Tag Archive for China

Cryptocurrency Implosion

Cryptocurrency ImplosionThe cryptocurrency world was rocked last week. The cryptocurrency market lost $500 Billion (Yes with a B). The popular cryptocurrency Terra Luna lost 99% of its value, dragging down a so-called “stablecoin” with it. The “stablecoin” cryptocurrency TerraUSD, (UST) fell from a high of $118.00 (in April 2022), to $0.09 on Thursday (05/12/2022).

maintained by a complex mechanismTerraUSD is an algorithmic stablecoin developed by Terraform Labs out of Singapore. An algorithmic stablecoin means it does not have reserves (fiat currencies or other highly liquid assets). Instead, its value was supposed to be maintained by a complex mechanism. Its value comes from swapping TerraUSD coins with a free-floating cryptocurrency called Luna to control supply.

What is a stablecoin

The goal of a stablecoin is to offer investors a safe harbor to avoid the fluctuations in other cryptocurrencies like Bitcoin and Ether. They are supposed to hold a constant value, no matter market conditions. Recently, stablecoins have  been used in international trade and as a way to avoid capital controls, according to experts. The theory behind stablecoins is try to ensure they remain in parity (peg) with certain assets. The assets can be the U.S. dollar – with one token equaling $1, for example. However that did not work for TerraUSD (UST),

stablecoins try to remain in parity (peg) with assets like the U.S. dollarThe core theory to maintain its peg is as old as the dismal science. They create supply and demand. Whenever the price of UST falls below $1, traders are incentivized to “burn” their UST tokens—taking them out of circulation—in exchange for Luna. The lower supply of UST, in theory, increases the stablecoin’s price back to $1 and maintains the peg. UST was also partly collateralized by billions of dollars’ worth of bitcoin (not highly liquid).

The “algorithmic stablecoin” tanked the broader cryptocurrency market when it fell well below its theoretically fixed peg of 1 to 1 to the U.S. dollar. After losing its peg, UST traded as low as 13 cents on Friday. Luna, its sister cryptocurrency, became nearly worthless overnight after trading for $80 a week earlier. As investors saw the stablecoin dropping, they rushed to withdraw their money (an online bank run). Major crypto exchanges ultimately delisted both Luna and UST to protect consumers.

The collapse sent a tsunami thru the cryptocurrency marketsThe collapse sent a tsunami thru the cryptocurrency markets and spooked investors. Bank of America Research says it was the worst implosion since May 2021. It measures up to both the 2008 financial crisis and the dotcom crash in 2000. The entire cryptocurrency market now has a market capitalization of less than half of the $2.9 trillion it was worth in November 2021.

Bitcoin, which makes up around 44% of the crypto market, price dropped to a 90-day low of $26,350 per bitcoin. As UST fell BTC lost more than 56% from its November high of $68,990.90.

Coinbase logoCoinbase (COIN), the only major publicly traded cryptocurrency exchange, also fanned the fire. In midst of the cryptocurrency implosion, COIN warned customers that their cryptocurrency holdings could be at risk if Coinbase goes bankrupt. CEO Brian Armstrong said Coinbase issued the warning in order to comply with updated SEC guidance.

Ethereum (ETH), the second-largest cryptocurrency, dropped to a third from a November 2021 high of $4,812.09 to $1,748.30 during the UST meltdown.

Smaller cryptocurrencies were not immune to the cryptocurerncy implosion.

  • Monero (XMR) lost a third of its value during the implosion. It fell to a low of $119.30 from from a high of $457.15 set earlier in the week.
  • DogecoinDogecoin (DOGE) Elon Musk’s pet cryptocurrency fell from a high of $0.69 per coin to a low of $0.08 per coin. During the cryptocurrency meltdown It lost 88% of its value.
  • SHIBA INU (SHIB) fell to a low of $0.00001079/coin. It’s previous high set in May 2021 was $0.00008/coin.It lost nearly 93% of its record value.

