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Weekly Roundups

Biggest DeFi Heist Ever, New iPhone in Sight: The Week in Tech

By Andrea Villar | Thu, 08/12/2021 - 10:38

This week the technology industry saw the dangers of not being protected against cyberthreats. The (bad) example was set by Poly Network, which had US$600 million in cryptocurrencies stolen. And while its attackers returned almost half of this figure, the damage to its reputation has already been done.

Cyberthreats were discussed by two experts interviewed by Mexico Business this week. Marcus Fowler from Darktrace discussed how artificial intelligence works to stop and disrupt attackers; while Ricardo Robledo from Tu Identidad discussed the importance of having an identity verification tool to avoid fraud. 

Read this and more on The Week in Tech!
 

  • When a company faces a cyberattack, an alert may not be enough. Halting the threat and disrupting the attacker might be the most effective approach, said Director of Strategic Threat at Darktrace Marcus Fowler in an interview with Mexico Business this week. In this conversation, he explains how Darktrace's approach to cyberthreats differs from the traditional one. “We are very external-looking, threat-actor-centric, and perimeter-driven. If there is a breach of any type, other players would be playing catch-up,” he said. 

 

  • Apple will seemingly go all-in on camera features in its next iPhone launch. According to Bloomberg’s Mark Gurman, one such feature called Cinematic Video will allow users to record video with portrait blurring effects, which has been offered by competitor Samsung for some years now. In more camera improvements, Apple will move away from its current AI-based filter system to offer users a new one that will offer a choice of various styling options to enhance aspects such as color, shadows and contrast, Bloomberg revealed. Get the full insights here
     
  • After committing one of the biggest crypto heists in history, the attackers who stole US$600 million in cryptocurrencies “for fun” from Poly Network have returned more than a third of the total amount, blockchain researchers reported on Wednesday. According to blockchain forensics company Chainalysis and cryptocurrency tracking firm Elliptic, one person claiming to be behind the attack said he did it “for fun” and wanted to “expose the vulnerability” in Poly Network before others could exploit it. The plan, the alleged attacker said, was always to return the tokens, adding: “I am not really interested in the money.”

 

  • Knowing the user or company you are doing business with is key to avoid financial losses and reputational blemishes, said Ricardo Robledo, CEO of Tu Identidad, in an interview this week. Robledo explains why companies need to incorporate identity verification in their processes and the main problems Mexican companies face when they cannot validate the of identity a person or company. “Today's companies still have processes that are full of paperwork and erratic interaction between different areas and with their customers. If digital resources are not used to streamline these processes, the long-term cost is very high.” Read the complete conversation here.
     
  • Mercado Libre posted a 93.9 percent year-on-year increase in net income to US$1.70 billion, 15 percent higher than the US$1.48 billion expected by analysts surveyed by Refinitiv. Net income before taxes (EBT) was US$138.9 million, an increase of 55.5 percent over 2Q2020. The Argentinean company's e-commerce revenues grew 96.4 percent year-on-year to US$1.14 billion, while revenues from its fintech business rose 88.9 percent to US$560 million. “We believe our business is showing significant momentum despite high volatility in our key markets due to frequent physical retail closures in Latin America,” Mercado Libre’s CFO, Pedro Arnt, said in a statement. Read the complete article here.
Andrea Villar Andrea Villar Journalist and Industry Analyst