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Hackers leak data of 32,826 Accenture employees

  • Breach is particularly concerning as it involves a third-party firm, indicating the growing vulnerability of organisations to external threats beyond their direct control.

The recent data breach at Accenture, a global IT services giant, serves as a stark reminder of the increasing cybersecurity threats facing even the most prominent organisations.

According to reports, a hacker known as “888” has claimed to have extracted the contact details of 32,826 current and former Accenture employees, a significant portion of the company’s global workforce of approximately 742,000 employees.

This breach is particularly concerning as it involves a third-party firm, indicating the growing vulnerability of organisations to external threats beyond their direct control. The incident underscores the need for companies to exercise heightened vigilance in assessing and mitigating risks posed by their third-party partners and suppliers.

Accenture’s history with cybersecurity incidents further emphasises the persistent nature of these threats.

 In 2021, the company confirmed a data breach involving the Lockbit ransomware gang, highlighting the persistent and evolving nature of cyber threats.

As a leader in the IT services industry, Accenture’s experience with these incidents serves as a cautionary tale for other organisations, underscoring the critical importance of robust cybersecurity measures and comprehensive risk management strategies.

Growing prevalence of third-party breaches

The Accenture data breach also shines a spotlight on the growing prevalence of third-party data breaches, which have become a significant cybersecurity concern in recent years.

High-profile incidents involving companies like Ticketmaster, American Express, and Santander Bank have demonstrated the far-reaching consequences of vulnerabilities in third-party platforms and vendors.

As the digital landscape continues to evolve, organisations must prioritise the strengthening of their cybersecurity resilience. This includes thorough due diligence on third-party partners, implementation of advanced security technologies, and the adoption of comprehensive employee training programmes to raise awareness and mitigate the risks of data breaches.

Biden set to ban Kaspersky Lab’s antivirus software in US

  • Seeks to maintain pressure on Moscow amidst the ongoing conflict in Ukraine and the depletion of fresh sanctions that can be imposed on Russia.

The Biden administration is likely to prohibit the sale of Kaspersky Lab’s antivirus software in the United States on concerns over the potential cybersecurity risks posed by the company’s close ties to the Russian government.

According to Reuters, the administration has found that Kaspersky’s software, which enjoys privileged access to computer systems, could allow it to steal sensitive information, install malware, or withhold critical updates, thereby endangering critical infrastructure providers and state and local governments that utilise the company’s products.

The sweeping new rule, enabled by the broad powers granted under the Trump administration, will be coupled with the addition of Kaspersky to a trade restriction list, effectively barring US  suppliers from selling to the company.

The move is expected to deal a significant blow to Kaspersky’s reputation and potentially hamper its overseas sales.

Fresh sanctions

The administration’s actions demonstrate its commitment to protecting American interests and mitigating the risks of potential Russian cyberattacks stemming from Kaspersky software.

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The decision to restrict the use of Kaspersky products comes as the United States seeks to maintain pressure on Moscow amidst the ongoing conflict in Ukraine and the depletion of fresh sanctions that can be imposed on Russia.

The new tools employed by the Biden administration, which allow for the banning or restriction of transactions between US firms and technology companies from “foreign adversary” nations like Russia and China, remain largely untested.

However, the administration’s willingness to utilise these powers in the case of Kaspersky underscores the gravity of the perceived threat and the government’s determination to safeguard American cybersecurity.

Proactive approach

Kaspersky has been in regulators’ crosshairs. In 2017, the Department of Homeland Security banned its flagship antivirus product from federal networks, alleging ties to Russian intelligence and noting Russian law lets intelligence agencies compel assistance from Kaspersky and intercept communications using Russian networks.

 The US government had privately warned some American companies the day after Russia invaded Ukraine in February 2022 that Moscow could manipulate software designed by Kaspersky to cause harm.

The administration’s proactive approach in addressing the Kaspersky issue demonstrates its commitment to maintaining the integrity of American computer systems and protecting critical infrastructure from potential threats.

Sellers and resellers, under the new rules who violate the restrictions, will face fines from the Commerce Department. If someone willfully violates the prohibition, the Justice Department can bring a criminal case.

Researchers uncover a scaling law for object recognition in AI world

  • Scaling law demonstrates how the identification error rate of such networks increases with the number of required recognisable objects
  • Research provides a crucial foundation for the development of more robust and responsive AI technologies.

The real world presents a myriad of challenges for artificial intelligence (AI) systems, and one of the most pressing is the requirement that machines be able to recognise and quickly learn new objects that they have not encountered before.

An AI system that is robust to changes and can quickly adapt to a dynamic reality would be invaluable, whether it’s a robot recognising new products at a grocery store or a self-driving car interacting with novel road signs or objects in its environment.

Researchers at Bar-Ilan University have made a significant breakthrough in understanding how artificial neural networks handle an increasing number of categories for identification.

They have uncovered a new universal law, known as the scaling law, which demonstrates how the identification error rate of such networks increases with the number of required recognisable objects.

Importantly, this scaling law was found to govern both shallow and deep neural network architectures, indicating that shallow networks, similar to the brain, can mimic the functionality of deeper ones.

