Tag Archive for: Fund

Ping Identity Debuts $50M Venture Fund to Back IAM Startups

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Identity & Access Management
,
Security Operations

Ping Ventures Will Support Startups Building the Next Generation of Identity Tools

Michael Novinson (MichaelNovinson) •
June 23, 2022    

Ping Identity Debuts $50M Venture Fund to Back IAM Startups
Anton Papp, head of corporate development, Ping Identity (Photo: Ping Identity)

Ping Identity is rolling out a $50 million in-house corporate venture fund to support identity and access management technology startups, betting it can spot, fund and integrate cutting-edge technology into its own stack.

The Denver-based identity vendor says Ping Ventures will back new businesses in fields such as online fraud and risk services, real-time identity verification, identity and data access governance, decentralized identity, machine identity, experience automation, and dynamic authorization and entitlement.

See Also: Fireside Chat | Zero Tolerance: Controlling The Landscape Where You’ll Meet Your Adversaries

The company’s investing approach won’t be the same as traditional venture capital, says Anton Papp, Ping Identity’s head of corporate development.
“There are strategic reasons behind why we are making investments. And because of that, there’s much tighter integration with our products and back to subject matter experts in the company,” he tells Information Security Media Group.

Ping Ventures will serve companies seeking seed, Series A and Series B funding and will make investments ranging from $500,000 to $5 million each. The company hopes to make between three and four investments each year and expects offer follow-up support to portfolio companies over the next couple of years, allotting $50 million (see: Cloudflare One Brings Email Security, DLP, CASB Together).

Startups that receive funding from Ping will benefit from access to the company’s subject-matter expertise,…

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Hacking of Costa Rican Social Security Fund Affects Hospital :

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The Costa Rican Social Security Fund (CCSS) was hacked yet again in the early hours of Tuesday, May 31. The authorities reported that this forced them to deactivate the entity’s computer systems as a preventive measure, which has caused several problems in hospitals, clinics and Ebais.

According to the Social Security Fund, the deactivation of the Single Digital Health Record (EDUS) was required.

The first report of problems came from the San Vicente de Paúl Hospital, in Heredia, because there was information in the patient files that appeared empty. In that moment, personnel in charge identified the attack and ordered the immediate disconnection of all systems. Apparently, the IP addresses identified suggested the attackers were not in Costa Rica.

Unfortunately, this incident will cause delays, but hospital workers assured that they are doing their best to guarantee patients care. The caregivers will switch from digital to physical records to provide the service.

Roberto Blanco Topping, Director of the Directorate of Information Technologies and Communications, assured in a press release that the EDUS, the Centralized Collection System (Sicere), payroll and pensions databases were not affected by the cyber-attack.

According to the press release, the institution’s technical teams are working to try to restore critical services; although it is not yet possible to say when they will be back in operation.

“We are working with the entire specialized team to determine our plan and how to repair critical systems,” Roberto Blanco explained.

Predictably, some patients and officials confirmed difficulties in services in the early hours of this morning, especially as health centers have had to resort to the use of paper files to ensure scheduled medical attention.

“We have all the equipment turned off, as instructed by DTIC-CCSS. Attention continues for now with physical records, which we will later digitalize. We are awaiting instructions from the central level,” said the director of the National Children’s Hospital, Olga Arguedas.

Doctors at The Costa Rican Social Security Fund asks people to be patient, as this situation is beyond their control and they’re trying to…

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TMS Ep138: Oscars for OTT, Baroda BNP Paribas Mutual Fund, IPO, ransomware

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Last year, pandemic forced the Academy to take a serious note of movies that made their debut on streaming platforms. And this year, streamer achieved another feat by scooping the best movie award, apart from over 35 nominations. But, back home in India, OTT’s future is clearly linked to vernacular programms and films. OTT’s future in India indeed depends on its capability to churn out good programs in local languages. Let us now move on to Baroda BNP Paribas Mutual Fund created recently by the merger of Baroda Mutual Fund and BNP Paribas Mutual Fund. Its CEO Suresh Soni spoke to Business Standard’s Krishna Veera Vanamali on the markets, the mutual fund industry and what the merged entity stands for. Not just the mutual funds, this financial year was exceptionally good for markets too. 52 Indian companies raised an all-time high of Rs 1.1 trillion through initial public offers.

And the next fiscal year may well break this record too. The government plans to launch the mega IPO of LIC soon. Get a quick check on what’s in store for the primary markets in FY23. It’s not just the stock exchanges, but companies listed there, people, organizations, the government departments etc. are always on the guard against malwares. And, of the lot, ransomware is among the most notorious. Through this, hackers take control of all the data in the system and release them at a price. This podcast shares more about the growing menace.

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Cyberattacks could be used to fund sanction-hit Russia’s war machine 

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In a recent blog, the former head of Britain’s cyber security agency, Professor Ciaran Martin, said Russia was home to the “world’s largest concentration of cyber criminals”.

Quoting industry estimates, he said nearly three-quarters of the exponentially rising revenue from ransomware in 2021 went to cyber gangs in Russia.

Prof Martin, who hails from Omagh, Co Tyrone, said the economic and social impacts of Russia-based ransomware attacks are beyond what had been experienced before and “expose a soft underbelly” of vulnerability for disruption across the West.

He gave two examples. In the US, a criminal operation against the network of Colonial Pipeline caused the company to switch off the transportation of fuel to the eastern United States, causing major shortages at gas stations.

A professor at Blavatnik School of Government at Oxford University, Mr Martin cited a second case: “Worse, an attack by the so-called Conti ransomware group shut down the administrative body in Ireland charged with managing the national healthcare system with hugely disruptive consequences for cancer, prenatal and other critical health treatments.” 

The former head of Britain’s National Cyber Security Centre, part of the signals intelligence agency GCHQ, said the Conti group recently published a statement threatening retaliation against countries that support Ukraine and “pledged loyalty to Mother Russia”.

He said this group suffered a serious internal security breach, seemingly from a pro-Ukrainian worker.

“Their statement is an unusually obvious glimpse into the strange but largely symbiotic relationship between the Russian state and organised cyber-criminality,” he said.

In the context of the war on Ukraine, Prof Martin said: 

A cornered Putin may not just ease up on the criminals but encourage them to wreak more havoc on the West. 

So, for both of those reasons, organisations like CISA [US Cybersecurity and Infrastructure Security Agency] and the National Cyber Security Centre in the UK warn not of any specific threats, but of a more general higher level of risk.” 

Prof Martin cited the work of a leading US cyber expert: “CrowdStrike co-founder Dmitri…

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