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OpenFin raises $17 million for its OS for finance

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OpenFin, the company looking to provide the operating system for the financial services industry, has raised $17 million in funding through a Series C round led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. Previous investors in OpenFin also include DRW Venture Capital, Euclid Opportunities and NYCA Partners.

Likening itself to “the OS of finance,” OpenFin seeks to be the operating layer on which applications used by financial services companies are built and launched, akin to iOS or Android for your smartphone.

OpenFin’s operating system provides three key solutions which, while present on your mobile phone, has previously been absent in the financial services industry: easier deployment of apps to end users, fast security assurances for applications and interoperability.

Traders, analysts and other financial service employees often find themselves using several separate platforms simultaneously, as they try to source information and quickly execute multiple transactions. Yet historically, the desktop applications used by financial services firms — like trading platforms, data solutions or risk analytics — haven’t communicated with one another, with functions performed in one application not recognized or reflected in external applications.

“On my phone, I can be in my calendar app and tap an address, which opens up Google Maps. From Google Maps, maybe I book an Uber . From Uber, I’ll share my real-time location on messages with my friends. That’s four different apps working together on my phone,” OpenFin CEO and co-founder Mazy Dar explained to TechCrunch. That cross-functionality has long been missing in financial services.

As a result, employees can find themselves losing precious time — which in the world of financial services can often mean losing money — as they juggle multiple screens and perform repetitive processes across different applications.

Additionally, major banks, institutional investors and other financial firms have traditionally deployed natively installed applications in lengthy processes that can often take months, going through long vendor packaging and security reviews that ultimately don’t prevent the software from actually accessing the local system.

OpenFin CEO and co-founder Mazy Dar (Image via OpenFin)

As former analysts and traders at major financial institutions, Dar and his co-founder Chuck Doerr (now president & COO of OpenFin) recognized these major pain points and decided to build a common platform that would enable cross-functionality and instant deployment. And since apps on OpenFin are unable to access local file systems, banks can better ensure security and avoid prolonged yet ineffective security review processes.

And the value proposition offered by OpenFin seems to be quite compelling. OpenFin boasts an impressive roster of customers using its platform, including more than 1,500 major financial firms, almost 40 leading vendors and 15 of the world’s 20 largest banks.

More than 1,000 applications have been built on the OS, with OpenFin now deployed on more than 200,000 desktops — a noteworthy milestone given that the ever-popular Bloomberg Terminal, which is ubiquitously used across financial institutions and investment firms, is deployed on roughly 300,000 desktops.

Since raising their Series B in February 2017, OpenFin’s deployments have more than doubled. The company’s headcount has also doubled and its European presence has tripled. Earlier this year, OpenFin also launched it’s OpenFin Cloud Services platform, which allows financial firms to launch their own private local app stores for employees and customers without writing a single line of code.

To date, OpenFin has raised a total of $40 million in venture funding and plans to use the capital from its latest round for additional hiring and to expand its footprint onto more desktops around the world. In the long run, OpenFin hopes to become the vital operating infrastructure upon which all developers of financial applications are innovating.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Dar. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

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AT&T failed to fix Ohio man’s broken Internet service for a month

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Ohio resident John Sopko had to go a month without his AT&T fixed wireless Internet service because the company repeatedly failed to diagnose and fix the problem, the Akron Beacon Journal reported today. AT&T finally figured out this week that the antenna on Sopko’s roof was broken and had to be replaced, but not until after a parade of support calls and technician visits.

Sopko said he isn’t a big Internet user but that his girlfriend and her 17-year-old son are. The son has “been at his grandmother’s since four days after [the outage] started because he needs it for school,” Sopko said. Sopko’s house is either in or near an area where AT&T received US government funding to deploy service.

Sopko’s service stopped working on October 30. Rebooting the modem did nothing, so he called AT&T’s service phone number and “followed directions to reboot the system.” That again did nothing, so AT&T sent a technician to his home in Akron, but the tech just repeated the steps that Sopko had already taken, according to the report:

“He went and turned everything off and plugged it back in,” Sopko said. Same result—no connection.

AT&T sent out a second technician, on Nov. 8. “He did the same thing,” Sopko said. “He said it was an engineering problem and was going to send an email.”

More frustration, no explanation from AT&T

Sopko didn’t hear back from AT&T, so he called the company again a couple of days after the second technician visit, the Beacon Journal article said. “They said they were ‘troubleshooting’ and said it would be back up in a couple of hours,” he told the newspaper.

The service did not come back online within a couple of hours, and Sopko said he had to “chase them down” again because AT&T didn’t call him back. He was eventually able to schedule a technician appointment for November 23. But on that day, “he received another text, confirming an appointment for Nov. 26. A text on Nov. 26 confirmed an appointment for 2 pm to 4 pm. Sopko said he may not have responded in time to that text, so a new appointment was set for Dec. 3,” the newspaper reported.

The Beacon Journal report continued:

Sopko called the service line again on Nov. 26, talking to a customer representative. “I don’t want to be mean to you,” he told the representative. “But this has been going on for 28 days now. Why?”

The representative couldn’t give a solid answer, which frustrated Sopko even more. “I’m buying a product that I can’t use,” he said. “Tell me lightning hit a tower; tell me something.”

AT&T’s government funding

Finally, Sopko was contacted on Tuesday of this week by an AT&T rep, and the company sent what Sopko called a “more advanced technician” to his house on Wednesday. The technician tested the antenna, found it wasn’t working, and replaced it.