So what happened?

crypto moves much more like a tech stockCryptocurrencies were once viewed as newest hedge against interest rates and inflation. However experience has proved they are far more correlated to overall markets than early adopters hoped. Crypto proponents tell us that cryptocurrencies are an uncorrelated assets. In other words, it should float freely, divorced from the rest of the market. But that is not true. Because crypto moves much more like a tech stock than it does an inflation hedge. When tech stocks tank, so do digital assets. Garrick Hileman research chief at Blockchain.com and visiting fellow at the London School of Economics said, “We see more overlap in ownership than we ever have, this kind of convergence between Wall Street and crypto.

Faulty cryptocurrency systems

The reason TerraUSD in particular went down so much is that the Terra blockchain network automatically shut down. Terraform Labs explained, the price of Luna tokens had dropped so low that it was unable to “prevent governance attacks.” That shutdown for a time prevented transactions in the algorithmic stablecoin. The company tweeted that the move was necessary to allow it “come up with a plan to reconstitute it.” Additionally, the company’s chat board posted a notice saying it had been “locked down so new people can’t come in and spread fear, uncertainty, doubt and misinformation.

Elon Musk flip flops on cryptocurrencies

Elon Musk flip flops on cryptocurrenciesThe cryptocurrency implosion follows a recent crash brought on by social media influencers. Elon Musk and Tesla made a U-turn on accepting Bitcoin as payment for its products.

Telsa bought $1.5b of Bitcoin shares, which sent the market price of both the crypto and TSLA soaring. The decision by Tesla to not accept cryptocurrency was seen by some as a ding on the credibility of cryptocurrency to compete against physical currencies. Another problem is Elon Musk’s support of Dogecoin. Dogecoin is so unstable it was off 88% from its high during the cryptocurrency implosion.

China outlaws cryptocurrency

China outlaws cryptocurrencyChina continues clamping down on non-Chinese cryptocurrencies. Recently the government blocked initial coin offerings, and warned against speculative trading. Additionally, China ordered Bitcoin mining in its Sichuan province to shut down completely and told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.

Additionally the country’s central bank, People’s Bank of China, has effectively banned digital coins after announcing all transactions of cryptocurrencies are illegal. This forced Chinese crypto miners to move to other jurisdictions that were more miner-friendly driving up coin costs.

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As we have seen a bad-timing and a number of missteps laid on top of a tumbling stock markets and war in the Ukraine caused many users to lose faith in UST and make an old fashioned bank-run on the cybercurrecny.

The Federal Reserve warned that stablecoins are vulnerable to investor runs because they are backed by assets that can lose value or become illiquid in times of market stress. A run on the stablecoin could therefore spill over into the traditional financial system by creating stress on these underlying assets, it said and we saw.

How you can help Ukraine!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

9 Tips and Tricks to Master Zoom

9 Tips and Tricks to Master ZoomIn case you have been living under a rock Zoom Video Communications (ZM) is one of the biggest beneficiaries of the COVID-19 pandemic. Despite security concerns and reports of links to China, Zoom is one of the most popular video conferencing options available. As Statista documents Zoom’s Q3 total revenue was up 367 percent from the same period of last year. The company expects to end the year with $2.58 billion of revenue.

Zoom logoA growing number of project managers are using collaboration software like Zoom while working from home until at least the summer of 2021 – to get updates from team members. Here are 9 tips and tricks to master Zoom in 2021.

Use keyboard shortcuts 

It is estimated that you are spending up to 64 hours every year on unnecessary keyboard-to-mouse coordination in Zoom and other GUI’s. To save time, use these keyboard shortcuts to be a more efficient project manager during a Zoom video call.

A is for audio – Press Alt + A to mute or unmute audio (macOS Command + Shift + A).

I is for invite – Press Alt + I to jump to the Invite window, where you can get the link to the meeting for others users (macOS Command + I).

Zoom keyboard shortcutsM is for mute – Press Alt + M to mute everyone else on the call when you are the meeting host (macOS Command + CTRL + M).

S is for share – Press Alt + Shift + S to share your screen (macOS Command +Shift + S) and press Alt + T (macOS Command +Shift + T) to pause or resume screen sharing.

