China Hacked Treasury Dept. in ‘Major Incident,’ U.S. Says
Published On Dec 30, 2024, 3:20 PM
The U.S. Treasury Department reported a hack linked to a Chinese state-sponsored actor, which provided remote access to its workstations and unclassified documents. The breach was identified through a third-party software service, BeyondTrust, and the Treasury has been working with the FBI and intelligence community to assess the damage. While no further access to Treasury information has been found, concerns remain over the broader implications of cybersecurity vulnerabilities, especially following a similar breach affecting U.S. telecommunications systems.
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The reported breach signifies potential vulnerabilities in U.S. cybersecurity, which may result in increased defense and cybersecurity spending. Companies that offer cybersecurity solutions or technology for federal and financial institutions may be better positioned for growth due to heightened awareness and demand for their services.
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