China Tech Threat & Blue Path Labs File FCC Comment on Chinese Tech Loophole

Today, China Tech Threat filed comments with the U.S. Federal Communications Commission (FCC) on proposed rules that would prohibit all future authorizations for communications equipment deemed to pose an “unacceptable risk to national security.” In June, the FCC adopted a Notice of Proposed Rulemaking and Notice of Inquiry seeking comment on a proposal to prohibit future approvals of communications equipment that pose unacceptable risk to U.S. national security and whether approvals should be revoked from products and services from the FCC’s Covered List  pursuant to the Secure and Trusted Communications Networks Act of 2019.  China Tech Threat’s comments, filed jointly with BluePath Labs, advises the agency on how to ensure the Covered List of vulnerable equipment vendors is current and… Read More

“The Chinese are in a Massive Campaign in Collecting Data”: Part II of Vlog Series on Banking Cybersecurity

In the second vlog of our High Tech Heist Series on Banking Cybersecurity, Dr. Roslyn Layton sat down with Congressman Robert Pittenger to discuss the growing threat of Chinese data collection and the ways in which we can prevent rising technology issues. From 2013-2018, Congressman Pittenger represented the Charlotte, NC area, the country’s second-largest banking center by assets. At the time, he served as Chairman of the Congressional Task Force on Terrorism and Unconventional Warfare, and as Vice Chairman of the House Financial Services Subcommittee on Terrorism and Illicit Finance. Congressman Pittenger was a lead author of the 2018 Foreign Investment Risk Review Modernization Act (FIRRMA), which reformed the Committee on Foreign Investment in the United States (CFIUS) to crack… Read More

US and Allies Accuse China of Major Cyberattacks

Yesterday, the U.S., NATO and other allies are came together to call out China for malicious cyberattacks, including a March attack that exploited a flaw in Microsoft’s Exchange Server. It’s the first time that NATO has signed onto a formal condemnation of China’s cyber activities. They authorities are detailing more than 50 different techniques that Chinese state-sponsored actors used, and offering up recommended mitigations that businesses and organizations can take. The U.S. says that China’s Ministry of State Security is using contract hackers to conduct the attacks, many of which are being done for profit, including via ransomware. As part of Monday’s announcement, the Justice Department unveiled criminal charges against four Ministry of State Security hackers for a “multiyear campaign… Read More

Introducing High Tech Heist: New Vlog Series on Banking Cybersecurity

China Tech Threat is pleased to introduce High Tech Heist: Vlog Series on Banking Cybersecurity. In the first of the series, Dr. Roslyn Layton speaks with Tom Vartanian, a former federal banking regulator and author of 200 Years of American Financial Panics: Crashes, Recessions, Depressions and the Technology that Will Change It All. “Financial institutions are the number one target of hackers around the planet,” Mr. Vartanian explains. “And that’s not hard to understand because, as Willie Sutton said, that’s where the money is.” Financial organizations must realize that “the bank is the front door, the backdoor is an endless supply chain of vendors and people suppling everything that bank provides – online services, offline services, physical services,” he adds.… Read More

Bank of American spends over $1 billion on Cybersecurity

In an interview earlier this month, Brian Moynihan, CEO at Bank of America, discussed the doubling of cybersecurity spending by the bank since he began as CEO. He noted that, “I became CEO 11 and a half years ago, and we probably spent three to $400 million [per year] and we’re up over a billion now.” A recent barrage of cyber-attacks across a variety of key industries in the U.S. has placed a new sense of urgency on protecting against cybercrime. Back in May, Cathy Bessant, Chief Operations and Technology Officer at Bank of America, gave a stark warning about cyberattacks on U.S. financial institutions saying, “There’s no question that the rate and pace of attacks, and the nature of… Read More

White House Report Part 2 of 2: Short-Term Profits Undermine Long-Term Resilience

A White House report last week offers a solemn assessment of American companies prioritizing profits over national security and long-term sustainability. “A focus on maximizing short-term capital returns has led to the private sector’s underinvestment in long-term resilience,” the 250-page report states. The United States has a competitive advantage over China in the production of semiconductor manufacturing equipment (SME), which provides a chokepoint that can limit “advanced semiconductor capabilities in countries of concern.” Yet, despite tighter export controls in recent years, sales to Chinese companies have been a major driver of American SME makers’ profits. Approximately 90 percent of Applied Materials’ and Lam Research’s revenues came from non-U.S. sales last year, the White House report notes. The percentage of Lam… Read More

“China Has Figured Out How to Weaponize America’s Advantages”

Just Announced: FDD’s Emily de La Bruyère to Join Tomorrow’s Webinar. The outcome of the U.S. and China vying for control over modern technology markets will be decided within months or years, not decades, say Emily de La Bruyère and Nathan Picarsic, senior fellows with the Foundation for Defense of Democracies (FDD). ***Two weeks ago, Mr. Picarsic and Ms. de La Bruyère co-published a study, “Defusing Military-Civil Fusion: The Need to Identify and Respond to Chinese Military Companies.” Now Ms. de La Bruyère will join Dr. Roslyn Layton, Stephen Ezell and Will Hunt for tomorrow’s online panel discussion, “Let the Chips Fall at BIS?” Register for the event here. While there is growing consensus about the need to counter China’s… Read More

Cyber Security Forum: “We Are Outfitting Our Most Important Infrastructure with Chinese Products”

During a virtual roundtable event hosted by the Parliamentary Intelligence-Security Forum, participants discussed the growing cyber threat against financial organizations and appropriate policy responses. “The rate of cyberattacks on U.S. financial infrastructure is increasing in severity and sophistication,” Dr. Roslyn Layton explained, despite greater government regulation and spending. Evidence overwhelming indicates these attacks are being perpetrated with greater frequency by Chinese state-sponsored actors. “I don’t know if it’s a coincidence,” Pavel Popescu, a member of the Romanian Parliament, said, “but the same day last week that Europe postponed signing a commercial agreement with China, the Brussels offices of the European Union were attacked through a cyberattack.” Part of the problem, Dr. Layton added, is inconsistent cyber security protocols, particularly disconnects… Read More

Senators Introduce Legislation to Address the China Tech Threat

Yesterday, Senators Rubio and Markey introduced the Secure Equipment Act of 2021. According to the press release, the bill is “to direct the Federal Communications Commission (FCC) to clarify that it will no longer review, or approve, applications from companies on the Commission’s “Covered List.” It would also halt any further sales or implementation of technology from Huawei, ZTE, Hytera, Hikvision, and Dahua – all Chinese Communist Party (CCP) state-backed or directed firms – in the U.S. regardless of whether federal funds are involved. Here at China Tech Threat, we applaud this bipartisan effort to secure our national security and help protect the privacy, security and prosperity of all Americans. While this bill takes important steps, it is by no… Read More

Cyberattack Hits NY School With US Military Research Contracts

China Tech Threat has been sounding the alarm over New York’s risky tech contracts with Chinese government-owned technology manufacturers including Lexmark and Lenovo, both of which have been banned by the Pentagon. These concerns have cited why New York, home to the world’s financial markets and high-tech research institutions, is such a valuable target. The latest news that Rensselaer Polytechnic Institute, a renowned research and engineering school, is the latest cyberattack victim only reinforces these concerns.  An Albany Times Union editorial “High-Tech vulnerability” echoed these concerns writing on the breadth of the threat posed by hackers who have “gotten into computer systems for airports. Telecommunications companies. Airlines. Banks. Health care systems. Insurers. Law enforcement.” In its report that the FBI… Read More