Venture capital firm Advanced Technology Ventures struck by ransomware

By Duncan Riley for SiliconANGLE
Thursday, August 5, 2021

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Venture capital firm Advanced Technology Ventures has been struck by a ransomware attack that has resulted in the theft of personal information relating to its investors.

Ilia Kolochenko, founder, chief executive officer and chief architect at pentesting company ImmuniWeb Inc. noted that “venture funds are low-hanging fruit for smart cybercriminals who aptly exploit this weakest link of the supply chain.”

“Prominent startups and even leading technology companies share a great wealth of highly confidential data with VCs, spanning from their financial performance or per-client spending to intellectual property and trade secrets,” Kolochenko explained. “Very few VCs can afford a cyber-defense program comparable to the banking industry for example. The human factor also plays a decisive role, while the high turnover of junior analysts and interns exacerbate the risk of successful phishing and social engineering attacks.” Read Full Article