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Netscout Systems Inc (NTCT) Q1 2022 Earnings Call Transcript


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Image source: The Motley Fool.

Netscout Systems Inc (NASDAQ:NTCT)
Q1 2022 Earnings Call
Jul 30, 2021, 9:30 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by and welcome to NETSCOUT’s First Quarter Fiscal Year 2022 Financial Results Conference Call. [Operator Instructions] Tony Piazza, Vice President of Corporate Finance, and his colleagues at NETSCOUT are on the line with us today.

[Operator Instructions] I would now like to turn the call over to Tony Piazza to begin the Company’s prepared remarks.

Tony PiazzaVice President, Corporate Finance

Thank you, Operator and good morning, everyone. Welcome to NETSCOUT’s first quarter fiscal year 2022 conference call for the period ended June 30, 2021. Joining me today are Anil Singhal, NETSCOUT’s President and Chief Executive Officer; Michael Szabados, NETSCOUT’s Chief Operating Officer; and Jean Bua, NETSCOUT’s Executive Vice President and Chief Financial Officer. There is a slide presentation that accompanies our prepared remarks. You can advance the slides in the webcast viewer to follow our commentary. Both the slides and the prepared remarks can be accessed in multiple areas within the Investor Relations section of our website at www.netscout.com including the IR landing page under financial results, the webcast itself and under financial information on the quarterly results page.

Moving to Slide number three. Today’s conference call will include forward-looking statements. These statements may be prefaced by words such as anticipate, believe and expect and will cover a range of topics that are not strictly historical facts such as our financial outlook, our market opportunities and market share, key business initiatives and future product plans along with their potential impact on our financial performance. These forward-looking statements involve risks and uncertainties, and actual results could differ materially from those forward-looking statements due to known and unknown risks, uncertainties, assumptions and other factors, which are described on this slide and in today’s financial results…

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Hackers Target Data at Philadelphia Health-Care Systems

Opt-in to Cyber Safety. Multiple layers of protection for your devices, online privacy and more.


(TNS) — Jefferson Health says a cloud-based database with information on 1,769 patients treated at the Sidney Kimmel Cancer Center was breached in April during a national attack on a software vendor.

Hackers targeted software used for radiation treatment by oncologists.

Elekta Inc. informed Jefferson of the extent of the cyberattack on May 26 and Jefferson reported it to the federal government on Thursday, toward the end of a 60-day legal window for reporting such attacks. Jefferson also last week publicly disclosed the attack for the first time.


The FBI and other federal agencies warned health-care organizations last October that they could be heightened targets for cyber crimes.

Hacking incidents of patient information reported to the U.S. Department of Health and Human Services have soared 153% to 276 incidents so far this year compared with the same period in 2020, according to a federal database. Under federal rules, organizations report hacks only if they involve more than 500 people.

In early June, the database shows, Temple University Hospital reported a hacking incident that affected 16,356 people — without also making any general public announcement.

The health-care system declined on Monday to provide more information. “We are no longer doing business with the third-party vendor that was breached. We’re not able to provide additional details as the investigation is still open,” a spokesman said in an email.

“The bad guys are doing pretty well right now,” said Leeza Garber, a lecturer on cyber crime at the Wharton School and an adjunct professor at Drexel.

“There is a huge trend in hacking and cyber crimes,” said Lisa A. Lori, a lawyer at Klehr Harrison Harvey Branzburg LLP. “It’s not just health care. It’s every industry. Hackers are smart, and people may not be paying attention.”

Hackers look to steal information or to hold for ransom organizations whose computer systems have been crippled. Earlier this year, a cyberattack crippled Colonial Pipeline and disrupted gas supplies on the East Coast. Colonial Pipeline paid the hacking group DarkSide $4.4 million to restore its computer systems. U.S….

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REvil ransomware attack illustrates IT systems need for epidemiological investigation


The recent REvil ransomware attack has revealed that our computer systems are vulnerable to unknown and surprising pathogens, similar to our vulnerability to Covid-19. The hackers claim that the attack penetrated more than a million workstations, and demanded about $70 million to unlock them. However, the most important question is how the damage could have been reduced or prevented.

 

Let’s take a step back. Antivirus software comprises the first defense line (the IT immune system, if you will). The antivirus operating principle is simple: if malicious code is detected, it is signed by the various antivirus manufacturers and its hash is distributed as an update to the local antivirus installation. Thus, antivirus software can identify most malware and prevent them from damaging the computer.

 

Tomer Shemer, VP of Portnox. Photo: Courtesy Tomer Shemer, VP of Portnox. Photo: Courtesy

 

Nevertheless, similarly to biological systems, some viruses and vulnerabilities are unrecognizable by antivirus software. About 30-50 IT companies, including many Israeli ones, work to discover the meager number of yet undiscovered malware and yet unabused vulnerabilities. This activity is expensive and carries large premiums, but numerous organizations around the world would pay for such protective measures. Think about it – if a security operation is attacked by 1,000 different malware a month, the damage of even a single penetration would be catastrophic. Therefore, an antivirus that prevents 99.9% of attacks will not suffice.

 

However, systems identifying unrecognized threats are prone to false alarms. No wonder – anyone trying to find a new type of threat is likely to be sensitive to any anomaly or change. Yet the high number of false alarms that these systems provide causes many to ignore them or to disable the systems, quite similar to muting the sound of a cardiac monitor, thus remaining unprotected yet again.

 

One of the methods of containing the damage might sound familiar in the post-COVID world – isolation. For example, in the latest REvil attack, Kaseya software, serving as part of the supply chain, was damaged. The company warned customers over the weekend to disconnect their devices from the internet to…

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Adversa AI Red Team Introduces Technology for Ethical Hacking of Facial Recognition Systems


The Adversa AI Red Team has performed a proof-of-concept attack on PimEyes, the most popular and advanced public picture face search engine.

FREMONT, CA: Adversa AI, a trusted AI research leader, has presented a novel attack method for AI facial recognition applications. It causes an AI-driven facial recognition algorithm to misidentify people by introducing subtle alterations in human faces. Compared to previous similar approaches, this method is portable across all AI models while also being far more precise, stealthy, and resilient.

The Adversa AI Red Team has performed a proof-of-concept attack on PimEyes, the most popular and advanced public picture face search engine. Clearview, a commercial facial recognition database sold to law enforcement and governments, is likewise similar. Unfortunately, PimEyes duped, and the CEO of Adversa was mistaken for Elon Musk in the photo.

The attack is unique because it is a black-box assault created without a thorough knowledge of the search engine’s algorithms. As a result, the vulnerability may get utilized with a variety of facial recognition engines. Because the attack allows malefactors to disguise themselves in various ways, we’ve given it the name Adversarial Octopus, a reference to the animal’s stealth, precision, and adaptability.

The existence of such flaws in AI systems, particularly facial recognition engines, could have disastrous implications and be utilized in poisoning and evasion scenarios like the ones below:

  • Hacktivists could cause havoc in AI-powered internet platforms that employ facial attributes as input for any judgments or further training. In addition, by changing their profile images, attackers can poison or bypass the algorithms of large Internet corporations.
  • In banks, trading platforms, and other services that provide verified remote help, cybercriminals can steal human identities and evade AI-driven biometric authentication or identity verification systems. In every case where classic deepfakes can be helpful, this attack can be even more subtle.
  • Dissidents use it to conceal their online activities in social media from police enforcement. The virtual world we now live in resembles a mask or a…

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