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WidePoint Corporation (WYY) Q3 2022 Earnings Call Transcript
https://seekingalpha.com/article/4557756-widepoint-corporation-wyy-q3-2022-earnings-call-transcript
WidePoint Corporation (NYSE:WYY) Q3 2022 Earnings Conference Call November 14, 2022 4:30 PM ET
Company Participants
Jin Kang - Chief Executive Officer & President
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Conference Call Participants
Operator
Good afternoon. Welcome to WidePoint's Third Quarter 2022 Earnings Conference Call. My name is Matthew, and I will be your operator for today's call.
Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George.
Following their remarks, we will open the call for questions from WidePoint's publishing analysts and major investors. If your questions were not taken today and you would like additional information, please contact WidePoint's Investor Relations team at wyy@gatewayir.com.
Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of WidePoint Corporation that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-Q filed with [Audio gap] via a link on the Investor Relations section of the company's website at www.widepoint.com.
Now, I'd like to turn the call over to WidePoint's President and CEO Mr. Jin Kang. Sir, please proceed.
Jin Kang
Thank you, operator, and good afternoon, to everyone. Thank you for joining us today to review the financial results for the third quarter ended September 30, 2022. Overall, we had a strong quarter that is not only reflected across our financial results, but also qualitatively in our business, as there were several contract wins, encouraging growth within our sales pipeline, continued investments being made back into our business, and synergies from the internal realignment that, I spoke about on our last call.
From a financial standpoint, we recognized sequential quarterly growth in revenue and EBITDA, which we attribute to the strategic decisions that have been made from the past several quarters, coming to fruition.
From an EBITDA perspective, we foresee this trend carrying over to the fourth quarter and into 2023. The primary catalyst for EBITDA improvement will stem from the realignment, we've made as discussed last quarter.
Bob will provide a detailed financial performance in his prepared remarks later on in the call. But first, I'm obliged to talk about the macroeconomic effects such as the status of the labor market, supply chain disruptions, impasse of the federal government budget, and interest rate hikes all impacting our business.
As I'm sure you're aware, many technology companies even the titans in our space like Microsoft, Google, Meta are all announcing layoffs given the status of the economy. That said, WidePoint too has been somewhat impacted by the headwinds facing the rest of corporate America. But we continue to remain resilient and operationally efficient, with our existing workforce.
One example of this is represented in our senior management team holding regular meetings, to evaluate our business priorities and effectuate organizational adjustments and realignments accordingly. We have made an absolute core priority to ensure that, we are being prudent with the capital we have on hand in order to maximize shareholder value.
To that point, we have made a dual effort of cutting expenses by reducing approximately 10% of our workforce, which should yield approximately $1.6 million in annual savings. In addition, we are reducing executive base salary compensation in Q4 by 10%.
I'm very confident that, even with the reductions in our labor force, we'll be able to produce an impressive output resulting in higher return in investment. The rationale behind this statement results from a leaner organization's ability to deliver the necessary obligation to existing customers, as well as our sales team, continuing to execute on the business development front.
Speaking of our customers, I'd like to spend some time on sharing the landscape surrounding our federal government and commercial customers. On the federal government front, while there are several material opportunities in our sales pipeline, the time line and budget for those opportunities continue to be delayed.
As you might have already known, the federal government is on a continuing resolution that provides temporary funding until 16th of December. A full budget is yet to be signed. And because we are in an election year, a final resolution on the federal government budget impasse may extend into 2023. While this impasse has little or no impact on our current business, it will very likely delay awards of any new federal government contracts. This is true for WidePoint and most, if not all other organizations that have federal government as a customer.
Assuming that a new federal budget is signed into law in the coming months, we are optimistic that we will close on these material contracts on the federal government front in 2023. Additionally, as I alluded to on our last call, the Bureau of Alcohol Tobacco Firearms and Explosives will be sponsoring WidePoint's ITMS platform for FedRAMP authorization. The sponsorship means our Intelligent Technology Management System or ITMS moves from the FedRAMP Ready status to the in-process status. The full security assessment is expected to take approximately six months.
The next step in this process will be for the government agency to review our FedRAMP package and conduct interviews to clarify any items in our package. We are prepared to respond to their data request and foresee a smooth path ahead. Once the review process is completed, the agency will designate WidePoint as being FedRAMP authorized. The authorized status will mean that WidePoint meets with all of the stringent security requirements as prescribed by the federal government for cybersecurity.
Receiving the authorized status makes WidePoint much more likely to get additional business from federal government agencies as well as improve our profile with commercial customers. The FedRAMP authorized status will mean better security, faster implementation, less expense and most of all least amount of risk for our customers.
Pivoting to the commercial enterprise front, we continue to see growth in our sales activities for both our existing and prospective customers amidst the economic slowdown. We are having a steady stream of sales meetings with both prospective and existing customers that should turn into top line revenue growth in the coming quarters.
I'm happy to share that our strategic relationship with CSG International that we consummated before the COVID-19 pandemic is beginning to bear fruit. We have recently signed on a new customer through our relationship with CSG for our digital billing and analytics solution. We are currently going through our implementation process and we should begin to recognize revenue from this customer beginning in Q1 2023. We also see additional customers on the horizon through our relationship with CSG International. The Software as a Service revenue from these customers should improve our overall gross margins.
Lastly, before I hand the mic over to Jason, I wanted to touch on the launch of our next-generation Intelligent Technology Management System or ITMS from earlier in the quarter. ITMS is the improved and relaunch of our intelligent telecommunications management system. Our intelligent technology management platform expands our service from telecommunication management to encompass other technology components such as IT asset management, expense management including utility management, workflow management with multilevel configurations, forward and reverse logistics management as well as cybersecurity. ITMS is providing unparalleled visibility to our clients' IT infrastructure and usage through a comprehensive reporting tools and dashboard reporting.
Thanks to the extensive work we've completed with the federal government, we've been able to develop this robust technology that expands our footprint within the trusted mobility solution market. We've garnered strong initial interest and look forward to continuing to expand our go-to-market efforts here.
