Australia Regulator Sues FIIG Securities for Cybersecurity Failures

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The Australian Securities and Investments Commission (ASIC) announced on Thursday that it is suing FIIG Securities, a fixed-income broker, accusing the company of failing to implement proper cybersecurity measures over a four-year period. These alleged failures allowed a hacker to infiltrate FIIG’s IT network, resulting in the theft of approximately 385 gigabytes of confidential data.

The breach, which occurred between May 19 and June 8, 2023, affected 18,000 clients, who were notified that their personal information may have been compromised. Some of the stolen client data was later found on the dark web.

ASIC’s lawsuit claims that from March 2019 to June 2023, FIIG failed to take necessary steps to ensure the security of its digital infrastructure. The regulator stated that the company lacked adequate cyber risk management systems, which directly contributed to the attack.

“Advancing digital safety and resilience is a strategic priority for ASIC, and we have been actively engaging with companies to support the continuous improvement of cyber and operational resilience practices,” said ASIC Chair Joe Longo.

During the period when the cybersecurity issues occurred, JPMorgan held assets for FIIG and its clients, ranging in value from A$2.89 billion ($1.83 billion) to A$3.7 billion. However, JPMorgan declined to comment on the matter when contacted by Reuters, and FIIG did not respond to requests for comment.

According to ASIC, the deficiencies alleged include FIIG’s failure to adequately update and patch its software, as well as its insufficient resources to protect against and prevent cyberattacks.

US Wind and Solar Still Have Room to Grow for Data Centers, Microsoft VP Says

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At the CERAWeek energy conference in Houston on Wednesday, Bobby Hollis, Vice President of Energy at Microsoft, shared his insights on the significant potential for growth in U.S. wind and solar energy development, especially in powering the growing demand for data centers. According to Hollis, the Midwest wind corridor and the sunny southwest remain key areas with substantial untapped opportunities for renewable energy production.

The rapid expansion of data centers driven by Big Tech companies, fueled by AI and cloud technologies, has dramatically increased power consumption, raising concerns about the sustainability of relying on renewable energy sources. As these energy-intensive centers continue to proliferate, there are mounting questions about whether they will rely more on carbon-free renewable energy or switch to gas-fired power.

“We still think there is a very long road ahead that keeps renewables an important part of the mix in the places where that makes sense,” Hollis emphasized. Despite challenges, Microsoft remains committed to expanding its use of renewable energy to power its data centers. The company has pledged to become carbon negative by 2030 and is investing a staggering $80 billion this year alone in data center expansion. This massive investment will require vast amounts of electricity, which Microsoft plans to source sustainably, despite the intermittency of solar and wind power.

Since solar and wind are intermittent energy sources, only producing power when conditions are favorable, data centers, which require constant electricity, face significant challenges. To address this, natural gas, a reliable 24/7 power source, has become an increasingly attractive option, despite its associated carbon emissions. Hollis noted, “Let’s add more gas when it’s necessary. Before we ever get to that place, let’s make sure that we’ve added the renewables.”

The Midwest, with its consistent and strong winds, and the sunny southeastern U.S. are identified as regions with great potential for expanding renewable energy infrastructure to meet the needs of data centers. Microsoft’s global renewable power procurement already exceeds 30 gigawatts, underscoring its commitment to driving the transition to cleaner energy sources.

Google Introduces New AI Models for Rapidly Growing Robotics Industry

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Google, the parent company of Alphabet, unveiled two new AI models on Wednesday, designed specifically for the rapidly advancing robotics industry. These models, based on Google’s Gemini 2.0 framework, aim to accelerate the development of robots across various sectors, especially in industrial settings.

The robotics field has experienced significant progress in recent years, with AI-driven advancements enabling faster commercialization of robots for tasks in factories and warehouses. Google’s new models are tailored to meet the growing demand for smarter robots capable of performing complex tasks.

The first model, Gemini Robotics, integrates vision, language, and physical action, enabling robots to interact with their environment through physical output. The second model, Gemini Robotics-ER, provides robots with a deeper spatial understanding, allowing them to reason and run programs with greater autonomy, expanding their capabilities.

These models cater to all types of robots, including humanoids and industrial robots, which are increasingly being adopted in warehouses and factories. Google emphasized that its AI models are designed to help startups reduce costs and speed up product development, which is crucial in a market where robotics innovation is moving quickly.

Google’s AI models have been tested on its ALOHA 2 bi-arm robotics platform but are versatile enough to be customized for other robots, such as Apptronik’s Apollo humanoid robot. Apptronik recently raised $350 million to scale production of its AI-powered robots, with Google participating in the funding round alongside other investors.

Though Google once owned the robotics firm Boston Dynamics, known for its advanced robot designs, it sold the company to SoftBank Group in 2017. However, the launch of these new AI models shows Google’s continued interest and involvement in the robotics space.