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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.

Tech M&A Advisory Firm AXOM Hires Morgan Stanley’s Buzz Black for Software Dealmaking

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AXOM Partners, a boutique advisory firm specializing in technology, has hired experienced investment banker Buzz Black from Morgan Stanley to strengthen its coverage of the enterprise software industry. Black, known for his work on significant software deals, will join AXOM in May following a period of gardening leave and will be based in San Francisco.

During his time at Morgan Stanley, Black advised on several high-profile software transactions, including Blackstone and Vista Equity Partners’ $8.4 billion acquisition of Smartsheet and KKR’s $4.8 billion deal for Instructure. He also played a role in cybersecurity transactions, such as the $560 million sale of Demisto to Palo Alto Networks and the 2017 sale of eSentire to Warburg Pincus.

In an interview, Black discussed the growing trend among large strategic buyers who often prefer acquiring companies with strong teams and cutting-edge technology, enabling faster market entry. His addition to AXOM is expected to enhance its ability to cover large enterprise software deals, complementing the firm’s existing focus on early-stage, venture-backed startups.

AXOM, founded in 2023 by Brandon Hightower, Alan Bressers, and Ross Weiner (former Qatalyst Partners bankers), has quickly established itself in the AI sector, advising on several high-profile deals such as Rockset’s sale to OpenAI, Nvidia’s acquisition of OctoAI, and MongoDB’s acquisition of Voyage AI. According to Hightower, Black’s experience will add valuable coverage and insight into both the buyer and strategic target sides of AI-focused transactions.

Microsoft to Invest $300 Million in South Africa’s AI Infrastructure Expansion

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Microsoft has announced plans to invest an additional 5.4 billion rand ($296.81 million) in South Africa by 2027 to expand its cloud and artificial intelligence (AI) infrastructure, catering to the increasing demand for Azure services in the region.

At a Johannesburg event on Thursday, Microsoft Vice Chair and President Brad Smith revealed the company’s strategy to support digital skills development. Microsoft will cover the cost of technical certification exams for 50,000 individuals in areas of high demand, including cloud architecture, AI, and cybersecurity.

This new investment builds on Microsoft’s previous expenditure of 20.4 billion rand, which was used to establish South Africa’s first enterprise-grade data centres in Johannesburg and Cape Town. These facilities have positioned the country as a critical hub for data centres to meet the growing computational needs of AI as businesses look to integrate the technology into their services.

Looking ahead, Microsoft plans to spend approximately $80 billion globally in fiscal 2025 to advance data centre infrastructure, with a focus on training AI models and deploying AI-powered applications and cloud services.