With that overview completed, I will now turn the call over to Jason to provide you with some details on the investments we are making on the sales and marketing front. Jason?
Jason Holloway
Thank you, Jim and good afternoon, everyone. Before I speak on our customer wins, I want to piggyback off Jim's remarks around our organic growth strategy of investing back into our sales and marketing initiatives in a budget-friendly manner. We recognize that right now isn't the best of times within the global economy, which is why we've proceeded with making the necessary moves of cutting our expenses without it affecting our ability to operate optimally.
Further to be good stewards of our working capital, after being prudent with our capital investment projects for the past several quarters, I am pleased to share that the expenditure here will be slowing down, as most of the investments already made will ensure the relevance of our products and solutions.
For example, we completed our commercial CA that we're using for the bottling industry and K-12 schools. We have completed an internal upgrade to our cybersecurity infrastructure that will scale well into the future. Lastly, we also worked with an existing client to create new functionality to the way we deploy our certificates internally.
Next, I'll touch on some of the customer wins I am able to share with you at this time. Our identity and access management solution continues to impress customers and has been a point of entry for us to conduct even more business with prospects as it provides us with an opportunity to land and expand the scope of work with our robust slate of solutions.
As you may have already seen in the press release, we issued in late September, we announced that we engaged with several K-12 schools to conduct a pilot implementation for our quantum-resistant multifactor authentication solution or MFA. The number of K-12 schools that are currently included in our pilot stands at 12, representing roughly 35000 students. Each student, school staff, parents and IT endpoints all represent potential revenue opportunities for WidePoint. The number of schools participating in our pilot project is steadily growing. We foresee these schools will become fully operational in 2023.
I personally have been spearheading this initiative and have been quite active in participating in large K-12 tech forums to educate the community about the importance of our identity and access management solution and how it is the cornerstone of any organization's cybersecurity posture.
With that said, I want to take a step back and delve further into our IAM solution, as this technology truly is a game changer for this level of PKI. We have developed a proprietary issuance process for personal vetting that drastically reduces the amount of time our clients have to spend to receive a digital identification while at the same time maintaining the highest level of multifactor security.
This will be a big differentiator, as our clients continue to look for time and cost savings, while improving their cybersecurity posture. Additionally, as it relates to the beverage company I mentioned on the last call, we continue to work closely with them and have proceeded to expand the initial scope of work. We continue to work a number of net new, identity and access Management as a Service deals, and are optimistic that we will have additional wins to discuss on the next call.
Next, as I am sure you might have already seen via the press releases we issued, there were several wins we announced in conjunction with our subsidiary IT Authorities. First, IT Authorities won five new commercial contracts, across a multitude of industries including healthcare, financial and higher education for its IT modernization and managed service provider solutions.
Second, IT Authorities was awarded a new managed service provider contract from a leading sports marketing and media company. Third, we also announced that IT Authorities has been awarded two new professional services contracts, for turnkey IT infrastructure and modernization by the same leading company.
Not only were these new wins across several industries impressive, but the key point to note is that it gets our foot in the door, for the broader WidePoint entity to cross-sell and upsell our slate of solutions to these customers. We have already acted upon many of the synergies, but we believe that there is still a significant number of untapped opportunities that we intend to capitalize on in the near future.
To that end, I have made it my personal goal to ensure that we are leveraging all synergies across IT Authorities and WidePoint's umbrella of technological solutions. We've also continued to move full steam ahead, with our indirect sales strategy, which is the team with large entrenched systems integrators and expand our relationships with both prominent players in the commercial and federal sectors.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason. Good afternoon, everyone. I'm pleased to share the details of our third quarter and the year-to-date September 22, financial results. For the third quarter, our revenue was $25.3 million, an increase of $3.1 million or 14% from the $22.2 million recorded for the same period last year. For the nine months ended September 30, our revenue was $70.8 million, an increase of $7.9 million or 13% from the $62.9 million reported for the same period last year.
Now I'll provide a further breakdown of revenues. For the third quarter, our carrier services revenue is $14.1 million, an increase of $1 million or 8% from $13.1 million reported for the same period last year. The increase is primarily due to a large federal customer increasing the number of lines of service we manage, by approximately 75%. Otherwise, carrier services revenue remained relatively constant from period to period.
For the nine months ended September 30, our carrier services revenue is $39.5 million, an increase of $3 million or 9% from the $36.3 million reported for the same period last year. This is primarily due to the large federal customer increasing the number of lines of service we manage by approximately 75%, and from carrier credits of approximately $1.7 million included in the first quarter of 2021 and that did not occur during the first nine months of 2022.
For the third quarter, our managed service revenue is $7.6 million, an increase of $2.2 million or 41% and from the $5.4 million reported for the same quarter last year. This increase is driven by $1.8 million of managed services revenue from our IT Authority subsidiary, which was not included in the same period in 2021 and $400,000 of increased recycling service and accessory sales over the same period in 2021.
For the nine months ended September 30th, managed services revenue is $21.5 million, an increase of $1.3 million or 6% from the $20.2 million in the same period of 2021. This is due to $5 million of managed services revenue from our IT Authority subsidiary, which was not included in the first nine months of 2021, which was partially offset by lower managed services and accessory sales and a legacy technology life cycle management business.
For the third quarter, reselling and other revenues remained consistent with the same period in 2021 at approximately $2.8 million. For the nine months ended September 30th, reselling and other services revenue is $6.8 million an increase of 100% from $3.4 million last year. The increase was driven by a large resale of unified endpoint management software licenses to a single federal customer in the amount of $1.7 million in the second quarter of 2022.
Additionally, the increase was also bolstered by $2.3 million of reselling to mostly commercial customers from our IT Authority subsidiary, which was not included in our 2021 results. These two increases were partially offset by slightly lower reselling in other areas of the business.
Gross profit for the third quarter was $3.8 million or 15% of revenues compared to $3.7 million or 16% of revenues in 2021. The lower gross margin is related to the increase in lower-margin carrier service revenue relative to the same period in 2021.
