Cyber Security in Exchanges From All Around The World

Cybersecurity

Earlier in March 2021, there was quite a big incident that occured in one of the top companies (Microsoft) that gave us a prompt as to the importance of cybersecurity.

 “On March 2, Microsoft said there were vulnerabilities in its Exchange Server mail and calendar software for corporate and government data centers. The vulnerabilities go back 10 years, and have been exploited by Chinese hackers at least since January.”

The hack will probably stand out as one of the top cybersecurity events of the year, because Exchange is still widely used around the world. It could lead companies to spend more on security software to prevent future hacks, and to move to cloud-based email instead of running their own email servers in-house.

Apart from this; Ridge Corporation, an international finance company, had also been involved in an internal fraud incident where the company assets had been stolen. This incident (burglary) occurred in the company where the attackers logged into the company’s master administrative portal with an internal staff authorization access and hacked the main company’s primary access of the company’s financial assets. 

Ridge Corporation had since lodged a report on the cyber attack incident. Investigations were carried out by the law enforcement into unauthorized access and theft of the company’s assets. 

At the time of writing, all bidding and operations of the company have been suspended during the investigation of the incident, and it is reported that the company’s investors have suffered from criminal acts. 

These cyber attacks gave us an impact of the importance of cyber-security and internal management corporate structure. As quoted by the CEO of ‘Material Security’, Ryan Noon; “I meet a lot of organizations, big and small, and it’s more the exception than the rule when somebody’s all on prem.”

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.