“That ‘antenna’ was a fixed wireless unit the company had installed about a year and a half before. The units are primarily used in rural areas where cable lines aren’t in place,” the Beacon Journal noted.

Ohio is one of 18 states where AT&T received $428 million from the Federal Communications Commission per year for seven years starting in 2015 to deploy 10Mbps Internet using fixed wireless technology to 1.1 million homes and small businesses. It’s not clear whether Sopko’s home is counted in that deployment, but his address on East Voris Street is very close to other Akron properties where the FCC map shows subsidized deployment by AT&T.

AT&T still trying to “determine what happened”

Sopko “received a bill on Tuesday for a month’s service he didn’t get” but later received bill credits “and a gift card for his troubles,” the Beacon Journal reported. AT&T told the newspaper that “our technicians restored Mr. Sopko’s Internet service and he is satisfied.”

We asked AT&T for an explanation of why it took a month to diagnose and fix the problem. The company didn’t explain but said it is looking into the matter.

“Clearly, this is not an acceptable customer experience and did not meet our expectations for how we serve our customers,” AT&T told Ars today. “We have apologized to Mr. Sopko and credited his account. We are reviewing this case to determine what happened and to prevent it from happening again.”

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iPhones of US diplomats hacked using “0-click” exploits from embattled NSO

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The iPhones of nine US State Department officials were infected by powerful and stealthy malware developed by NSO Group, the Israeli exploit seller that has come under increasing scrutiny for selling its wares to journalists, lawyers, activists, and US allies.

The US officials, either stationed in Uganda or focusing on issues related to that country, received warnings like this one from Apple informing them their iPhones were being targeted by hackers. Citing unnamed people with knowledge of the attacks, Reuters said the hackers used software from NSO.

No clicking required

As previously reported, NSO software known as Pegasus uses exploits sent through messaging apps that infect iPhones and Android devices without requiring targets to click links or take any other action. From there, the devices run hard-to-detect malware that can download photos, contacts, text messages, and other data. The malware also allows the operator to listen to audio and view video in real time.

NSO has long come under fire for selling its wares to governments hostile to journalists and dissidents. Facebook sued NSO in 2019 after Pegasus was discovered to have used the company’s WhatsApp to infect the iPhones of 36 journalists. Last month, Apple sued NSO after learning Pegasus infected 37 iPhones belonging to journalists, human rights activists, and business executives. Critics said the targets didn’t meet the criteria NSO says is required for its powerful spyware to be used. Also last month the Biden administration’s Commerce Department blocked the export, re-export and in-country transfer of NSO technology.

An NSO spokesperson said in a statement that after learning of the allegations by Reuters, it immediately terminated the responsible customer’s access to its system while it looks into the matter. NSO officials wrote:

On top of the independent investigation, NSO will cooperate with any relevant government authority and present the full information we will have. To clarify, the installation of our software by the customer occurs via phone numbers. As stated before, NSO’s technologies are blocked from working on US (+1) numbers. Once the software is sold to the licensed customer, NSO has no way to know who the targets of the customers are, as such, we were not and could not have been aware of this case.

Reuters said that while the iPhones targeted in this case were all registered to overseas numbers, the target’s affiliation with the US government was obvious because they all used Apple IDs that were associated with email addresses ending in state.gov. The news outlet said the actions taken against the State Department officials “represent the widest known hacks of US officials through NSO technology.”

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Ransomware attack on Planned Parenthood steals data of 400,000 patients

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Ransomware hackers broke into a Planned Parenthood network and accessed medical records or other sensitive data for more than 400,000 patients of the reproductive health care group.

The disclosure came in a sample letter posted to the California attorney general’s website and a release published by the organization. Both said that the intrusion and data theft was limited to patients of Planned Parenthood’s Los Angeles chapter. Organization personnel first noticed the hack on October 17 and conducted an investigation.

“The investigation determined that an unauthorized person gained access to our network between
October 9, 2021 and October 17, 2021, and exfiltrated some files from our systems during that time,” the letter stated. It went on to say: “On November 4, 2021, we identified files that contained your name and one or more of the following: address, insurance information, date of birth, and clinical information, such as diagnosis, procedure, and/or prescription information.”

The release said that the intruder “installed malware/ransomware and exfiltrated some files from its systems during that time.” The organization said it has no evidence the stolen data has been used for fraudulent purposes. Planned Parenthood of Los Angeles spokesman John Erickson didn’t respond to a question asking if the organization could rule out that possibility.

Ransomware has become a scourge that hits both Fortune 500 firms and small nonprofits alike. The criminals behind the attacks routinely extort money, with the threat to not only lock up victims’ computer networks, but also to leak sensitive data online if the ransom goes unpaid. There are no reports of any of the Planned Parenthood data being published.

In May, hackers hit Colonial Pipeline with a ransomware attack that caused disruptions in gasoline distribution in the southeastern United States. A few weeks later, JBS SA, the world’s biggest meat producer, suffered a ransomware attack that shut down operations at five of the biggest JBS beef plants in the US. A Canadian JBS beef plant that processes almost a third of the country’s federally inspected cattle was also shut down.

Nonprofit organizations, meanwhile, have also been menaced by ransomware, with hospitals, homeless shelters, and community groups all in the crosshairs. Earlier this year, data belonging to a Planned Parenthood chapter in the District of Columbia was also held for ransom.

Word of the latest Planned Parenthood attack comes as the availability of abortions in many states has come under threat in state legislatures. The US Supreme Court on Wednesday heard oral arguments in a case challenging the constitutionality of a Mississippi law that effectively bans the procedure after 15 weeks of pregnancy.

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