Palo Alto Networks CEO Nikesh Arora has called for companies to beef up cybersecurity defences, warning that “bad actors are getting faster”. Arora advised businesses to update their cybersecurity systems and warned that criminals are now faster at bypassing enterprise defences.
On August 21, Arora told Jim Cramer on CNBC’s “Mad Money” that businesses with obsolete security systems should pay special attention since thieves are just getting faster. “It’s important for us to make sure we’re ready to deflect the stuff in hours, not in days,” Arora explained.
He stressed that outdated cybersecurity solutions need modernizing, suggesting that artificial intelligence could be put to the task.
“Put that in some sort of an AI stack, so you can actually do this in more real-time. Because the bad actors are moving faster,” he said. OpenAI, the company behind ChatGPT, announced a $1 million cybersecurity award programme in June to advance and assess the effectiveness of AI-driven cybersecurity technology.
SEC Accuses Titan Of Misleading Ad Claims
The case against Titan Global Capital Management is the first brought under the U.S. regulator’s 2020 revised marketing rule. It also touches on compliance issues.
The US Securities and Exchange Commission (SEC) issued a cease-and-desist order to Titan Global Capital Management following allegations of advertising and compliance breaches.
SEC has also fined Titan for the breaches. The SEC argued that the New York-based company violated the SEC’s modified marketing rule of December 2020 by posting false statements about “hypothetical performance” on its website.
SEC senior enforcement officer, Osman Nawaz, said in a statement: “The Commission amended the marketing rule to allow for the use of hypothetical performance metrics but only if advisers comply with requirements reasonably designed to prevent fraud. This action serves as a warning for all advisers to ensure compliance.”
Titan said its Titan Crypto product, debuted in August 2021, could generate annualized returns of up to 2,700 per cent based on three weeks of data. The SEC discovered that the company failed to adopt suitable policies for employee trading in the time leading up to October 2022 and made ambiguous claims about the custody of crypto assets and other policies.
Friend.tech Generates Over $1M In Fees, Surpassing Uniswap, Bitcoin Networks
Launched in beta on August 11, the platform allows users to tokenize their social network by buying and selling “shares” of their connections. On August 19, Friend.tech, a decentralized social (DeSo) network, outperformed well-known participants in the crypto ecosystem, such as Uniswap and the Bitcoin network, by earning over $1 million in fees in 24 hours.
The platform, launched in beta on August 11, enables users to tokenize their social networks by purchasing and selling “shares” of their relationships. Users who buy another user's share can then send each other private messages. According to reports, the protocol levies a 5 per cent transaction fee, with trading spreads serving as the owner's profit.
Friend.tech produced $2.8 million in fees since its start, according to data from DefiLlama, including $1.12 million in just 24 hours. With more than 650,000 transactions on the social platform and more than 60,000 unique traders, the project's total revenue is currently $818,620.