V is for video – Press Alt + V to Start or stop video (macOS Command +Shift + V).

Y is for Yo – Press Alt + Y to Raise or lower hand (macOS Option+ Y).

For the full list of Zoom keyboard shortcuts click here

Zoom Annotation toolsUse Annotation Tools – Zoom’s annotation tools let all the meeting participants collaborate by drawing and highlighting on the screen shared by the host. This type of collaboration can be very helpful for project managers when brainstorming, collecting requirements, or developing a work breakdown structure (WBS). To annotate a Zoom while viewing someone else’s shared screen.

1. Select View Option from the top of the Zoom window.
2. Choose Annotate.
3. A toolbar appears with all your options for annotating, including;
• text,
• draw,
• arrow, etc..

Zoom Annotation tools

The presenter can use the save button on the toolbar to capture the image with annotations as a screenshot to be used in the project meeting minutes. 

Look better on Zoom

Zoom has a feature called Touch Up My Appearance. It can soften the focus on your camera. The feature will smooth fine lines and bags under your eye bags –  theoretically minimizing issues with your skin. It can make even the weariest PM look like you got a great night of sleep. To use Zoom’s Touch Up My Appearance:

  1. Zoom Touch Up My AppearanceSelect Zoom’s Settings menu.
  2. Click on the Video option in the left panel.
  3. Under My Video, select the option for Touch Up My Appearance.
  4. A slider bar will appear next to this option, and you can further customize the feature by sliding the bar left or right to increase or decrease its use in your video.

Bonus tip – If you have the internet bandwidth – Select the HD option in the Camera section of the Video settings page. So you can be seen in high definition glory.

mute your microphoneBe Quite – You do mute your microphone when you are not speaking during a Zoom call right? Nobody wants to hear you munching Doritos in the background. When you are called on to speak – you can just press and hold the spacebar to quickly unmute and mute rather than scrambling to click the microphone button with your mouse. 

Use an Emoji

Even if you are muted in a Zoom meeting, you can still participate. Use emoji reactions to let the hosts know your thoughts. You can send a thumbs up or a clapping emoji to communicate you can still participatewithout interrupting the meeting. To react with an emoji during a project meeting:

  1. Click the Reactions tab at the bottom of the meeting screen and choose the one you want.
  2. The emoji will disappear after 5 seconds.

By default, emoji reactions have a yellow skin tone, but you can customize that to match your identity. Desktop users can:

  1. Select their profile picture,
  2. Click on Settings, and then under the General tab,
  3. select a skin tone from the six options available.

Zoom reaction emoji skin tonesPro Tip #1 – If you’d prefer not to be seen at all (and you’re not planning to speak) in the meeting you can use a screenshot of yourself in a Zoom meeting as your profile picture. That way, you’ll always look sharp and that you are paying attention.

Zoom attendee attention tracking featurePro Tip #2 – Zoom offers an “attendee attention tracking” feature. This feature lets the employers check to make sure you are paying attention. So if you’re tweeting away during a meeting, or answering a personal e-mail, Zoom is going to tell your boss.

Stay Up to Date – Keep your Zoom application up to date. Updating Zoom will get you the latest bells and whistles and it will keep you more secure. To update your Zoom client

  1. Sign in to your account.
  2. Click on your profile picture, and select Check For Updates.
  3. If there are new updates, you’ll be able to download and install them right away via the updates screen.
  4. Follow the on-screen prompts.

You can also download updates from the Zoom update website.

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Hopefully, these 9 tips and tricks will help you master Zoom and be a better project manager in 2021. 

Stay safe out there!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Cornoravirus Will Make the PC Market Sick

Cornoravirus Will Make the PC Market Sick2019 was the first year of positive growth in the PC market since 2012. But tech prognosticator International Data Corporation (IDC) slashed its 2020 forecast for PC shipments. The Framingham, MA-based market researcher believes the Cornoravirus (COVID-19) effect on global supply chains will cut PC shipments in 2020 by 9%, with total shipments reaching 374.2 million for the full year.

novel coronavirusThe big drops in shipments are expected in the first half of the year, with a decline of a little over 8 percent in Q1 and nearly 13 percent in Q2. Linn Huang, an IDC research vice president, wrote in a presser.

