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Europe Falls Behind on Big Tech

By James Rundle

 

Good day. Europe isn’t just lagging the U.S. and China in creating big-tech companies, it’s falling far behind.

Only four of the top 50 tech companies are European, despite the continent having a larger population than the U.S. and similar education levels. Over the past 50 years, the U.S. has created 241 companies with a market capitalization of more than $10 billion, while Europe has created just 14.

As the technology sector undergoes a new revolution similar to the emergence of the internet with artificial intelligence, experts say Europe’s approach to regulation and innovation risks losing relevance to global competitors. In security, that could be disastrous.

Read our full story here.

Also today:

  • Regeneron to buy 23andMe.
  • Hackers breach U.K. legal aid service.
  • Arla Foods attack disrupts operations.
 

‏‏‎ ‎

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Cyberattacks

PHOTO: VUK VALCIC/ZUMA PRESS

Domestic Abuse Data Exposed in U.K. Legal Aid Hack. The British Ministry of Justice said hackers in April downloaded agency data dating back to 2010, accessing more than two million pieces of private information from areas of the legal aid system, including data on domestic abuse victims and people facing criminal prosecution. (BBC)

PHOTO: ANDREW KELLY/REUTERS

Arla Foods Attack Disrupts Operations. The Danish food giant says it expects product delays or even cancellations after “suspicious activity” was detected in the local IT network at a dairy facility in Upahl, Germany. (Bleeping Computer)

Cybercrime Marketplace Founder Settles Lawsuit. Conor Brian Fitzpatrick, the 22-year-old founder of BreachForums, will pay nearly $700,000 for facilitating the sale of stolen healthcare data in a rare instance of a go-between threat actor facing financial penalties. Fitzpatrick launched BreachForums in March 2022, after the FBI shutdown RaidForums, a previous data marketplace.  (Cybersecurity News)

 

The Big Number

88%

The proportion of organizations that maintain an incident-response retainer or discretionary fund, according to a survey of 1,200 cyber chiefs conducted by Arctic Wolf and published Tuesday.

 

Privacy

PHOTO: GEORGE NIKITIN/EPA-EFE/SHUTTERSTOCK

Regeneron to Buy 23andMe From Bankruptcy. 23andMe, the DNA-testing company that helped people learn about their ancestors, agreed to be purchased out of bankruptcy on Monday for $256 million, a steep fall from the $6 billion valuation peak it achieved in 2021. Customers of the service have been concerned about the security of their information since the company’s bankruptcy. (WSJ)

 

Regulation & Enforcement

PHOTO: ADRIAN DENNIS/AFP/GETTY IMAGES

U.K. Health Service Asks Vendors for Security Commitments. Britain’s National Health Service sent a letter to its suppliers, asking them to sign up to a voluntary agreement to put various cybersecurity measures in place. The measures include implementing multi-factor authentication, reporting cyberattacks and ensuring their technology adheres to government best practices. (IT Pro)

 

About Us

The WSJ Pro Cybersecurity team is Deputy Editor Kim S. Nash (on X @knash99), reporter James Rundle and reporter Catherine Stupp (@catstupp). Follow us on X @WSJCyber. Reach the team by replying to any newsletter you receive or by emailing Kim at kim.nash@wsj.com.

 
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