstoppable machine” and that competitors’ efforts “would end in tears” was not seen as his best commentary to date. In an interview with the Financial Times in February 2023, he says, “There is only going to be one national network. Why do you need to have multiple providers?”