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Michigan joins Minnesota in reporting cyberattacks, with FBI investigating | Cybercrime News

No culprit has been identified in any of the attacks, which comes after authorities warned of a possible Iranian plot.

Michigan has reported cyberattacks on nine of its water systems, days after Minnesota reported similar breaches across the state.

The United States Federal Bureau of Investigation (FBI) said it was investigating both of the attacks on Saturday. In an advisory earlier this week, it said that at least seven states have reported incidents, but so far only Minnesota and Michigan have been identified.

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No culprit has yet been pinpointed. However, the breaches came after the FBI, Cybersecurity and Infrastructure Security Agency (CISA) and other agencies warned in an advisory last week that Iranian hackers have been targeting water and wastewater systems and the operational controls of other critical infrastructure sectors.

“The FBI is aware of recent public reporting around Water and Wastewater (WWS) sectors,” the agency said in a statement on Saturday. “The FBI and our interagency partners are fully engaged to protect critical infrastructure, and we remain well-equipped to protect against cyber threats of all varieties.”

Dale George, the director of communications for Michigan’s Department of Environment, Great Lakes and Energy, meanwhile, said that “all systems continued to operate safely” following the attacks.

He said Michigan received a federal cyber alert on Tuesday about attempts to tamper with operational technology in water systems.

Soon after, the state received “a small number of reports from Michigan communities indicating activity consistent with what federal agencies described”, said George.

Minnesota had earlier in the week reported attacks on 30 sites. Minnesota IT Services, the state information technology agency, said most of the confirmed attacks involved technology that water systems use to remotely monitor and control equipment.

The agency has said that impacted systems did not necessarily equate to water disruptions, noting that as of Thursday, there were no active requests for residents to modify their water usage. Some modifications had been requested earlier in the week.

Local water plants are generally more vulnerable than other infrastructure because they are more likely to have out-of-date cybersecurity. Federal law enforcement has previously indicted Iranian hackers for allegedly targeting water infrastructure.

Throughout the war, US President Donald Trump has repeatedly threatened to attack civilian infrastructure in Iran, including power and water desalination plants.

When asked about the Minnesota attacks on Friday, Trump instead pivoted to criticise the Democrat-led state government in Minnesota.

“I think Minnesota is behind it,” Trump said, without providing further evidence or clarification. “I don’t think there was an Iranian cyberattack.”

Minnesota Governor Tim Walz, meanwhile, indicated his belief that Iran was behind the attack. He further blamed Trump’s cuts to federal government employees for making the US more vulnerable to cyberattacks.

“Trump knows exactly who is responsible for this attack, and knows that other states were hit too,” Walz said.

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Reform UK reporting Green leader Zack Polanski to police over Instagram post

Reform UK say they are reporting Green Party leader Zack Polanski to the police after he shared a post to his Instagram which included a photo of a man wearing a top featuring the name “Nigel” alongside an image of a guillotine.

Polanski accepted a request to collaborate with another account and shared a series of pictures of a Green Party event on Sunday with his 713,000 followers.

One of the images showed a man wearing a T-shirt which said: “We’re only making plans for Nigel”.

A Green Party spokesperson said: “Once this image was brought to [Zack’s] attention he immediately unshared the post. He unequivocally does not support this type of dangerous message.”

The Reform UK leader, Nigel Farage, criticised Polanski on X.

Sharing a screenshot of what Polanski had reposted, he said: “If I was to post anything as inciteful then I would expect to be arrested, and so should Polanski.”

It is understood Reform UK are reporting Polanski to the police. The party’s home affairs spokesperson, Zia Yusuf, said “this is incitement to murder”.

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SEC’s Proposed Semiannual Reporting Rule Meets Resistance

Receiving less frequent finanical information worries investors of all stripes.

Investors do not like the U.S. Securities and Exchange Commission’s (SEC) week-old proposed rule on semiannual financial reporting. They really don’t like it.

A vast majority, 92%, of comment letters received by the SEC regarding the proposed rule opposed it. Only 6% favored the rule’s adoption, while 2% simply wanted additional details regarding how the rule would operate.

The proposed rule, a pet project of the Trump administration, is likely to be implemented, according to experts.

“There is a strong indication it will happen,” David Bartz, partner and co-head of capital markets and securities regulation at law firm K&L Gates, told Global Finance. “The administration has been looking into this. It’s something that SEC Chairman[Paul] Atkins has been a big proponent of. I think that it’s highly unlikely that it will become an official rule.”

Pros and Cons

The current proposal would permit public companies to elect semiannual reporting instead of the standard quarterly reporting. The SEC estimates that companies incur an average of $330,000 in compliance costs for three Form 10-Q quarterly reports. Alternatively, submitting one Form 10-S semiannual filing costs around $198,000. Savings could come from external professional fees, auditor reviews, data tagging costs, and investor engagement costs, according to a K&L Gates blog post.

The most common concern cited by the rule commentators, however, is a decrease in the amount of available financial information investors receive. This would lead to greater reliance on interim guidance, reduce the chance of finding corporate malfeasance, increase market volatility, and require the revamping of investment and trading strategies.

Material Disclosures

In markets that already have semiannual financial reporting, like the EU and Australia, companies must release material information promptly unless there is a specific business case not to, such as entering merger negotiations or procuring a contract that has not been finalized, said Marc Steinberg, the Radford Professor of Law at Southern Methodist University’s Dedman School of Law.

In the U.S. market, there is no duty to disclose unless it is required under Form 8-K, which must be filed within four business days, or if the company has already spoken about the matter, he added. Information that does not rise to the level of an 8-K disclosure, like the loss of a major contract, can be held until the next quarterly report.

“With some companies going to a semiannual report, it means a company could keep the news of a loss of a major contract embargoed for over six months, which is clearly material to investors,” said Steinberg.

The chance that the SEC will change the rule is slim, according to Bartz. “It’s been floated for several months now, so I think it has probably been pretty well vetted. There will probably be minimal changes to the rule once it’s officially approved.”

Next Step

Once the rule’s comment period ends on July 6, the staff of the SEC’s Division of Corporate Finance will review the comments before drafting a proposal, which will work its way up through various offices before it is presented to the Commission for review and a vote, said Steinberg.

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