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A 9th Telecom Firm Hit by Massive Chinese Espionage Campaign, Says White House

Article 0 Comments A ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans, a top White House official said Dec. 27. Biden administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But deputy national security adviser Anne Neuberger told reporters Dec. 27 that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks. The update from Neuberger is the latest development in a massive hacking operation that has alarmed national security officials, exposed cybersecurity vulnerabilities in the private sector and laid bare China’s hacking sophistication. The hackers compromised the networks of telecommunications companies to obtain customer call records and gain access to the private communications of what officials have said is a a limited number of individuals. Though the FBI has not publicly identified any of the victims, officials believe senior U.S. government officials and prominent political figures are...

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Ed Yardeni Sees ‘a Lot of Upside’ in U.S. Stocks

Yardeni considers the United States the world’s most investable market, citing, among other strong points, resilient U.S. consumers and capital spending that hasn’t been interest-rate sensitive. Image: Bloomberg

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Arthur J. Gallagher & Co. Acquires California’s BMR Insurance

Article 0 Comments Arthur J. Gallagher & Co. announced the acquisition of Tustin, California-based Murray Gardner Insurance Agency Inc., dba BMR Insurance. Terms of the transaction were not disclosed. BMR Insurance is a retail insurance agency serving commercial and personal lines clients primarily across Southern California. Gary Arch and his team will remain in their current location under the direction of Scott Firestone, head of Gallagher’s Southwest region retail property/casualty brokerage operations. Topics California Mergers & Acquisitions A.J. Gallagher Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Mergers? Get automatic alerts for this topic.

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Inflation Spells Significant 2025 Tax Adjustments

The bottom line from a planning perspective? “Talk to a tax professional,” the firm’s analysis concludes. “Many taxpayers will be affected by these changes in 2025 and beyond, so it’s important to be aware of these adjustments in order to plan ahead.” Credit: Shutterstock

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How Advisors Can Protect Clients From Instant Payment Fraud

A few ways that clients can increase their security include: Using two-factor authentication at login, like entering a passcode from a text in all financial applications that offer it. Being cautious when reacting to unsolicited requests for money or information.  Using a password-keeper application to ensure the highest levels of security.  A few ways that RIAs can increase security within their organizations include: Bring visibility to the state of fraud through educational materials or lunch and learns.  Work with their bank to require dual approval at the company to release funds. Set up independent processes that establish trust, like appointing individuals to fraud prevention teams so they can work together to approve payments and flag irregular behavior. Working alongside their custodian and clearing firms, advisors can provide critical information about clients’ preferences to improve pattern detection and help limit the potential for fraudulent activity. If an advisor offers banking and lending services through a bank partner, they should feel empowered to speak with their bank and learn about the securities in place to protect their clients or businesses.

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Pittsburgh Regional Transit Dealing With Ransomware Attack

Article 0 Comments Pittsburgh Regional Transit (PRT) has reported it is responding to a ransomware attack that was first detected on December 19, a day when the rail service experienced temporary disruptions. Upon discovering the incident, PRT said it immediately launched an investigation, activated its cyber response team, notified law enforcement, and engaged third-party cybersecurity and data forensics experts. On December 23, it notified the public that the teams are working to determine if any information has been compromised. Transit services are currently operating as normal. However, some other rider services remain negatively impacted, including PRT’s Customer Service Center, which is temporarily unable to accept or process Senior and Kid’s ConnectCards. Topics Cyber Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Cyber? Get automatic alerts for this topic.

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Root Expands to Minnesota

Article 0 Comments Root has announced the availability of Root Insurance in Minnesota. The insurer now serves drivers in 35 states, extending its auto insurance offering to over 4 million registered drivers in Minnesota and covering more than three-quarters of the U.S. population. Root is coming off the first quarterly net income in the insurtech’s history. Root turned in a combined ratio of 91.1 in the third quarter. The company recorded third quarter net income of approximately $23 million. Root reported a 131% increase in new writings in Q3. Founded in 2015 and based in Columbus, Ohio, Root, Inc. is the parent company of Root Property & Casualty Insurance Company and Root Insurance Company. Topics Minnesota Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get the insurance industry’s trusted newsletter

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A Look at the $100B Disaster Relief in the Government Spending Bill

Article 0 Comments Congress is allocating more than $100 billion in emergency aid designed to address extensive damage caused by disasters after this week’s scramble to find consensus on a government spending bill. The money comes after back-to-back hurricanes — Helene and Milton — slammed into the southeastern United States this fall, leaving havoc in their wake. But the money would go to much more than just those two storms under the bill signed Saturday by President Joe Biden that keeps the federal government funded through March 14. Biden said in a statement that the bill “delivers the urgently needed disaster relief that I requested for recovering communities as well as the funds needed to rebuild the Francis Scott Key Bridge ” in Baltimore, which collapsed under the impact of a massive container ship that lost power and veered off course in March. The disaster funding looked set to pass earlier this week until President-elect Donald Trump issued new demands that tanked a compromise and threatened a pre-Christmas federal shutdown. A slimmed-down version cleared Congress early Saturday when Republicans abandoned Trump’s core request. Here’s a look at what’s in the bill for disaster relief and where the money will go:...

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Who Will Vote on Fed Policy Next Year?

But there is disagreement over how far officials need to cut to reach that neutral level. Schmid has said a slower pace of rate cuts will allow officials to find out. “While I support dialing back the restrictiveness of policy, my preference would be to avoid outsized moves, especially given uncertainty over the eventual destination of policy and my desire to avoid contributing to financial market volatility,” Schmid said on Oct. 21.