At a glance.
- Coping with Silicon Valley Bank's collapse.
- BatLoader's abuse of Google Search Ads.
- More on Emotet’s re-emergence.
- Medusa rising.
- Not a remote access tool, but malware.
- DDoS apart, all remains more-or-less quiet on the cyber front.
Coping with Silicon Valley Bank's collapse.
A run on the bank drove Silicon Valley Bank (SVB) into insolvency. The failure hit the tech sector (and the cybersecurity sector) hard, especially its venture-backed start-ups, hard. Just before noon on Friday the US Federal Deposit Insurance Corporation (FDIC) closed SVB, placed it in receivership, and began working to find buyers for the failed bank. Federal regulators worked over the weekend to control the damage. It is, as the AP puts it, “the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.”
The US Department of the Treasury, the FDIC, and the Federal Reserve announced late Sunday that the government had decided to take extraordinary measures to protect depositors: “After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13." A comparable arrangement has been reached for SVB's British unit, Silicon Valley Bank UK. Reuters reports that HSBC UK Bank early this morning agreed to acquire SVB UK for £1 ($1.21). For more on the situation of Silicon Valley Bank, see CyberWire Pro.