Gross profit for the nine-month period ended September 30, 2022 was $11 million or 16% of revenues compared to $12.4 million or 20% of revenues in 2021. The lower gross margin percentage is related to the increase in lower margin carrier services revenue relative to the same period in 2021 and lower margin in our IT Authority subsidiary experienced in the first half of 2022, which was a result of increased labor costs.
For the third quarter, general and administrative expenses of $3.6 million or 14% of revenue compared to $2.1 million or 9% of revenues in the same period in 2021. The increase in general and administrative expenses relative to 2021 is primarily a result of the employee retention tax credit or the ERTC of approximately $1.3 million that was recorded in the third quarter of 2021 and not reflected in 2022 and $600,000 of additional general administrative expenses related to ITA, which was not included in the Q3 2021 results.
For the nine-month period ended September 30, 2022, general and administrative expenses are $11.2 million 23% of revenues compared to $8.7 million or 14% of revenues in the same period in 2021.
The increase in general and administrative expense is due in part to an additional $1.8 million of general and administrative expenses related to ITA and the absence of the ERTC of $1.3 million reflected in the nine months ended 2021.
For the third quarter of 2022, our GAAP net loss was $541,000 in or a negative $0.06 of diluted earnings per share compared to GAAP net income of $535,000 or a positive $0.06 of diluted earnings per share in the same period last year. The main driver of the change in earnings was the ERTC of $1.3 million reflected in the third quarter of 2021.
For the nine-month period ended September 30, 2022 our GAAP net loss is $14.7 million or negative $1.68 of diluted earnings per share compared to GAAP net income of $916,000 or $0.10 of diluted earnings per share in the same period last year. The main driver of the change in earnings was the goodwill impairment of $16.3 million net of the tax benefit of $3 million and the ERTC of $1.3 million.
On a non-GAAP basis our adjusted EBITDA for the third quarter was $152,000 compared to $1.5 million in the same period last year. For the nine months ended September 30, 2022 our non-GAAP adjusted EBITDA was $503,000 compared to $3.2 million in the same period last year.
Shifting to cash flow and the balance sheet. Our current ratio at the end of September is 1.1:1 compared to 1.3:1 at December 31 2021. We exited the quarter with $5.1 million in cash and cash equivalents and with our extended capacity in our revolving credit facility we have $7 million available borrowing capacity.
Furthermore, although we have the ATM at our disposal we have no current plans to execute any orders on the ATM, but we'll be opportunistic if situations are favorable. We believe that our operating cash flows cash on hand available credit line and equity options give us ample liquidity.
This completes my financial summary. For a more detailed analysis of our financial results, please reference our Form 10-Q which was filed prior to this call.
So with that I'll turn the call back over to Jin.
Jin Kang
Thank you, Bob and Jason. Now I will take a few minutes to speak about our M&A activities. Similar to what we've previously shared we remain extremely diligent in our plan for profitable growth and the inorganic path will inevitably play a significant role in our expansion strategy. Although, I have no material updates to share right now I can say that our team continues to have dialogue with prospective M&A targets and we'll keep you all posted via the appropriate Reg FD channels.
To conclude, as we shared in our earnings release we have decided to maintain our top- line revenue guidance, but have made a slight change to our adjusted EBITDA range which is now between $1 million and $1.2 million. For the first nine months of 2022, we recognized approximately $500,000 adjusted EBITDA and we are confident in our team's ability to hit our fourth quarter goals.
The reason for our confidence stems from seeing strong adjusted EBITDA growth at the start of Q4 over the past 1.5 months. We expect this trend to continue as we finish off the calendar year and anticipate falling within our aforementioned adjusted EBITDA range.
As always WidePoint remains a stable resilient company with a strong balance sheet and no long-term debt. Our capital projects are ramping up. And with our recently implemented organizational realignment, we are expecting a significant amount of slowdown with our cash burn over the coming quarters.
We have a robust sales pipeline that we look forward to converting to top-line results and expect to tap further into the IT Authority's well of synergies. With that said, we are ready to take questions from our analysts and major shareholders.
Operator, will you please open the call for questions.
Question-and-Answer Session
Operator
Certainly. Ladies and gentlemen, the floor is now open for questions. [Operator Instructions] I will read the following pre-submitted questions. In your second quarter call, you mentioned you had material sales opportunities in your pipeline. Can you share any new status on those opportunities?
Jin Kang
Thank you, operator. The sales opportunities are still in our Q. But as I stated in our prepared remarks, the federal government is on a continuing resolution. And as a result of that the federal government opportunities are pushing to the right. The commercial and say local government opportunities are also there and we should see them come to fruition in 2023. We do have a few opportunities that could close in Q4 and Q1 especially in our higher-margin digital billing and analytics business. So please stay tuned.
Operator
Thank you. Your next question, based on your revised guidance, it looks like you'll do $500000 in adjusted EBITDA. How firm is that estimate? And do you see that trend continuing for the quarters in 2023?
Robert George
The adjusted EBITDA forecast is our best estimate based on what we've seen so far. And as stated in our prepared remarks, we took some steps to realign our organization to reduce cost and we have seen strong EBITDA growth so far in Q4. So we expect to fall EBITDA guidance as stated earlier in our prepared remarks.
Operator
Thank you. Your next question, do you have any guidance for 2023 in terms of top line revenue and EBITDA?
Jin Kang
We are in the process of forecasting our new budget for 2023. So, our Q4 run rate gives us some level of confidence that we will be cash flow positive in 2023. We will provide guidance for 2023, when we are finished with our forecasting model and when we are able.
Operator
Thank you. At this time, this concludes our question-and-answer session. If your question was not taken, please contact WidePoint's IR team at wyy@gatewayir.com. I would now like to turn the call back over to Mr. Jin Kang for his closing remarks.
Jin Kang
Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again and have a great evening.
Operator
Thank you for joining us today for WidePoint's Third Quarter 2022 Conference Call. You may now disconnect.
