Alibaba fined record $2.8bn by Chinese regulator
Chinese technology giant Alibaba has been fined $2.8 billion by the Chinese market regulator, setting a record for the country’s antitrust measures.
The regulator has previously been seen as a light-touch body, so the fine is significant. However, it accounted for four per cent of the company’s 2019 domestic revenues, short of the 10 per cent maximum penalty.
Alibaba stock bump
Alibaba received the fine at the weekend, following which executives told an analysts’ conference that despite ongoing probes by the regulator into the tech industry at large, it was unaware of any further specific investigations into Alibaba. Following that call, the company’s Hong Kong-listed stock rose 6.5 per cent.
Joe Tsai, executive vice-chair of Alibaba, told the call, “We are pleased we can put this matter behind us.”
Alibaba vs China regulators
The antitrust investigation follows the eleventh-hour shelving of Ant Group, Alibaba’s stable mate, in November and the ongoing low profile of the company’s high-profile billionaire founder Jack Ma.
Ma’s absence has been conspicuous since giving a speech in Shanghai last October, widely believed to have irked China’s regulators.
Regulators are believed to be planning to review their maximum penalties. It released new regulatory guidelines for the tech sector in March.
Alibaba does not intend to appeal the latest decision.
Ivanti Acquires RiskSense to Combat Cyber Attacks
Ivanti, an IT asset and service management software solutions provider, has acquired RiskSense, a company that works in risk-based vulnerability management and prioritisation, to drive the next evolution of patch management.
This combination of the two companies will enable organisations to ‘shrink their attack surface, prioritise vulnerabilities to remediate, and reduce their exposure to cyber threats and ransomware attacks by taking a proactive, risk-based approach to patch management’. The terms of the RiskSense transaction were not disclosed.
“Over the past two years, cyberattacks such as ransomware have crossed the line from being a nuisance to truly disrupting society,” said Srinivas Mukkamala, CEO of RiskSense. “And unpatched vulnerabilities remain one of the common points of infiltration into organisations’ ecosystems. I’m committed to the global fight against ransomware. And I truly believe that the combination of risk-based vulnerability prioritisation and automated patch intelligence can help organisations reduce their exposure and make a major impact in global cyberspace. Together, RiskSense and Ivanti will help customers drive operational efficiencies and defend against the next wave of sophisticated cyber threats, including ransomware attacks.”
Providing IT teams with the tools to tackle cyber issues
Solutions from the combined companies are expected to reduce the meantime to detect, discover, remediate, and respond to cyber threats, particularly critical vulnerabilities linked to or associated with ransomware. Together, Ivanti and RiskSense will provide security and IT teams with context and adaptive intelligence regarding what their organisation’s exposures are to vulnerabilities that are being actively exploited, including whether those vulnerabilities are tied to ransomware, and then enable them to quickly remediate those threats.
Ivanti has already integrated the RiskSense Vulnerability Intelligence and Vulnerability Risk Rating, which prioritises and quantifies adversarial risk based on factors such as threat intelligence, in-the-wild exploit trends, and security analyst validation, into Ivanti Neurons for Patch Intelligence.
“This combination will allow us to provide our customers with a holistic view of vulnerabilities and exposures, and then enable them to take fast action through Ivanti Neurons for Patch Intelligence. Customers will be able to greatly reduce their attack surface and risk of breach because of the vulnerability intelligence and the resulting remediation prioritisation based on actively trending exploits and ransomware attacks,” said Jim Schaper, Ivanti Chairman and CEO.