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US Congressional Panel Urges Americans to Ditch China-Made Routers

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A U.S. congressional committee has called for Americans to remove Chinese-made wireless routers, particularly those produced by TP-Link, citing national security concerns. The House of Representatives Select Committee on China warned that these devices could serve as entry points for Chinese hackers aiming to infiltrate U.S. critical infrastructure. The committee has also urged the Commerce Department to investigate TP-Link Technology Co., the world’s leading seller of Wi-Fi routers by volume, according to research firm IDC.

At a hearing on Wednesday, former NSA cybersecurity director Rob Joyce stated that TP-Link routers exposed users to cyber vulnerabilities, which could be exploited by hackers to launch attacks on U.S. infrastructure. He emphasized the need for action, suggesting that Americans replace these devices to prevent them from being used in cyberattacks. Reports have also surfaced that U.S. authorities are considering a potential ban on the sale of TP-Link routers.

In response, TP-Link denied any links to the Chinese government, asserting that no government controls the design or production of its products. The company further clarified that it had separated from its former Chinese affiliate and now manufactures routers in Vietnam. TP-Link’s president, Jeff Barney, described the committee’s claims as “baseless” and without merit.

During the hearing, Democratic Representative Raja Krishnamoorthi advised against using TP-Link routers, holding one up as an example. He echoed concerns about the growing sophistication of Chinese government-linked hackers, stating that they were approaching parity with U.S. cyber capabilities. Rep. Krishnamoorthi also proposed a more aggressive approach, suggesting the U.S. might need to enlist private companies to counteract hackers.

In 2023, the Cybersecurity and Infrastructure Security Agency (CISA) identified a vulnerability in TP-Link routers that could be exploited to execute remote code. U.S. lawmakers have stressed the need for stronger cyber defenses and more proactive measures to deter Chinese hackers.

Four Russians Arrested in Phobos Ransomware Crackdown, Europol Reports

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Europol announced on Tuesday that four Russian nationals, suspected of deploying a variant of Phobos ransomware, have been arrested following a coordinated international law enforcement operation. The group, identified as the 8Base ransomware gang, extorted payments from victims in Europe and across the globe.

Coordinated Effort:

The arrests were the result of a collaboration involving law enforcement agencies from 14 countries. Along with the arrests, authorities seized 27 servers linked to the gang’s criminal operations, effectively dismantling part of the network. This action forms part of a broader series of successful operations targeting Phobos ransomware. Thanks to previous arrests, law enforcement agencies have also been able to warn over 400 companies worldwide about imminent ransomware attacks.

Prior Arrests and Impact:

In June 2024, a Phobos administrator was arrested in South Korea and later extradited to the United States in November, where he faces charges related to ransomware attacks on critical infrastructure and businesses. Another significant arrest occurred in 2023 when a key Phobos affiliate was apprehended in Italy based on a French arrest warrant, further disrupting the gang’s activities.

Phobos ransomware primarily targets small to medium-sized businesses, which are often vulnerable due to weaker cybersecurity defenses.

Cybersecurity Firm SailPoint Sets Sights on $12.6 Billion Valuation in US IPO

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Cybersecurity firm SailPoint has raised its target valuation to as much as $12.57 billion in its U.S. initial public offering (IPO), reflecting strong investor interest as it becomes the first major tech stock IPO of the year. This move signals a potential comeback for U.S. IPOs, which have been sluggish for nearly three years, as established companies with proven revenue are poised to lead the charge.

SailPoint, along with its parent company Thoma Bravo, is offering 50 million shares priced between $21 and $23 each, with the goal of raising up to $1.15 billion. This revised price range represents an increase from the previous proposed range of $19 to $21, aimed at raising up to $1.05 billion for a target valuation of around $11.5 billion.

Josef Schuster, CEO of IPO-focused investment indexes IPOX, commented that raising the price range indicates strong demand for high-quality deals. He views this as a promising sign for future IPOs in growth sectors like technology.

Founded in 2005, SailPoint specializes in identity and access management software, helping businesses mitigate the risk of data leaks. The surge in cyberattacks, partially fueled by artificial intelligence, has increased demand for such security solutions.

SailPoint’s IPO is expected to be a key moment in the tech IPO pipeline, which includes several high-profile startups like Chime, Genesys, and Cerebras Systems. These companies are expected to play a pivotal role in the anticipated market rebound, which follows a difficult period for high-growth technology companies.

For Thoma Bravo, SailPoint’s IPO represents a significant success. After acquiring SailPoint in 2014 and taking it public in 2017, Thoma Bravo took the company private again in 2022 in a $6.9 billion deal. Following the IPO, the firm will retain an 88% stake in SailPoint.

The IPO will be led by Morgan Stanley and Goldman Sachs, with SailPoint set to list on the Nasdaq under the ticker symbol “SAIL.”