Artificial Intelligence (AI) is transforming industries, offering unprecedented opportunities for innovation and efficiency. With these advancements, companies need to focus and understand the risks that come with AI when applied to their business. Recently, MIT teamed up with global organizations to develop an AI Risk Repository, a dynamic database containing 777 risks from 43 taxonomies.

Approximately 15,000 auto dealers across the U.S. have been impacted by a major “ransom event” at the end of June against CDK Global, a prominent automotive industry software supplier. Dealers depend on their applications for managing tasks such as inventory, sales, financing, and services – this is called a Dealer Management System, or DMS.

According to CBS News, a spokesperson for CDK Global told them that “Late in the evening of June 19, we experienced an additional cyber incident and proactively shut down most of our systems.

“As someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm.” 

These are the words of Warren Buffet, the legendary investor and one of the richest men in the world, on the topic of deepfake AI technology.

Visa, the largest payment processor globally, has dedicated approximately $500 million to developing artificial intelligence (AI) and data infrastructure, improving its ability to prevent fraudulent activity.Charles Lobo, Visa Regional Risk Officer for Central and Eastern Europe, Middle East, and Africa, reported that these advancements have helped Visa intervene against "80 million potential fraudulent transactions," which may have otherwise resulted in about $40 billion in fraud in 2023. 

Visa's AI systems can help prevent fraud by analyzing every transaction and identifying patterns and anomalies.

The Massachusetts legislature has recently passed the FutureTech Act of 2024, a bill that authorizes $1.24 billion in bonds for various information technology initiatives and projects across the state. The bill aims to improve the quality, efficiency, and security of the state's technology and telecommunications infrastructure and services.

The Town of Arlington became the latest victim of a sophisticated cybercrime known as a Business Email Compromise (BEC) attack.  

The town suffered a financial loss of $445,945.73 due to fraudulent wire transfers orchestrated through phishing, spoofing, and social engineering tactics.

Live Nation Entertainment disclosed in a recent SEC filing that it had suffered a data breach that may have compromised the personal information of some of its users. The company said it discovered unauthorized activity in a third-party cloud database containing data from its Ticketmaster subsidiary on May 20, 2024, and launched an investigation with forensic experts.

The Government Accountability Office (GAO) has proposed a nationwide 401k dashboard that would allow workers a centralized location to track their retirement savings accounts across different employers and plans.  

According to a report released by GAO on Feb.

Two brothers and former students of the Massachusetts Institute of Technology (MIT) have been charged with a scheme to steal millions of dollars' worth of cryptocurrency by exploiting a vulnerability in the Ethereum blockchain. 

"Once they put their plan into action, their heist only took 12 seconds to complete," said U.S. Attorney Damian Williams of the Southern District of New York, who announced the indictment last month.

Brandywine Realty Trust, a real estate investment firm based out of Philadelphia, disclosed to the SEC a cybersecurity incident that had affected portions of its IT systems and resulted in a data breach by threat actors.  

The company said it detected the incident on May 1, 2024, and initiated its response protocols, including shutting down some systems, notifying law enforcement, and hiring external cybersecurity experts.