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Hackers Earned nearly $45 million From Bounties in the Last 12 Months

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Ethical Hackers Earned $44.7 Million in 12 Months

According to data acquired by Atlas VPN, ethical hackers earned $44,754,742 million collectively from bug bounties in the last 12 months.

In total, hackers reported 60,000 valid vulnerabilities. Hackers received $979 on average per single vulnerability.

The United States remains the top payer of bounties, rewarding hackers $39,125,265 in the past year. Rewards paid by the US organizations alone account for 87% of the total amount of bounties paid.

Up next is Russia, which granted $887,236 in bounty rewards to hackers. Bonuses awarded by Russian companies make up 2% of the total bounty prizes awarded to hackers.

Organizations from the UK round out the top 3, with $559,215 paid to hackers as bounty rewards. Bounty rewards distributed by UK companies amount to a little over 1% of the total amount of bounties paid in the past 12 months.

Rachel Welch, COO of Atlas VPN, shares her thoughts on the topic: “While bug bounty programs will not solve the cybersecurity talent shortage, organizations can still benefit significantly by outsourcing ethical hackers to identify weak spots in their security measures.”

When it comes to the hackers themselves, US hackers are leading the way. Together the US hackers earned $7,204,299, which accounts for 16% of the total amount of bounty winnings distributed over the last 12 months.

Chinese hackers come in second, commanding $5,355,683. Bounty rewards received by Chinese hackers make up nearly 12% of all bounties paid in the past year.

Chinese hackers are closely followed by Indian hackers, who netted $4,401,251 in bounty winnings. Rewards collected by Indian hackers constitute close to one-tenth of the total amount of bug bounty rewards paid from May 2019 to April 2020.

Technology Companies Paid the Biggest Share of Bug Bounty Rewards

Companies in the computer software industry distributed the biggest share of bounty awards to hackers in the past 12 months. In total, such companies paid out $16,263,982 in bounty awards, which make up more than 36% of the total awards paid.

Next up is companies in the internet and online service industry, which distributed $16,079,195 in bounty rewards to hackers over the past 12 months. Bounty rewards paid by the organizations in the internet and online service sector also account for nearly 36% of the total bounties awarded in the past year.

Companies in the telecommunication industry occupy the third spot. Together, they distributed $2,497,042 in bounty rewards accounting for close to 6% of the total winnings from May 2019 to April 2020.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Technology

ALTON and ATCON Call for Tariff Review and Regulatory Independence

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The Association of Licensed Telecoms Operators of Nigeria (ALTON) and The Association of Telecommunications Companies of Nigeria (ATCON), representing Mobile Network Operators (MNOs) and telecommunication firms in Nigeria, have jointly raised concerns over the current state of the telecom industry.

In a unified call to action, they have urged the federal government to address critical issues such as tariff review and regulatory independence to ensure the sector’s sustainability and growth.

Despite facing significant economic challenges, Nigeria’s telecommunications industry has not adjusted its general service pricing framework upwards in over a decade.

ALTON and ATCON attribute this stagnation to regulatory constraints that have hindered the industry’s ability to align pricing with economic realities.

They argue that the current price control mechanism, which does not reflect market conditions, poses a threat to the sector’s viability and investor confidence.

In a statement released over the weekend and jointly signed by ALTON Chairman Gbenga Adebayo and ATCON President Tony Izuagbe Emoekpere, the associations highlighted a range of challenges plaguing the telecom sector.

These include unsustainable tariff structures, lack of regulatory independence, infrastructure deficits, a harsh business environment, multiple taxation and regulations, prohibitive Right of Way (RoW) charges, inadequate power supply, and vandalism of telecommunications infrastructure.

The industry leaders stressed the urgent need for collaborative efforts between the public and private sectors to overcome these obstacles.

They called for constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.

Furthermore, ALTON and ATCON emphasized the importance of regulatory independence in fostering a conducive environment for the telecom sector.

They advocated for the sustenance of a culture of independence within the regulatory landscape to safeguard against undue influence and ensure the impartiality of regulatory decisions. Regulatory neutrality and independence, they argued, are crucial for maintaining public confidence and encouraging investment in the sector.

ALTON and ATCON reaffirmed their commitment to working collaboratively with the government to address the challenges facing Nigeria’s telecommunications industry.

They urged the government to prioritize infrastructure development, enhance security measures, and facilitate pricing adjustments to unlock the sector’s full potential.

The call by ALTON and ATCON underscores the pressing need for regulatory reforms and policy interventions to drive sustainable growth and development in Nigeria’s telecom sector.

As stakeholders await government action, the industry remains hopeful that concerted efforts will pave the way for a more resilient and competitive telecommunications landscape.

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Startups

Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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