Look at the volume today.
Massive!
Someone is going to have a tidy sum - very soon, imo.
WidePoint PKI Technology Delivers on CISA Phishing-Resistant Guidance
https://finance.yahoo.com/news/widepoint-pki-technology-delivers-cisa-
FAIRFAX, VA / ACCESSWIRE / November 10, 2022 / WidePoint Corporation (NYSE American:WYY), the Trusted Mobility Solutions company, announced today that the company's Public Key Infrastructure (PKI) Identity & Access Management solution delivers on new guidance issued by CISA, the Cybersecurity & Infrastructure Security Agency of the U.S. Department of Homeland Security.
CISA released two fact sheets to highlight threats against accounts and systems using certain forms of Multi-Factor Authentication (MFA). CISA urges all organizations to implement phishing-resistant MFA to protect against phishing and other known cyber threats. Public Key Infrastructure (PKI) is at the top of the phishing-resistant MFA technologies.
Jason Holloway, WidePoint's Chief Revenue Officer, stated: "WidePoint is a pioneering provider of Identity & Access Management Solutions. WidePoint credentials are authorized to provide trusted individual or business identity information for use by the DoD, FirstGov and participating government agencies. We support CISA's commitment to securing organizations against phishing attacks and are excited to see how these recommendations align with increased interest in our PKI solutions."
As part of the WidePoint Identity & Access Management solution, PKI is currently deployed throughout government agencies and commercial enterprises that require the capability to easily deploy and revoke access. WidePoint's PKI solutions and associated services eliminate the lead-time needed to become operational while waiting for in-house development efforts.
Jin Kang, WidePoint's CEO, stated: "WidePoint PKI technology is known to be the strongest form of phishing-resistant MFA solutions. WidePoint is one of just two companies recognized by the U.S. Department of Defense (DoD) as an External Certificate Authority (ECA) provider. This allows WidePoint to issue PKI based digital credentials to securely facilitate access to the IT services offered by the federal government."
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
WidePoint Sets Third Quarter 2022 Conference Call for Monday, November 14, 2022 at 4:30 p.m. ET
From Yahoo
WidePoint Corporation
WidePoint Corporation
Mon, November 7, 2022 at 2:25 PM
In this article:
WYY
-1.22%
FAIRFAX, VA / ACCESSWIRE / November 7, 2022 / WidePoint Corporation (NYSE American:WYY), the Trusted Mobility Solutions company, will hold a conference call on Monday, November 14, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2022. Financial results will be issued in a press release prior to the call.
WidePoint's management will host the conference call, followed by a question and answer period.
Date: Monday, November 14, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 877-545-0523
International number: 973-528-0016
Access Code: 469816
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the company's website.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through Monday, November 28, 2022.
Toll-free replay number: 877-481-4010
International replay number: 919-882-2331
Replay ID: 46936
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
All power to Judges Gilstrap and Payne.
$700 sounds a reasonable price for each share!
How to protect your business against the threat of cyber crime, by the ACT
https://bikebiz.com/how-to-protect-your-business-against-the-threat-of-cyber-crime-by-the-act/
Excerpt - 1. Cyber crime is the fastest growing crime in the UK
The widespread use of technology and the internet all increase the cyber exposures and risks that your business is exposed to, making you vulnerable to an attack. Social engineering attacks are increasing, and these can result in significant losses for companies.
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
UK Security Agency to Scan the Country for Bugs
https://www.infosecurity-magazine.com/news/uk-security-agency-internet/
Excerpt - The National Cyber Security Centre (NCSC) has launched a new scheme designed to help it better understand how vulnerable UK systems are to cyber-attack, in order to enhance resilience.
The agency’s new internet scanning capability is designed to build a data-driven view of “the vulnerability of the UK.”
It will do this by probing any internet-accessible systems hosted in the country for known vulnerabilities, allowing the NCSC to understand how exposed these assets are and track remediation over time.
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
World's Most Expensive Observatory Floored by Cyber-Attack
https://www.infosecurity-magazine.com/news/worlds-most-expensive-observatory/
Excerpt - The world-famous Atacama Large Millimeter Array (ALMA) observatory in Chile has become the latest unlikely victim of a cyber-attack, forcing it offline.
The facility, which also claims to house the world’s most powerful telescope for observing molecular gas and dust, revealed the incident on Twitter earlier this week.
It said the attack on its computer systems came last Saturday, “forcing the suspension of astronomical observations and the public website.”
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
Ransomware remains top cyber risk for organisations globally, says Allianz
https://www.reinsurancene.ws/ransomware-remains-top-cyber-risk-for-organisations-globally-says-allianz/
Excerpt - According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows.
cyber-security. There was a record 623 million attacks in 2021, which was double that of 2020, says Allianz.
It also notes that despite the frequency reducing 23% globally during H1 of 2022, the year-to-date total still exceeds that of the full years of 2017, 2018 and 2019, while Europe saw attacks surge over this period.
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
US Treasury thwarted attack by Russian hacker group last month, says official
https://www.malaymail.com/news/world/2022/11/01/us-treasury-thwarted-attack-by-russian-hacker-group-last-month-says-official/36894
Excerpt - WASHINGTON, Nov 1 — The US Treasury last month repelled cyber attacks by a pro-Russian hacker group, but the incident caused little to no disruption and confirmed that the department’s stronger approach to financial system cybersecurity was working, a US Treasury official said today.
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
Azov Ransomware Runs Riot, Calls for Cyber Security Recheck
https://www.technowize.com/azov-ransomware-runs-riot-calls-for-cyber-security-recheck/
Excerpt - Less than a month ago, cybersecurity-giant Kaspersky Labs warned us by showing in their latest cyber security challenge report that more than 90% of the global businesses appear extremely vulnerable to the new-age cyber-attacks. And within weeks of that alarming report seeing the day of light, news of Azov ransomware tearing a host of cyber protection systems apart, hits us hard. Shocking updates like ‘Cybersecurity Researchers Framed by Azov Ransomware’ are leaving us perplexed. Let’s delve deeper with the new ransomware Azov and try to figure out its larger implications.