The finding suggests that a shallow, wide architecture can perform just as well as a deep, narrow one; much like a wide, low-rise building can house the same number of inhabitants as a narrow skyscraper.

Practical implications

Ella Koresh, an undergraduate student and a key contributor to the research, highlights the practical implications of this discovery.

“This is a significant advancement because one of the most critical aspects of deep learning is latency – the time it takes for the network to process and identify an object. As networks become deeper, latency increases, leading to delays in the model’s response, while shallow brain-inspired networks have lower latency and faster response.”

Reducing the latency of AI systems holds profound implications for real-time decision-making processes. In scenarios where the number of labels is dynamic, such as in self-driving cars or robots navigating novel environments, the scaling law introduced in this research becomes vital.

By understanding the relationship between the number of recognisable objects and the identification error rate, developers can design more efficient and responsive AI systems capable of adapting to changing conditions.

The study, published in the journal Physica A, was led by Prof. Ido Kanter from Bar-Ilan University’s Department of Physics and Gonda (Goldschmied) Multidisciplinary Brain Research Centre.

Digital burnout: Understanding the link between technology and stress

  • Need of the hour is to set boundaries when it comes to how much time to spend on digital devices.

As someone who works in the digital world, I am all too familiar with the toll technology can take. It’s a constant issue I see with my clients and colleagues.

The barrage of notifications, the pressure to reply instantly, and the endless scroll of social media information overload us all and can be detrimental to our mental health.

In fact, ‘digital burnout’ is more widespread than ever, with a significant rise likely due to the pandemic years, often blurring the lines between our personal and professional lives.

What is digital burnout?

Digital burnout is the mental and emotional exhaustion caused by spending excessive time on digital devices and online activities. Fatigue, anxiety, disengagement, and apathy are all symptoms of this, but it can also prompt physical effects like chest pains and long-term sickness.

During the workday, for example, our brains are constantly bombarded as we flit between tasks across multiple devices. This creates a state of urgency and fuels our adrenaline.

We’re ‘always on’, whether that’s attending Zoom calls, responding to emails and messages, or keeping up with industry news on social media. Switching off just isn’t easy in our hyper-connected age.

Searching for dopamine

Have you ever reached for your phone on autopilot, clicked on an app, and suddenly found yourself mindlessly scrolling for what feels like hours? You’re not alone.

According to a McKinsey Health Institute Survey in 2023, over one-third of Gen Z respondents said they spend more than two hours each day on social media sites.

 However, Millennials take the crown for most active users, with 32 per cent stating they post either daily or multiple times a day.  This constant social media engagement fuels our desire for dopamine, the neurotransmitter associated with pleasure and reward.

Social media platforms like TikTok, Instagram, and Facebook are designed to be dopamine factories.  “Likes,” notifications, and new content alerts all create a sense of anticipation and reward, keeping us glued to our screens. 

This triggers a ‘dopamine loop’ where the initial pleasure of social media use fuels the desire for more, leading to compulsive checking.

As Anna Lembke explains in her New York Times Bestseller, ‘Dopamine Nation,’ these platforms tap into our intrinsic need to connect with other humans. But by manipulating our dopamine pathways, they can turn this healthy desire into an unhealthy dependence.

Tips to reduce your screen time

We should all set boundaries when it comes to how much time we spend on digital devices and here’s how:

Set boundaries: Setting some solid rules around phone usage is a practice many people could benefit from. Whether it is leaving your phone in a different room at night and using an old-fashioned alarm clock to wake you up in the morning or experimenting with setting time limits for social media use (a good starting point might be 30 minutes or an hour). Frequent breaks are the key to cutting down on the amount of mindless content you might be absorbing. 

Curate your feed: Have a look at who you are following, who is following you and what you are seeing on your ‘Explore’ page. You can control all of these facets easily and sometimes, a clear-out of uninspiring follows is a great mental refresh. Remember you can also select a ‘close friends’ list on Instagram and choose who to share your content with.

Elminate distractions: While we would probably all love to switch our phones off for a few hours or even days, it’s not realistic when we rely on our devices for so much of our lives. Instead, you can use tools such as ‘Focus Mode’ on the iPhone which allows you to disable certain functionalities at different times of the day.

With social media, there are a whole host of settings you can change to streamline what you see and have access to. This includes limiting direct messages from strangers, and managing notifications for likes and comments, or even considers turning them off entirely for a more drastic approach.

In the workplace: If you work from home, even if it’s only for part of the week, take a critical look at your work-life balance. If it doesn’t feel right, speak to your manager and see how you can improve the situation.

Remember, reaching the point of digital burnout can be detrimental to your well-being. Mental health is extremely important, and any good manager will be happy to help you manage your time and stress levels more effectively.

You can also speak to a professional such as a doctor or psychologist to discuss any concerns and check up on your overall wellbeing.

As a CEO, I believe it is incredibly important to lead by example. I want my team to enjoy their time away from work in the evenings and weekends and to be able to switch off. I strive to model this behaviour in everything I do. It’s mainly about offering autonomy – empowering our employees with a degree of flexibility and ownership over their work.

