Bloomberg Daybreak: Europe Edition
China-Backed Hackers Access US Treasury, Gas Price Pain & Former HSBC CEO Knighted
Dec 31, 2024
John Harney, a Bloomberg editor, sheds light on a recent Chinese cyber attack on the US Treasury, raising alarms about US-China relations. He discusses the significant expansion of China's services sector, reflecting improving domestic demand. The podcast also highlights surging European gas prices, up 45% this year, amid a looming energy crisis. Additionally, it touches on German Chancellor Olaf Scholz's criticism of Elon Musk's political maneuvers and honors Noel Quinn, former HSBC CEO, for being knighted in the UK.
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Quick takeaways
- The recent cyber breach of the US Treasury by Chinese-backed hackers underscores critical vulnerabilities in cybersecurity within federal systems and contractors.
- European gas prices have surged significantly, intensifying concerns over energy supply and costs as tensions regarding Russian gas flows persist amid winter demands.
Deep dives
Cybersecurity Risks in US Treasury
Chinese-backed hackers gained access to the US Treasury Department, highlighting significant cybersecurity vulnerabilities. This breach involved unauthorized access to unclassified documents, raising concerns about the integrity of federal systems and the potential for sensitive information exposure. The attackers exploited a third-party software provider, Beyond Trust, which was under contract with US government agencies, indicating a systemic issue in the security protocols of such contractors. While the Treasury has reported that the immediate threat has diminished, questions remain regarding the extent of the breach and its implications for US-China relations in an already tense geopolitical climate.
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