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KuCoin Nigeria has received conditional approval from Nigeria's SEC to enter a regulatory incubation programme, but cannot launch services or onboard users.
Hackers heated French supermarket fridges, spoiling food and sparking fires; officials are investigating, and similar attacks are hitting Asia.
French supermarket freezers were turned into ovens by hackers.
Refrigeration-control software at hundreds of shops across France was taken over by attackers this week. Temperatures were driven as high as 50°C, a level more like a desert heatwave than a frozen-food section.
The damage done:
Prime Minister Sébastien Lecornu has directed France’s National Cybersecurity Agency (ANSSI) to investigate, according to an aide.
“Hundreds of French supermarkets have been hit by a cyber-attack that caused their fridges and freezers to heat up.” — BBC News (World)
The freezer intrusion is the most unusual in a series of cyberattacks over the past few weeks, and Asia has taken the heaviest blow.
Japan: “A state of emergency in cyberspace”
South Korea: bank breaches point to AI
AI-linked threats have been pulling investors into cybersecurity stocks this year, and the pattern resurfaced in Seoul on Tuesday. The KOSPI fell 5.46%, dragged down by a chip selloff tied to worries about the AI boom.
SK Hynix fell 10.09% and Samsung Electronics lost 7.39%. Cybersecurity company AhnLab headed in the opposite direction, closing 10.51% higher, and Genians also ended the day up.
A similar split showed up in Tokyo, where the Nikkei 225 slipped 1.82% and Cyber Security Cloud climbed 12.97% to ¥4,180.
The Herald Business reported that AhnLab and Genians had both jumped on October 6, after the bank breaches raised expectations of larger security budgets. Karen Wu, a senior analyst at Fitch, similarly foresees cybersecurity budgets rising across the sector, along with regulatory penalties and compensation costs.
US security stocks had been helped by AI-threat concerns long before these incidents. The First Trust Nasdaq Cybersecurity ETF (CIBR) is up roughly 50% since the start of the year.
Analysts disagree on how much of that future demand the rally has already priced in. Morgan Stanley is more upbeat, pointing out that AI security receives only about 1.5% of enterprise AI investment, and raised its price target on Palo Alto Networks to $410 from $394.
Bernstein takes a more cautious line, having cut its rating on Palo Alto Networks on September 17. The run-up, in its assessment, had pushed shares to near or past fair value.
South Korea’s experience is a concrete example of the warnings that AI has made attacking easier. The next round of quarterly earnings should reveal whether the increase in attacks is translating into larger security budgets.
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