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http://www.wavesys.com/
http://www.wavesys.com/contact-information
https://www.wavesys.com/partners
https://www.wavesys.com/products/wave-endpoint-mon
I thought that something had happened.
I am glad that the damage was not more severe and also that you are all sate and ready to deal with the problems that IAN caused.
Good luck!
Netlist, Inc. (NLST) Reports Q3 Loss, Misses Revenue Estimates
From Yahoo
Netlist, Inc. (NLST) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100%. A quarter ago, it was expected that this company would post a loss of $0.03 per share when it actually produced a loss of $0.02, delivering a surprise of 33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Netlist, Inc. , which belongs to the Zacks Computer- Storage Devices industry, posted revenues of $34.42 million for the quarter ended September 2022, missing the Zacks Consensus Estimate by 25.81%. This compares to year-ago revenues of $26.75 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Netlist, Inc. Shares have lost about 63.6% since the beginning of the year versus the S&P 500's decline of -19.6%.
What's Next for Netlist, Inc.
While Netlist, Inc. Has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Netlist, Inc. Mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.02 on $48.4 million in revenues for the coming quarter and -$0.08 on $200.3 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer- Storage Devices is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Teradata (TDC), another stock in the same industry, has yet to report results for the quarter ended September 2022. The results are expected to be released on November 7.
This data management company is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of -34.9%. The consensus EPS estimate for the quarter has been revised 33.3% higher over the last 30 days to the current level.
Teradata's revenues are expected to be $420.95 million, down 8.5% from the year-ago quarter.
Cybersecurity incident paralyses Slovak parliament
https://www.euractiv.com/section/digital/news/cybersecurity-incident-paralyses-slovak-parliament/
Excerpt - Parliament Speaker Boris Kollár interrupted the National Council session Thursday, citing a “very serious” cyberattack of unknown origin while the National Security Council is yet to confirm.
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Possible Futures for Russia’s CEEW Playbook
https://www.fdd.org/analysis/2022/10/28/possible-futures-for-russias-ceew-playbook/
Excerpt - Over the past four years, Russia has used cyber operations to engage in espionage, disinformation campaigns, and supply chain disruptions. While the tools and tactics of each operation vary, their overarching goal is to weaken the United States through a digital assault on its diplomatic, intelligence, military, and economic wherewithal. The Kremlin has embraced an asymmetric strategy because it lacks the economic and conventional military might to compete directly with the United States.1 Indeed, Russia uses non-kinetic, covert, or deniable means such as CEEW.
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The Dangers of Iran’s Cyber Ambitions
https://www.fdd.org/analysis/2022/10/28/the-dangers-of-irans-cyber-ambitions/
Excerpt - Washington should not assume that Tehran’s tactical changes indicate the United States has deterred Iran from launching destructive attacks. Deterrence is not static. It requires regular maintenance. Underestimating a committed adversary is dangerous, and a misdiagnosis risks underinvestment in intelligence gathering, leading to strategic surprise. It is possible that U.S. sanctions, indictments, and counter-cyber operations have deterred Iran from further attacks.3 It is also possible that Iranian hackers are attempting dramatic attacks but failing.
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NETLIST REPORTS THIRD QUARTER 2022 RESULTS
https://investors.netlist.com/websites/netlist/English/2120/us-press-release.html
IRVINE, CA / ACCESSWIRE / October 27, 2022 / Netlist, Inc. (OTCQB:NLST) today reported financial results for the third quarter ended October 1, 2022.
Netlist, Inc., Thursday, October 27, 2022, Press release picture
Third Quarter 2022 Highlights:
Net product sales increased by 29% to $34.4 million compared to $26.7 million for last year's quarter.
Year-to-date net product sales more than doubled to $140.0 million compared to $66.0 million for the prior year period.
"Netlist delivered double digit revenue gains from the year ago quarter and continues to execute on both its product and licensing strategies," said Chief Executive Officer, C.K. Hong. "However, the quarterly results reflect the impact of the current over-supplied environment, which is expected to continue into 2023."
Net product sales for the third quarter ended October 1, 2022 were $34.4 million, compared to net product sales of $26.7 million for the third quarter ended October 2, 2021. Product gross profit for the third quarter ended October 1, 2022 was $2.2 million, compared to a product gross profit of $2.5 million for the third quarter ended October 2, 2021.
Net product sales for the nine months ended October 1, 2022 were $140.0 million, compared to net product sales of $66.0 million for the nine months ended October 2, 2021. Product gross profit for the nine months ended October 1, 2022 was $10.3 million, compared to a product gross profit of $6.9 million for the nine months ended October 2, 2021.
Net loss for the third quarter ended October 1, 2022 was ($9.6) million, or ($0.04) per share, compared to a net loss in the prior year period of ($10.7) million, or ($0.05) per share. These results include stock-based compensation expense of $0.9 million and $0.4 million for the quarters ended October 1, 2022 and October 2, 2021, respectively.
Net loss for the nine months ended October 1, 2022 was ($20.4) million, or ($0.09) per share, compared to a net income in the prior year period of $13.1 million, or $0.06 per share. These results include stock-based compensation expense of $2.4 million and $1.2 million for the nine months ended October 1, 2022 and October 2, 2021, respectively.
As of October 1, 2022, cash, cash equivalents and restricted cash was $43.4 million, total assets were $77.0 million, working capital was $37.2 million, total debt was $8.0 million, and stockholders' equity was $38.7 million.
Conference Call Information
C.K. Hong, Chief Executive Officer, and Gail Sasaki, Chief Financial Officer, will host an investor conference call today, October 27, 2022 at 12:00 p.m. Eastern Time to review Netlist's results for the third quarter ended October 1, 2022. The live webcast and archived replay of the call can be accessed for 90 days in the Investors section of Netlist's website at www.netlist.com.
