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Join the Cybersecurity and Incident Response Group on LinkedInTo 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 […]
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 […]
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, […]
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 […]
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 […]
Colonial Pipeline hackers Darkside received $90 million in bitcoin: Report
On Friday, London-based blockchain analytics firm Elliptic said it had identified the bitcoin wallet used by DarkSide to collect ransom payments from its victims. The same day, security researchers Intel 471 said DarkSide had closed down after losing access to its servers and as its cryptocurrency wallets were emptied. DarkSide also blamed “pressure from the […]
Beyond Colonial Pipeline, Ransomware Cyberattacks Are a Growing Threat – WSJ
The cyberattack that knocked offline an essential U.S. gasoline pipeline shows how the dangerous, professional-scale hack-for-ransom threat is spreading rapidly, targeting companies, schools, hospitals and other institutions. While ransomware has been a challenge for small businesses for years, a confluence of factors have emboldened attackers in the past year, culminating in the shutdown Friday of […]
U.S. Pipeline Shutdown Exposes Cyber Threat to Energy Sector – WSJ
The ransomware attack that forced the closure of the largest U.S. fuel pipeline this weekend showed how cybercriminals pose a far-reaching threat to the aging, vulnerable infrastructure that keeps the nation’s energy moving. Colonial Pipeline Co. closed its entire 5,500-mile conduit carrying gasoline and other fuels from the Gulf Coast to the New York metro […]
RTF Report: Combatting Ransomware
Ransomware is no longer just a financial crime; it is an urgent national security risk that threatens schools, hospitals, businesses, and governments across the globe. This is not a problem that any one entity can solve. Over 60 experts from industry, government, law enforcement, civil society, and international organizations worked together to produce this comprehensive […]
The Case For and Against Criminalizing Ransomware – Infosecurity Magazine
Earlier this year, the former CEO of the UK National Cyber Security Centre (NCSC), Ciaran Martin, spoke on the ransomware issue, arguing that it is being fuelled because there is no legal barrier to ransomware victims paying and then claiming back the expense on insurance. He argues that this means victims are incentivized to pay […]
Incident response pros seek to prove due diligence after OFAC advisory
Being coerced into paying a large ransomware demand is bad enough. Having to pay a large civil penalty on top of that for transacting with a federally sanctioned cybercriminal group is even worse. Looking to avoid such fines, incident response (IR) experts are advocating for improvements to ransomware response protocols, including additional oversight and demonstrable […]
Cybersecurity Docket Announces ‘Incident Response 40’ for 2021
Announcing Cybersecurity Docket’s Incident Response 40 for 2021!
University of California victim of nationwide hack attack
The University of California is warning its students and staff that a ransomware group might have stolen and published their personal data and that of hundreds of other schools, government agencies and companies nationwide. A cybersecurity attack targeted a vulnerability in Accellion, a third-party vendor that is used to securely transfer files, the university said […]
BitPay Agrees to Pay $507,375 to Settle OFAC Sanctions Violations – Corruption, Crime & Compliance
The Treasury Department’s Office of Foreign Asset Control continues to focus enforcement activities on digital currency companies. This focus is likely to increase given recent comments by Janet Yellen, the head of the Treasury department, criticizing digital currencies and the utility of this rapidly growing new technology. Last year, OFAC announced an enforcement action against […]