We have already forgone nearly a month of production given the two-week extension to the Lunar New Year break and we expect the road to recovery for China’s supply chain to be long with a slow trickle of labor back to factories in impacted provinces until May when the weather improves … Many critical components such as panels, touch sensors, and printed circuit boards come out of these impacted regions, which will cause a supply crunch heading into Q2.

IDC’s definition for PCs includes desktops, notebooks, workstations, and tablets. Before the coronavirus appeared, IDC was already expecting a difficult year for PCs. 2020 sales figures had to overcome last year’s boost from the Windows 7 replacement cycle. Despite the drop in PC shipments for 2020, IDC’s long-term forecast remains slightly positive as global shipments are forecast to grow to 377.2 million in 2024

The sales decline is driven by a lack of inventory as the Chinese government ordered Foxconn and others factories to shut down in some cases until March halting production of not just finished products, but also parts and components needed for those items. The NYT reports that slightly over half the country’s population is under various kinds of lock-down. FierceElectronics reports there are already product shortages shown up.

  • The Apple (AAPL) iPad Pro tablet has limited availability at stores in the U.S., Australia, and Europe.
  • Tech product shortagesSome Facebook (FB) Oculus virtual reality headsets are “unavailable.”
  • HP‘s (HPQ) website says some Envy, Pavilion, and Slim desktop computers are out of stock.

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Are Your VPNs – Virtual Pwnd Networks

Updated October 21, 2019 – The U.S. and U.K. spy agencies have issued separate cybersecurity advisories on 10/21/2019 urging users to patch and mitigate the VPN holes discussed below. The NSA advisory (PDF) warns that “multiple nation-states advanced persistent threat (APT) actors have weaponized” the flaws. The U.K.’s National Cyber Security Centre (NCSC) advisory is here.

Updated September 29, 2019 – SafeBreach Labs discovered a vulnerability in Forcepoint’s VPN client software. The flaw will give attackers unfettered access to its users’ Windows computers.

In its article detailing the bug, Forcepoint explained The flaw enables an attacker to insert their own executable which will run with administrative privileges, giving the attackers administrative access to the system. Forcepoint gave the bug a CVE number of 2019-6145 and a base severity score of 6.7. According to a  Forcepoint knowledge base article, the flaw is patched in version 6.6.1 of the Forcepoint VPN Client for Windows.

Updated September 10, 2019 –  ZDNet is reporting that the Chinese state-sponsored hacker group APT5 is targeting enterprise VPN servers from Fortinet and Pulse Secure since the security flaws discussed below became public knowledge last month. FireEye reports (PDF) that APT5 has been active since 2007 and has targeted multiple industries.

APT5 was reportedly one of the first to start scanning the internet and then later attempt to exploit vulnerabilities in the Fortinet and Pulse Secure VPN servers. The attackers sought to steal files storing password information or VPN session data from the affected products. These files would have allowed attackers to take over vulnerable devices.

Are Your VPNs - Virtual Pwnd NetworksEverybody loves their virtual private networks. SSL VPNs provide a convenient way for business users to connect to corporate networks while out of the office. A recent study by FlexJobs found 30% of workers have left a job because it did not offer flexible work options like remote work. Further, the report said, that 80% of staff would be more loyal to their employers if they had flexible work options and 52% of workers have tried to negotiate flexible work arrangements with their employer.

Great firewall of ChinaHackers love VPNs too

Last month VPNpro found that the majority of VPN services have close ties to China. CSO Online points out that if you are running a VPN that is developed and owned in China, then there is a serious chance that your information is not as private as you think. Every technology company that operates within China, including ISPs, are required to comply with any Chinese governmental request for data. That includes your data. The Chinese government has a long and well-documented history of hacking, favoring, and helping local businesses at the expense of foreign companies.