About Netlist
Netlist provides high-performance solid-state drives and modular memory solutions to enterprise customers in diverse industries. The Company's NVMe™ SSDs in various capacities and form factors and the line of custom and specialty memory products bring industry-leading performance to server and storage appliance customers and cloud service providers. Netlist licenses its portfolio of intellectual property including patents, in server memory, hybrid memory and storage class memory, to companies that implement Netlist's technology. To learn more, visit www.netlist.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical facts and often address future events or Netlist's future performance. Forward-looking statements contained in this news release include statements about Netlist's ability to execute on its strategic initiatives. All forward-looking statements reflect management's present expectations regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These risks, uncertainties and other factors include, among others: risks related to Netlist's plans for its intellectual property, including its strategies for monetizing, licensing, expanding, and defending its patent portfolio; risks associated with patent infringement litigation initiated by Netlist, or by others against Netlist, as well as the costs and unpredictability of any such litigation; risks associated with Netlist's product sales, including the market and demand for products sold by Netlist and its ability to successfully develop and launch new products that are attractive to the market; the success of product, joint development and licensing partnerships; the competitive landscape of Netlist's industry; and general economic, political and market conditions, including quarantines, factory slowdowns or shutdowns, and travel restrictions resulting from the COVID-19 pandemic. The military conflict between Russia and Ukraine may increase the likelihood of supply interruptions. All forward-looking statements reflect management's present assumptions, expectations and beliefs regarding future events and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by any forward-looking statements. These and other risks and uncertainties are described in Netlist's annual report on Form 10-K for its most recently completed fiscal year filed on March 1, 2022, and the other filings it makes with the U.S. Securities and Exchange Commission from time to time, including any subsequently filed quarterly and current reports. In light of these risks, uncertainties and other factors, these forward-looking statements should not be relied on as predictions of future events. These forward-looking statements represent Netlist's assumptions, expectations and beliefs only as of the date they are made, and except as required by law, Netlist undertakes no obligation to revise or update any forward-looking statements for any reason.
LogRhythm Announces Integration with the Gigamon Hawk Deep Observability Pipeline
https://www.businesswire.com/news/home/20221027005220/en/LogRhythm-Announces-Integration-with-the-Gigamon-Hawk-Deep-Observability-Pipeline
Excerpt - Threat actors continue to find ways around prevention technology to access an organization’s network and proprietary information. When considering the high amount of network traffic security operators need to sift through each day, it becomes more difficult to survey and analyze the network to detect anomalous behavior. LogRhythm’s integration with Gigamon helps address these challenges by providing organizations with network-derived intelligence and insights needed to proactively detect and respond to threats.
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New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers
https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/cybersecurity/new-survey-reveals-2-trillion-dollar-market-opportunity-for-cybersecurity-technology-and-service-providers
Excerpt - To maximize the opportunity, providers must get a grip on the factors shaping the market, the segments most likely to grow, and the services customers need. Here we set out four areas likely to be the focus of such discussions: cloud technologies, pricing mechanisms, artificial intelligence, and (particularly in the midmarket) managed services. With strategic planning in these areas, and a robust approach to implementation, cybersecurity providers can make themselves more competitive and get a slice of the $2 trillion pie.
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We're all being hit with more cyberattacks than ever
https://www.techradar.com/news/were-all-being-hit-with-more-cyberattacks-than-ever
Excerpt - Businesses are being hit with more cyberattacks than ever, as the effects of the lockdown and the Russia-Ukraine conflict create ideal conditions for crime in the virtual realm.
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WidePoint Secures More than $6.9 Million in MMS Contracts During the Third Quarter of 2022
https://www.accesswire.com/722015/WidePoint-Secures-More-than-69-Million-in-MMS-Contracts-During-the-Third-Quarter-of-2022
FAIRFAX, VA / ACCESSWIRE / October 25, 2022 / WidePoint Corporation (NYSE American:WYY), the Trusted Mobility Solutions company, announced today that it was awarded more than $6.9 million in Managed Mobility Services (MMS) contracts during the third quarter of 2022.
Jin Kang, WidePoint's CEO, stated: "WidePoint saw 44 contractual actions for our MMS solutions in the third quarter of 2023, including new awards, renewals, contract extensions and exercised option periods. These MMS contract wins are in addition to contracts for our Identity and Access Management (IAM) and Information Technology as a Service (ITaaS) solutions, announced earlier in Q3 2022."
Highlights include:
44 total contractual actions resulting in over $6.9 million in funding for the next 12 months
$2.46 million in Commercial contracts including $544,000 in new contracts and $1.92 million in renewals
$4.45 million in Government contracts including $1.95 million in new contracts and $1.82 million in renewals
Under the U.S. Department of Homeland Security Cellular Wireless Managed Services (CWMS) 2.0 IDIQ contract, the Cybersecurity and Infrastructure Security Agency (CISA) issued a new Task Order with expanded scope of services that extends until March 2026
A cross-sell MMS contract to a major long-term client of WidePoint subsidiary, IT Authorities
Multiple renewals with commercial contracts
Jason Holloway, WidePoint's Chief Revenue Officer, noted: "The quarter saw an increase in cross-selling business development and synergies being realized. Our pipeline continues to expand across all of our solutions as new and current clients turn to WidePoint to help manage their mobility programs."
About WidePoint
WidePoint Corporation (NYSE American:WYY) is a leading technology Managed Solution Provider (MSP) dedicated to securing and protecting the mobile workforce and enterprise landscape. WidePoint is recognized for pioneering technology solutions that include Identity and Access Management (IAM), Mobility Managed Services (MMS), Telecom Management, Information Technology as a Service (ITaaS), Cloud Security, and Analytics & Billing as a Service (ABaaS). For more information, visit widepoint.com.
