SecurityWeek reported that Lapsus$ hackers leaked about 70 GB of data belonging to Globant, a global IT and software development firm. Hackers have claimed that the leaked information is customer source code, in addition to other information, including a password list. Previously, hackers have been linked to a number of notable firms, including Otka, which it exploited after breaching systems belonging to a customer support vendor.
“This group appears to be an extortionist group rather than a ransomware group, technically speaking. Either way, it is yet another in a line of signals that corporations need to pay much more attention to their security apparatus, as well as the security utilized by vendors. At this point in time, cybersecurity has never been more important. It is critical that companies, including financial and digital asset exchanges, look at cybersecurity from the ground up. Exploits are happening at a rapid rate, particularly as they are enhanced by the current war in Eastern Europe,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.
“Digital asset and cryptocurrency exchanges have been serving up hack headlines for the better part of the last decade, but the challenges in front of them are more urgent than ever. They can no longer just hope for the best when it comes to their security infrastructure. That wasn’t good enough five years ago, and it certainly isn’t good enough now,” said Gardner.
“This particular event is unique because of the amount of source code that the hackers allege has been leaked. Many exchanges utilize source code that is not their own. Lots of fly-by-night firms have provided exchange-in-a-box offerings, even though most of those companies just don’t have a significant history in the financial technology sector. They opened their doors and began a race to the bottom, undercutting on development costs and providing bare-bones service. It is unreasonable to expect that they can offer the kind of assurances that a successful cryptocurrency exchange requires,” opined Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“There was a real temptation to be first to market in crypto. Operators wanted their exchanges built quickly and cheaply. Many didn’t take the time to properly test them before going live, and they didn’t invest in the kind of technology apparatus that would withstand the constant threat of cutting-edge hackers. Exchanges and marketplaces operating without upgrading their technology and security are going to feel the hurt. The cyberwar is going to get worse before it gets better,” noted Gardner.