VPNpro also found that some Chinese firms own different VPNs split among different subsidiaries. For example, the Chinese company Innovative Connecting owns three separate businesses that produce VPN apps: Autumn Breeze 2018, Lemon Cove, and All Connected. In total, Innovative Connecting produces 10 seemingly unconnected VPN products, the study shows.

VPN attacksChina is not the only concern

VPNpro also found that seven of the top VPN services are owned by Gaditek, based in Pakistan. This means the Pakistani government can legally access any data without a warrant and data can also be freely handed over to foreign institutions, according to VPNpro.

VPNpro identified a further four companies: Super VPN & Free Proxy, Giga Studios, Sarah Hawken, and Fifa VPN, which together own 10 VPN services – where the parent company, and therefore the company of origin, is completely hidden.

If that is not scary enough – There are new reports that attackers are now targeting the devices used to attach VPNs to the network. Help Net Security reports that attackers are exploiting known flaws in Pulse Connect Secure SSL VPN and Fortigate SSL VPN installations.

Flaws VPN installations

These attacks could allow attackers to steal passwords and gain full, remote access to an organization’s networks. Attackers have been targeting two vulnerabilities:

  • CVE-2019-11510, an arbitrary file reading vulnerability in Pulse Connect Secure
  • CVE-2018-13379, a path traversal flaw in the FortiOS SSL VPN web portal.

Researchers Meh Chang and Orange Tsai at Taipei City, Taiwan-based consultancy Devcore reported the flaws to Fortinet on Dec. 11, 2018, and to Pulse Secure on March 22, 2019.

In an August 9, 2019 blog post the Devcore researchers recapped their Black Hat 2019 demonstration. Tsai told TechCrunch in an email, “The SSL VPN is the most convenient way to connect to corporate networks … it’s also the shortest path to compromise their intranet.

Pulse Secure VPNs

Pulse Secure logoPrivately held California-based Pulse Secure released an update on April 24, 2019, to address these flaws and urged customers to upgrade all affected products “as soon as possible.” The vendor warned that aside from patching, no workaround would protect systems, “Multiple vulnerabilities were discovered and have been resolved in Pulse Connect Secure (PCS) and Pulse Policy Secure (PPS).

Cyber threat intelligence firm Bad Packets has warned about activity aimed at vulnerable Pulse Connect Secure endpoints. So far they have found nearly 15,000 Pulse Secure VPN endpoints vulnerable to CVE-2019-11510 across all sectors of the U.S. This includes:

  • U.S. military networks,
  • Hospitals,
  • Electric utilities,
  • Financial institutions, and
  • Fortune 500 companies.

Fortinet VPNs

Fortinet logo

Fortinet (FTNT) released a security advisory on May 24, 2019, to address these flaws and urged customers to update their firmware to safeguard themselves. In a blog post, the Devcore researchers wrote about the flaws they’d found in Fortinet devices, “In the login page, we found a special parameter called magic. Once the parameter meets a hardcoded string, we can modify any user’s password.”

Independent British security researcher Kevin Beaumont told BankInfoSecurity he was tracking attacks against Fortigate servers. Beaumont reported seeing “the Fortigate SSL VPN backdoor being used in the wild” against one of his honeypots.

ZDNet claims the number of vulnerable FortiGate VPNs is believed to be in the hundreds of thousands, although we don’t have an exact stat about the number of unpatched systems that are still vulnerable to attacks.

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This isn’t the first time that serious flaws have been found and patched in enterprise-grade networking gear. In 2016 researchers found a vulnerability in Fortinet’s FortiGate OS – that functioned as an SSH backdoor and researchers found an authentication bypass flaw in Juniper Networks (JNPR) ScreenOS firmware.

Patch your systemsIn April 2019, U.S. Homeland Security issued a warning about vulnerabilities in many major corporate VPN applications. The VPN apps from — Cisco (CSCO), Palo Alto Networks (PANW), Pulse Secure, and F5 Networks (FFIV)— improperly store authentication tokens and session cookies on a user’s computer.

