Obscure software flaw has Big Tech scrambling to defend itself: The discovery of a major flaw in the widely used logging software Log4j2 has caused panic among a number of major tech giants, with Amazon, Twitter and networking hardware company Cisco Systems all launching internal investigations into the issue. Hackers started trying to gain access to servers running Microsoft’s Minecraft game through the bug early on Friday, prompting the US government’s cybersecurity agency to issue a public alert.

The internet is on fire as hackers rush to exploit the bug before companies can shore up their defences, according to cyber pundits (with confirmation from handy alert site istheinternetonfire.com). Experts say this could be the worst vulnerability discovered in years, CNBC reports.

How the bug works: Log4J keeps records of users’ activity on servers. The bug allows hackers to turn those log files into malware, allowing them to penetrate corporate servers for all kinds of illicit purposes. “If exploited, the vulnerability allows attackers to gain full control of affected servers and your application,” Cisco said in a statement, while Microsoft said it had seen attempts to steal credentials and other data. The bug is easy to exploit but hard to identify, meaning it could make Log4j2 users vulnerable to serious cyberattacks for years to come, security experts told the Wall Street Journal. Since the software is open-source, it is hard to track how many users could potentially be affected by the issue.

Time for an emergency update: The only comprehensive solution is for Log4j2 users to update to the latest version of the software, Amazon said in a statement.

---

EU legislators are looking to tighten anti-greenwashing standards to make sure sellers of European green bonds do not overstate their credentials to investors, Bloomberg reports. The latest amendments to the bloc’s proposed green finance rulebook seek to ensure that the bonds do not fund gas or nuclear projects, and that fund managers develop a transition plan to reach climate neutrality by 2050. But while Europe’s central bank wants the guidelines to become mandatory for newly issued bonds within three to five years, lawmakers could face a years-long negotiation process to bring all EU member states on board.

Greenwhatting? When the marketing of supposedly environmentally-friendly products and policies isn’t backed up by the facts on the ground. In finance, fund managers accused of greenwashing are said to over-egg their environmental credentials to tap into the increasingly lucrative ESG market.

---

The new cohort of New Zealand youth will never be entitled to an office smoke break: New Zealand policymakers plan to pass legislation that would ban young people from ever buying cigarettes, Associate Minister of Health Ayesha Verrall said in a statement. People aged 14 and under in 2027, when the law comes into effect, will not be able to purchase cigarettes “to make sure young people never start smoking,” Verrall said. The move signals a massive blow to New Zealand’s big tobacco industry, while some cigarette-makers warn that the ban could create a black market for illicit tobacco, writes Reuters.

New Zealand’s quit plan: The restrictions would be rolled out in stages, with the number of authorized sellers to be sharply reduced from 2024, while nicotine levels in cigarettes will be lowered from 2025. The country wants to reduce the proportion of daily smokers in the population to 5% by 2025. Canada and Sweden have outlined similar targets, according to Reuters, while the UK is already expected to miss its target of becoming smoke-free by 2030.