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Nokia starts investigating source code data breach claims
- Nokia has initiated an inquiry into IntelBroker's claims of a cyberattack by a hacking group. The sensitive data breach includes source code materials, SSH keys, RSA keys, SMTP credentials, webhooks and Bitbucket credentials.
- The intel breach happened via a third-party contractor, the firm said. Nokia has suspended all ongoing R&D activities regarding its 5G products as a precautionary measure.
- Nokia is currently in discussions with Indian telecom partner Vi (Vodafone Idea) on risk assessment and mitigation strategies after the breach, and it remains unknown whether the data has been used to compromise Nokia's product or system.
- The company has hired a forensic team of experts to track the origins of the hack, and prevent the stolen data from being sold or disseminated on the dark web. BreachForums is reportedly offering the stolen data for sale for $20,000 in cryptocurrency.
- Simply acquiring the data does not necessarily equate to an immediate attack on Nokia's infrastructure, experts have said. Counterfeit operations would require more than just the stolen source code anyway.
- The risk of a data breach, however, damaging a company's reputation is high in the tech industry where security incidents can be seen as a noticeable weakness.
- Companies such as Huawei and ZTE have experienced huge backlash in recent years due to national security and data privacy concerns. To this end, any breach of intellectual property could increase Nokia's market position, particularly if it is perceived as a serious security lapse.
- As Nokia works to mitigate the breach's effects, focus is on securing its intellectual property and maintaining the trust of its partners and customers. Reputational risks, however, pose considerable challenges.
- Nokia's effort to address the situation and safeguard its R&D operations will be crucial in deciding how well the company manages the crisis.
- Nokia's brand carries a legacy that closely associates with its early dominance in the mobile phone industry-a legacy that can work both in its favor and pose challenges when dealing with security and trust issues.
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