Obviously, there is no time to waste: firms should update their vulnerable Pulse Connect Secure SSL VPN and Fortigate SSL VPN installations as soon as possible.

Security researcher Kevin Beaumont told BankInfoSecurity:

Lots of companies have the basics around patching Windows and Linux down, as they have vulnerability management platforms and agents … Those don’t extend to FortiOS and Pulse Secure. So they just don’t patch as they never see [vulnerabilities].

Maybe firms should get their VPN devices on a regular update schedule before they become Virtual Pwnd Networks.

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Volunteers Take Down 124K Malware Sites

Volunteers Take Down 124K Malware Sites CircleID reports that abuse.ch, a non-profit cybersecurity organization based in Switzerland kicked off a volunteer-based information sharing project called URLhaus in March 2018. URLhaus collects and shares URLs identified to be distributing malware. Since its start up, URLhaus has proven to be quite effective in taking down over 124,000 malware distribution sites.

Abussubmitted in average 300 malware sitese.ch’s URLhaus project allows anyone to sign up with a Twitter account to report malicious URLs. The system will download and analyze the site’s payload and try to identify it before submitting it to Anti-Virus vendors and blacklist providers such as Google Safe Browsing, Spamhaus DBL, and SURBL, according to the blog post.

CircleID reports that 265 security researchers located all over the world have identified and submitted on average 300 malware sites to URLhaus each day. The article said URLhaus succeeded beyond the infosec community; the project also managed to get the attention of many hosting providers which is not an easy task, especially for large hosting providers that have tens of thousands of customers and hence a significant amount hijacked websites in their network that are getting abused by cybercriminals to distribute malware.

The chart below produced by abuse.ch shows the number of active malware distribution sites tracked since the launch of URLhaus.

malware distribution sites tracked since the launch of URLhaus.

abuse.ch reports that the US or China hosts 2/3 of the top malware hosting networks. The overall average malicious site take-down time is 8 days, 10 hours, 24 minutes. The three top Chinese malware hosting networks have an average abuse desk reaction time of more than a month!

That’s more than enough time to infect thousands of devices every day.

 

Top malware hosting networks

The top malware hosting networks, hosting active malware content identified by abuse.ch as of January 2019.
RankASNCountryAverage Reaction TimeMalware URLs
1AS14061 DIGITALOCEAN-ASN - DigitalOcean, LLCUS6 days, 12 hours, 56 minutes307
2AS4134 CHINANET-BACKBONE No.31,Jin-rong StreetCN1 month, 9 days, 19 hours, 22 minutes256
3AS4837 CHINA169-BACKBONE CHINA UNICOM China169CN1 month, 23 days, 8 hours, 41 minutes163
4AS48815 CRITICALCASEIT21 hours, 58 minutes151
5AS46606 UNIFIEDLAYER-AS-1 - Unified LayerUS2 days, 11 hours, 54 minutes127
6AS53667 PONYNET - FranTech SolutionsUS13 days, 3 hours, 37 minutes105
7AS16276 OVHFR5 days, 22 hours, 6 minutes104
8AS60144 THREE-W-INFRA-AS -- TRANSIT --NL9 days, 10 hours, 37 minutes83
9AS13335 CLOUDFLARENET - Cloudflare, Inc.US13 days, 7 hours, 5 minutes67
10AS37963 CNNIC-ALIBABA-CN-NET-AP Hangzhou AlibabaCN1 month, 2 days, 0 hours, 1 minutes66
11AS8342 RTCOMM-ASRU10 days, 8 hours, 9 minutes63
12AS36352 AS-COLOCROSSING - ColoCrossingUS16 days, 9 hours, 57 minutes53
13AS3462 HINET Data Communication Business GroupTW17 days, 6 hours, 19 minutes51
14AS23650 CHINANET-JS-AS-AP CHINANET jiangsu provinceCN3 days, 11 hours, 50 minutes51
15AS3462 HINET Data Communication BusinessTW17 days, 6 hours, 19 minutes51

 

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abuse.ch offers the URLhaus black list for free to help protect your networks and users from malware. You can get more details from abuse.ch here.

 

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.