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Time Is Money

Oct 6, 2024 • 6 min read

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Adobe Commerce & Magento Hack
Swift Banking Digital Currency

Week Recap:

TPG has solidified its full control of DirecTV by acquiring AT&T’s remaining 70% stake for $7.6 billion, positioning the company for a major merger with Dish Network. As part of the deal, DirecTV will take over Dish and Sling TV from EchoStar in a debt exchange transaction, assuming $9.8 billion of Dish's debt. The merger would create the largest pay-TV provider in the U.S., combining over 19 million subscribers, and is expected to generate $1 billion in annual cost savings through streamlined operations.
Iran launched around 200 missiles at Israel, targeting major cities like Tel Aviv and Jerusalem. This attack was a direct retaliation for Israel’s assassination of senior Iranian and Hezbollah leaders, such as Hassan Nasrallah, marking a significant escalation in the already volatile region. While Israel’s defense systems intercepted most missiles, this represents one of Iran’s few direct assaults on Israeli territory this year, reflecting the growing tensions between the two nations as Iran moves beyond proxy warfare to more direct confrontations, though neither has formally declared war.
The U.S. port strike, which began on October 1, 2024, ended after two days with a tentative agreement between the International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance (USMX). The agreement includes a 62% wage increase over the next six years, raising the top hourly wage from $39 to $63. This figure was less than the 77% wage increase the union initially demanded but exceeded the 50% offered by the Maritime Alliance. The deal also included an extension of the current labor contract until January 15, 2025, allowing additional time to negotiate unresolved issues such as the use of automation in port operations.
OpenAI has launched “Canvas,” a new interface specifically designed to enhance the user experience for writing and coding projects within ChatGPT. Unlike the traditional chat-based interface, Canvas operates as a separate workspace where users can directly collaborate with ChatGPT on focused sections of text or code. This interface is especially valuable for projects that require multiple edits, providing an intuitive platform for making targeted revisions, adding comments, and managing iterative changes. Users can manually open Canvas or have it triggered automatically when ChatGPT detects that the workspace could be beneficial for the task at hand.
The CIA has launched a new recruitment campaign aimed at targeting potential informants in countries with strict government control like China, Iran, and North Korea. The agency is using social media platforms, such as Facebook, YouTube, Telegram, and even the dark web, to post instructions in Mandarin, Farsi, and Korean. These posts guide individuals on how to securely contact the CIA by using encrypted tools like Virtual Private Networks (VPNs) and TOR browsers. The campaign seeks to reach citizens who may be dissatisfied with their governments or political systems, encouraging them to share valuable information with the U.S. intelligence agency while ensuring their own security and anonymity.

Adobe Commerce & Magento Hack:

Over 4,000 online stores using Adobe Commerce and Magento software have been hacked due to a serious security flaw called CosmicSting (CVE-2024-34102). This flaw allowed hackers to gain control over affected e-commerce sites and insert malicious programs known as payment skimmers. These skimmers steal sensitive information like credit card numbers, names, and other personal details from customers during the checkout process. Major companies such as Ray-Ban, National Geographic, and Cisco were among the businesses impacted, putting customer data at risk.
The vulnerability affected around 5% of all Adobe Commerce and Magento stores, a significant portion of the online retail space. Hackers took advantage of this flaw to execute code on these websites, giving them access to internal systems. Even though Adobe issued updates to fix the problem, many merchants were slow to patch their systems, leaving them vulnerable. The hackers further exploited this delay, using additional techniques to install skimmers and continue stealing customer information.
Merchants who run their stores on Adobe Commerce and Magento platforms are now urged to update their software to the latest versions immediately. Additionally, security experts recommend that store owners rotate their encryption keys, which are crucial for protecting sensitive data. This incident highlights the importance of regularly updating software to prevent cyberattacks and the significant financial and reputational damage that can result from data breaches.

Swift Banking Digital Currency:

Swift, the global banking network, announced that it will begin live trials of digital currency and asset transactions on its platform in 2025. These trials will allow banks and other financial institutions in regions like North America, Europe, and Asia to conduct transactions using both traditional currencies and new digital assets such as central bank digital currencies (CBDCs) and tokenized commercial assets. Essentially, this means that banks will be able to use Swift’s existing global infrastructure to test how smoothly transactions involving digital currencies can be integrated into current systems.
The goal of these trials is to demonstrate how digital currencies and traditional finance can work together seamlessly. Swift’s vast network, which connects over 11,000 financial institutions, is uniquely positioned to enable this integration. Banks participating in the trial will be able to send and receive payments involving digital currencies without needing to overhaul their systems. This initiative reflects Swift’s commitment to staying relevant as digital assets, such as cryptocurrencies and CBDCs, become more prominent in global finance.
This move is part of a broader effort in the financial industry to bridge the gap between traditional banking and digital finance. By using Swift’s platform, financial institutions can securely explore the potential benefits of digital currencies, including faster and more cost-effective transactions. If successful, these trials could encourage broader adoption of digital assets in mainstream banking, accelerating the transition toward a more digitally-integrated financial ecosystem.

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