For instance, we offer flexible work schedules and trust employees to manage their workload effectively. We also value and support their boundaries by discussing clear ‘off-line’ hours, so they’re not expected to respond to emails after a certain time.

Across society, whether in the workplace or at home, whether for children or adults, balanced tech usage is the key to preserving mental wellbeing. Take a few minutes today to change your settings, switch off or mute notifications, and you’ll instantly feel lighter.

  • Karl Escritt is the CEO of UK-based Like Digital & Partners.

OrbitShift bags $7m to spread wings into US

  • Platform can reduce research and sales planning time for enterprise clients by 40-50%, streamlining tasks such as client outreach, generating high-quality responses, and creating content for client meetings.

India’s AI-driven sales intelligence startup OrbitShift has secured a $7 million in a seed funding round, led by Peak XV Partners’ Surge scale-up program and Stellaris Venture Partners.

This is OrbitShift’s second institutional funding round, having previously raised $1.5 million in pre-seed funding in 2023 from Stellaris Venture Partners and other angel investors, bringing the total amount of funds raised to $8.5 million.

Established in 2022, OrbitShift has quickly emerged as a comprehensive platform designed to empower the entire sales ecosystem, catering to technology and IT services firms across the US, European Union, and Asia Pacific regions.

The platform leverages specialised models and extensive language models to provide pre-sales, sales operations, and marketing insights, enabling clients to streamline their processes and enhance productivity.

With the newly acquired funds, OrbitShift aims to amplify its presence in the US market, bolstering its investments in technology and product development.

Phenomenal traction

The company’s co-founder and chief executive, Saurabh Mishra, expressed enthusiasm about the “phenomenal traction” the platform has witnessed over the past 18 months, with some of the industry’s leading organizations as its clients.

Alok Goyal, a partner at Stellaris Venture Partners, highlighted the significant impact that AI can have on large enterprises and their customers, but noted the challenges in meeting the high bar for accuracy required in such applications.

“OrbitShift’s ability to address these challenges has earned the trust of investors, who believe in the company’s potential to reshape enterprise processes through innovative AI solutions.”

According to the company, OrbitShift’s platform can reduce research and sales planning time for enterprise clients by 40-50 per cent, streamlining tasks such as client outreach, generating high-quality responses, and creating content for client meetings.

The efficiency boost not only improves productivity but also strengthens client relationships, a key driver of the platform’s growing popularity.

The investment from Peak XV Partners’ Surge program, which has previously backed deeptech startups in the manufacturing and AI space, further validates OrbitShift’s positioning as a disruptive force in the sales intelligence landscape. As the company continues to expand its footprint and diversify its product offerings, it stands poised to redefine the way enterprises leverage AI to optimise their sales and marketing strategies.

Binance to pay Rs18.82cr fine to restart operations in India

  • Binance’s fine in India serves as a stark reminder that even prominent blockchain and cryptocurrency platforms are not immune to regulatory consequences.
  • Maintaining a strong compliance culture and proactively addressing regulatory requirements is essential for any cryptocurrency business aiming to thrive in the global market.

In a recent development, the leading blockchain and cryptocurrency platform, Binance, has been ordered to pay a hefty fine of Rs18.82 crore to the Financial Intelligence Unit (FIU) in India to restart operations.

The penalty comes as a result of Binance’s violation of the country’s domestic anti-money laundering regulations, leading to its temporary suspension from operating in the Indian market in December 2023, along with eight other offshore exchanges.

The FIU’s notification emphasises that the charges against Binance were substantiated after considering the company’s written and oral subsissions.

Furthermore, the FIU has issued specific directions to Binance, mandating the company to ensure diligent compliance with the obligations outlined in the Prevention of Money Laundering Act (PMLA) of 2002 and the PMLA Maintenance of Record Rules of 2005. These regulations are designed to prevent money laundering activities and combat the financing of terrorism.

Regulatory scrutiny

The incident serves as a cautionary tale for cryptocurrency platforms operating in India. The crackdown by the FIU on offshore crypto exchanges, including Binance, highlights the importance of adhering to local regulations and registering with the appropriate authorities.

Rival crypto exchange KuCoin, on the other hand, managed to become fully operational in the country after paying a significantly lower fine of Rs34.5 lakh.

KuCoin re-entered India in March while OKX decided to discontinue its services in India from April 30.

The regulatory scrutiny on Binance underscores the need for cryptocurrency companies to prioritise compliance and work closely with financial authorities to ensure they are operating within the legal framework.

As the cryptocurrency market continues to evolve, it is crucial for industry players to stay informed about the evolving regulatory landscape and adapt their practices accordingly.

Dominant player

The crypto landscape has witnessed a remarkable transformation in recent years, with Binance emerging as a dominant player in the industry.

According to media reports, prior to the recent blocking, Binance accounted for nearly 90 per cent of the estimated $4 billion crypto holdings of Indian investors. Globally, the exchange has solidified its position, commanding over 49.7 per cent market share in the first quarter of 2024, as per CoinGecko data.

Binance’s remarkable success in the Indian market can be attributed to several factors. The platform’s user-friendly interface, wide range of digital assets, and competitive trading fees has made it a go-to destination for Indian crypto enthusiasts.