At a glance.
- Palo Alto Networks acquiring Cider Security.
- OpsHelm emerges from stealth.
- Layoffs continue throughout Big Tech.
- The FTX fiasco and the crypto market.
Mergers and acquisitions.
Palo Alto Networks has announced that it has signed a definitive agreement to acquire application and software supply chain security provider Cider Security. "We designed an AppSec platform that allows engineering to continue to move fast, without making compromises on security. It's only fitting that we join Palo Alto Networks, a company built upon landmark cybersecurity 'firsts'. There couldn't be a better fit for Cider," said Guy Flechter, CEO at Cider Security.
Investments and exits.
Automated security remediation provider OpsHelm has emerged from stealth after an April funding round from Fika Ventures, Garuda Ventures, Community Access Fund, and angel investors Patrick Thompson and Andrew Peterson. "Existing players in the market require customers to develop their own security remediation, and this is often where teams get stuck. Companies, regardless of size or maturity, struggle to keep up with the amount of work required to maintain a secure cloud environment. That's where we come in. OpsHelm automates every step of the process, including the last mile for cloud infrastructure bugs, dramatically improving the customer experience. We make an organization's cloud environment secure by default, and reduce the burden felt by both security and ops teams,” said Bill Gambardella, CEO and co-founder of OpsHelm.
Oomnitza has released a survey based on research conducted by YouGov on the state of offboarding. The research revealed that nearly half of the IT leadership surveyed believe that onboarding and offboarding are not effectively automated. 27% of those surveyed reported losses of over 10% of their technology assets, with 42% experiencing more than 5% of unauthorized access to SaaS applications and cloud resources.
Moody’s Investors Service released their Healthcare Quarterly which focuses on cyber risk to the healthcare industry. Their report categorizes not-for-profit and public healthcare as “Very High” for risks as compared to other sectors. Healthcare services were assessed at a “High” risk categorization, as there is access to sensitive patient information and digitization risks. Health insurers are a major target for cyberattacks, as they contain a multitude of medical histories, personal information, and financial data.
Layoffs continue throughout Big Tech.
Big Tech continues to see layoffs throughout the industry this week. The New York Times reports that some people close to Twitter say that internal estimates showed the resignation of 1,200 full-time employees last Thursday amidst the chaos with Elon Musk. Amazon CEO Andy Jassy has said that layoffs will continue into 2023, CNBC reports, with the aim to lay off about 10,000 employees, said a person familiar with the situation. The Information reports that managers at Google have been asked to categorize about 6% of employees, or 10,000 people, as “low performers” with reference to their business impact, said people with knowledge of the system.
The FTX fiasco and the crypto market.
The recent collapse, bankruptcy, and compromise of the cryptocurrency exchange FTX has been making major news headlines in recent weeks. Yesterday, AP News reported that lawyers for FTX revealed that a “substantial amount” of assets has been stolen from FTX accounts. Following the collapse, reports say that hundreds of millions of dollars of cryptocurrencies were moved out of FTX’s accounts into other cryptocurrency wallets. While there is suspicion that the Bahamian government, where FTX is based, may have taken some of the funds, it appears that the majority have moved through different wallets in a fashion that insinuates crypto “money laundering.”
“This company was run by inexperienced, unsophisticated and potentially personally compromised individuals. It is one of the most abrupt and difficult company collapses in the history of corporate America,” said partner with Sullivan & Cromwell, the law firm hired by FTX’s debt holders, James Bromley.
The impact of the collapse on the crypto market has been noticeable. The Register reported last week that “somewhere between 73 and 81 percent of retail Bitcoin buyers are likely to be into the negative on their investment,” according to research conducted by the Bank of International Settlements (BIS). The Atlantic Council offers their recommendations for preventing an implosion similar to FTX’s in the future. The first step is to have financial regulators and industry leaders implement “proof of reserves,” requiring large, centralized exchanges and custodians prove and document their assets and liabilities, preventing them from secretly using customer funds in risky investments.