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Join the Cybersecurity and Incident Response Group on LinkedInRansomware Is the IRS of Bitcoin – WSJ
Like taxes, the forced use of bitcoin by victims of ransomware creates a need for at least some bitcoin. Ransom payers have to buy it from someone else, who either is in the energy-intensive business of mining it or speculates on its future value. So far, it hasn’t provided the foundation for broader adoption, not […]
Cyber insurance isn’t helping with cybersecurity, and it might be making the ransomware crisis worse, say researchers | ZDNet
According to a research paper examining cyber insurance and the cybersecurity challenge by defence think tank Royal United Services Institute (RUSI), this practice isn’t just encouraging cyber criminals, it’s also not sustainable for the cyber insurance industry, which warns ransomware has become an existential threat for some insurers. “To date, cyber insurance has failed to live […]
Major Government Contractor Booz Allen Helps Cyber Victims Pay Ransoms—Exactly The Opposite Of U.S. Policy
This time around, though, Bessette is leading the cyber incident response at consulting firm Booz Allen Hamilton, which he joined in 2019. In his new role, he is actually helping the firm’s customers negotiate with hackers, something he never did at the FBI. In some instances, he is even recommending paying the ransom, which goes […]
To stop the ransomware pandemic, start with the basics | The Economist
Fixing the private sector’s incentives is the first step. Officials in America, Britain and France want to ban insurance coverage of ransom payments, on the ground that it encourages further attacks. Better to require companies to publicly disclose attacks and their potential cost. In America, for example, the requirements are vague and involve large time […]
2021 Data Breach Outlook | Cyber Risk | Kroll
Industries most impacted in 2019 continued to be hard hit in both 2020 and so far in 2021, including healthcare, education and financial services. However, the greatest percentage increases occurred in industries that had been generally spared in 2019. The overall implication is that data attacks became broader and deeper during the pandemic, a trend […]
UMass Lowell Closed Due to Possible Cybersecurity Incident – NBC Boston
The University of Massachusetts Lowell has canceled all classes on Tuesday and Wednesday due to a possible cybersecurity incident. The school announced that it was investigating a possible “cybersecurity incident” affecting its technology services. A statement on the school’s online learning portal said all “in-person, remote and online classes” are canceled due to an “IT […]
As ransomware and other cyberattacks grow, insurers struggle to keep up – Marketplace
Given the prevalence of hacking incidents — before and after the Colonial Pipeline breach — more and more companies are purchasing cyber insurance to manage their risk. But are the pockets of large insurance companies deep enough? A new report from the Government Accountability Office looked at the client list of a major insurance broker […]
Mullen Coughlin Continues to Grow With the Addition of Katie Butler as Partner
Continuing its steady growth, Mullen Coughlin proudly welcomes Katie L. Butler, CIPP/US, CIPP/E to the firm as Partner. Katie will practice remotely from Arkansas. Katie adds a wide breadth of experience to the Mullen Coughlin team and joins the largest U.S. law firm exclusively dedicated to cybersecurity compliance, training and planning, data privacy and security […]
PwC to Spend $12 Billion on Hiring, Expanding Expertise in AI, Cybersecurity – WSJ
PricewaterhouseCoopers plans to spend $12 billion and hire 100,000 new people in areas such as artificial intelligence and cybersecurity by 2026, the latest move by a Big Four accounting firm to bet big on technology. The planned hires will boost the company’s global workforce of currently 284,000 employees by more than one-third, said Tim Ryan, […]
Justice Dept. Official to Step Down Amid Uproar Over Leaks Inquiry – The New York Times
John Demers, the head of the Justice Department’s National Security Division, will step down at the end of next week, according to an email he sent to his staff on Monday, a departure that was arranged months ago but comes amid backlash over investigations into leaks of classified information. Mr. Demers was the longest-serving Senate-confirmed […]
The FBI’s seizing one bitcoin wallet won’t stop ransomware — but it’s a start
The FBI’s surprise announcement Monday that it had seized some of the ransom that Colonial Pipeline paid to criminal hackers came as a double shock. On one hand, it was major news that the U.S. government had flexed its cybersecurity muscles on behalf of the owner and operator of the country’s largest fuel pipeline, taking […]
Bitcoin Is Actually Traceable, Pipeline Investigation Shows – The New York Times
Criminals, often operating in hidden reaches of the internet, flocked to Bitcoin to do illicit business without revealing their names or locations. The digital currency quickly became as popular with drug dealers and tax evaders as it was with contrarian libertarians. But this week’s revelation that federal officials had recovered most of the Bitcoin ransom […]
JBS Paid $11 Million to Resolve Ransomware Attack – WSJ
JBS USA Holdings Inc. paid an $11 million ransom to cybercriminals who last week temporarily knocked out plants that process roughly one-fifth of the nation’s meat supply, the company’s chief executive said. The ransom payment, in bitcoin, was made to shield JBS meat plants from further disruption and to limit the potential impact on restaurants, […]
FBI Director Compares Ransomware Challenge to 9/11 – WSJ
FBI Director Christopher Wray said the agency is investigating about 100 different types of ransomware, many of which trace back to actors in Russia, and compared the current spate of cyberattacks with the challenge posed by the Sept. 11, 2001, terrorist attacks. “There are a lot of parallels, there’s a lot of importance, and a […]
Ransomware attack hits ferry to Cape Cod, Nantucket, Martha’s Vineyard
The Steamship Authority of Massachusetts ferry service fell victim to a ransomware attack Wednesday, the latest cyber assault affecting logistics and services in the United States. The Steamship Authority is the largest ferry service offering daily fares from Cape Cod to neighboring islands Nantucket and Martha’s Vineyard off the coast of Massachusetts, according to the […]