SOURCE: WidePoint Corporation
Blockchain security companies tackle cryptocurrency theft, ransom tracing
https://www.csoonline.com/article/3677469/blockchain-security-companies-tackle-cryptocurrency-theft-ransom-tracing.html
Excerpt - According to data from the Rekt leaderboard, cybercriminals have stolen as much as $3 billion of investor funds through 141 various cryptocurrency exploits since January, putting 2022 on track to top 2021 levels of digital currency malfeasance. Comparitech’s cryptocurrency heists tracker indicates that since 2011, hackers have stolen $7.9 billion in cryptocurrency worth about $45.5 billion in today’s value.
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Developing the UK’s cyber resilience and turning the tide against cyber criminals
https://policinginsight.com/features/analysis/developing-the-uks-cyber-resilience-and-turning-the-tide-against-cyber-criminals/
Excerpt - With the growing threat from cybercrime, policing is looking to build ever stronger partnerships to mitigate risk and improve learning and understanding; Detective Superintendent Nick Bell, CEO of the National Cyber Resilience Centre Group (NCRCG) and National Policing Director for the Cyber Resilience Centres, reports on the work of the NCRCG and the key themes explored at its inaugural summit earlier this month.
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New police-led resilience centre launched to protect capital’s businesses from cybercrime
https://www.policeprofessional.com/news/new-police-led-resilience-centre-launched-to-protect-capitals-businesses-from-cybercrime/
Excerpt -
Figures from the National Fraud Intelligence Bureau show that more than £1.8 billion was lost to fraud and cybercrime in London over the past year, with 35 per cent of small and micro businesses suffering at least one attack or breach – which equates to around 250,000 businesses.
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A year of SANS security summits
https://www.theregister.com/2022/10/24/a_year_of_sans_security/
Excerpt -
A mixture of free online events and in-person conferences that put you at the heart of the cyber security industry
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Interserve fined by data watchdog after failing to stop cyber-attack
https://www.proactiveinvestors.co.uk/companies/news/996201/interserve-fined-by-data-watchdog-after-failing-to-stop-cyber-attack-996201.html
Excerpt - Interserve PLC (LSE:IRV) has been fined £4.4mln by the Information Commissioner’s Office (ICO) after a phishing email allowed hackers to access the information of up to 113,000 current and former employees at the construction company.
Bank account details and national insurance numbers were among the information that was leaked in the cyber-attack two years ago, which also included other personal details, such as ethnicity, religion and sexual orientation of employees.
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European Police Warn of Metaverse Cyber-Threats
https://www.infosecurity-magazine.com/news/european-police-warn-of-metaverse/
Excerpt - The coming wave of immersive internet experiences dubbed “the metaverse” could be a magnet for ransomware, identity theft, money laundering and much more, Europol has warned.
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Netlist Schedules Third Quarter 2022 Financial Results and Conference Call
From Yahoo.
IRVINE, CA / ACCESSWIRE / October 20, 2022 / Netlist, Inc. (OTCQB:NLST) announced today that it will report its financial results for the third quarter ended October 1, 2022, before 9:30 a.m. Eastern Time on Thursday, October 27, 2022.
Netlist will host a conference call at 12:00 p.m. Eastern Time on October 27, 2022. Netlist encourages participants to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. To pre-register, click here.
For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5443 and requesting the "Netlist Conference Call."
A live webcast and archived replay of the call can be accessed in the Investor's section of Netlist's website at www.netlist.com.
Netlist, Inc., Thursday, October 20, 2022, Press release picture
Netlist, Inc., Thursday, October 20, 2022, Press release picture
About Netlist
Netlist provides high-performance solid state drives and modular memory solutions to enterprise customers in diverse industries. The Company's NVMe™ SSDs in various capacities and form factors and the line of custom and specialty memory products bring industry-leading performance to server and storage appliance customers and cloud service providers. Netlist licenses its portfolio of intellectual property including patents, in server memory, hybrid memory and storage class memory, to companies that implement Netlist's technology. To learn more, visit www.netlist.com.
MetAlert Completes Corporate Actions and Retains North Equities Corp for Digital Marketing Services
LOS ANGELES CALIFORNIA, October 20, 2022, MetAlert, Inc. (OTC: MLRT), a pioneer in the field of health & safety, wearable GPS human and asset tracking systems, announced it has received final approval from the regulatory bodies and completed all of the corporate actions filed in their 14c on July 19. MetAlert, Inc., formerly known as GTX Corp, is now operating and trading under its new ticker symbol MLRT.
As part of its marketing strategy, MetAlert, has also retained North Equities Corp to provide digital marketing services aimed at building awareness of its rebranding and positioning in the medical device, telehealth, and remote patient monitoring (RPM) industry.
Patrick Bertagna, MetAlert CEO, commented on this development by saying, "We believe that North Equities brings unique skills and expertise that will help strengthen our existing team, as we continue to grow and build recognition in the marketplace. We are excited about the possibilities that lie ahead and with our team’s expertise in digital marketing and keen focus on strategic brand building, we look forward to achieving great things in the future as we navigate the ever-changing markets of today.”
Since the rebranding went effective MetAlert has received a significant amount of media coverage both domestically and internationally. The Company was mentioned in dozens of U.S. media outlets including FOX News, ABC News, CBS News, NBC News, Yahoo Finance, NY Business Digest, PubCo Insights, Belmont Star, Herald Market and Security Solutions Watch. Internationally, MetAlert news was reported in Mexico, Canada, Japan, India, Thailand, Brazil, Germany, and New Zealand.
Link to the recent MetAlert Media Coverage Index.
Recent Stock Day Podcast Interview
The Company has several scheduled interviews in the coming weeks and will continue its media campaign to increase brand awareness for MetAlert and explain its broader vison centered around solutions that improve health, safety, wellness, longevity, and quality of life.
For all press or sales inquiries, please contact us at info@metalert.com
About MetAlert
MetAlert Inc. (OTC: MLRT), formerly GTX Corp, is a pioneer in smart, mobile and wearable GPS tracking and recovery location-based solutions, supported through a proprietary IoT enterprise monitoring platform and intellectual property portfolio. MetAlert offers a global end-to-end solution of hardware, software and connectivity and develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. MetAlert utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC and BLE technology, enabling subscribers to track in real time the whereabouts of people or high value assets. MetAlert is known for its game-changing and award-winning patented GPS SmartSole® — think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. MetAlert’s business model is built around technology innovation and holds over 85 patents, with many issued patents in the area of GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. Military Government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes, and consumers.
Q2-Q3 2022 Ransomware Report Reveals Ransomware Has Grown by 466% Since 2019 And Ransomware and Malware Now Being Used as a Precursor to Physical War
https://www.businesswire.com/news/home/20221019006008/en/Q2-Q3-2022-Ransomware-Report-Reveals-Ransomware-Has-Grown-by-466-Since-2019-And-Ransomware-and-Malware-Now-Being-Used-as-a-Precursor-to-Physical-War
Excerpt - Ransomware groups are continuing to grow in volume and sophistication with 35 vulnerabilities becoming associated with ransomware in the first three quarters of 2022 and 159 trending active exploits. Complicating matters, lack of sufficient data and threat context is making it hard for organizations to effectively patch their systems and efficiently mitigate vulnerability exposure.
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Cybersecurity Awareness Month: How to Store Personal Data Securely
https://www.lexology.com/library/detail.aspx?g=956ffed7-572f-4be0-a2ad-a5b1d765f929
Excerpt - This month is National Cybersecurity Awareness Month in the United States, which aims to raise cybersecurity awareness and assist individuals to protect their personal data online. Cybersecurity awareness is important because of our ever-increasing reliance on technology and the rising threats of cyber attacks, so it is vital for all individuals and organisations to store personal data securely.
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Cyberattacks continue to threaten merchant success around the world By Daniel Cohen, CPO at PayU GPO
https://www.finextra.com/blogposting/23102/cyberattacks-continue-to-threaten-merchant-success-around-the-world-by-daniel-cohen-cpo-at-payu-gpo
Excerpt - The future of online payments relies on the protective measures that businesses can implement to ensure security for their internal processes as well as their customers. Fintech and payment companies like PayU are continuously looking at how they can make payments more secure, using advanced anti-fraud systems. With this technology and offering, merchants can retain their reputation and maintain trust with their customers.
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The trouble with technology
https://www.dawn.com/news/1715473/the-trouble-with-technology
Excerpt - Despite the risks and dangers of such new technologies, there is no international effort aimed at managing them much less regulating their use. There is no move by big powers for any dialogue on cyber and AI arms control. If the global internet can’t be regulated and giant, unaccountable social media companies continue to rake in excessive profits, there is even less prospect of mitigating the destabilising effects of cyber and AI-enabled military capabilities.
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Economic uncertainty is increasing cybersecurity risks
https://www.helpnetsecurity.com/2022/10/17/economic-uncertainty-increasing-cybersecurity-risks/
Excerpt - Effective cybersecurity detection and response is only possible if IT teams know what they’ve got to work with, and how users and data are interacting. They need continuous, accurate and up-to-date information to mitigate threats, navigate risks, and neutralize incidents.
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Strengthening cybersecurity in an era of global tensions and conflict
https://govinsider.asia/security/strengthening-cybersecurity-in-an-era-of-global-tensions-and-conflict/
Excerpt - This would and should more strongly influence the investments [in cybersecurity] to ensure people are at the centre of the response needed, recognising the importance of funding and supporting cybersecurity resilience, especially to vulnerable communities,” he says. “We must make it understood that cyber is about people, not technology.”
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Cyberattackers Spoof Google Translate in Unique Phishing Tactic
https://www.darkreading.com/threat-intelligence/cyberattackers-spoof-google-translate-unique-phishing-tactic
Excerpt - Attackers are spoofing Google Translate in an ongoing phishing campaign that uses a common JavaScript coding technique to bypass email security scanners. Leveraging trust in Google Translate is a never-before-seen approach, researchers said.
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Australia: Privacy Act reform: What employers need to know
https://hsfnotes.com/employment/2022/10/14/australia-privacy-act-reform-what-employers-need-to-know/
Excerpt - The recent spate of cyber attacks and data breaches in Australia has renewed focus on the Australian Government’s ongoing review of the Privacy Act 1988 (Cth) (Privacy Act). The new Attorney-General, Mark Dreyfus, had already promised “sweeping reforms” and a suite of proposals before the end of the year. However, expectations – of both the scope of those reforms and the speed with which they are introduced – are likely to be heightened in light of recent events.
The key focus of any reforms is likely to be consumer personal data rights. However, there is likely to also be a significant, perhaps monumental, shift in how employers are able to collect, use and disclose their employees’ personal information.
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Report Shows How China Has Been Using Cyberattacks Over the Past Decade
https://www.infosecurity-magazine.com/news/report-china-cyberattacks-past/
Excerpt - “[Their findings] show that China is developing and deploying cyberattack capabilities to advance its national ‘core interests.’ These cyberattacks complement China’s better known, increasingly assertive, and diverse attempts to advance its interests online through legal, financial, cultural, political, and technical means.”
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BAE Systems to enhance F-16 maintenance cybersecurity
https://www.shephardmedia.com/news/air-warfare/bae-systems-to-enhance-f-16-maintenance-cybersecurity/
Excerpt - BAE Systems has released the Viper Memory Loader Verifier II (MLV II) as a new version of its maintenance capability that reduces vulnerability to cyber-attacks for the F-16, the company announced on 12 October.
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Health insurer Medibank becomes the latest victim of cyberattack
https://www.neowin.net/news/health-insurer-medibank-becomes-the-latest-victim-of-cyberattack/
Excerpt - Medibank, the health company providing private health insurance and health services to over 3.9 million people in Australia has been hit by a cyberattack.
The incident came to light after the company reported that it had detected some unusual activity on its network although it claims it has found no evidence of customer data access or data loss so far. However, Medibank has assured it is taking all necessary steps to cover for the impact the incident may have caused, and as a precautionary measure, the bank will remove access to some customer-facing systems to reduce the possibility of damage to systems or data loss.
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