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Join the Cybersecurity and Incident Response Group on LinkedInCongress Inches Toward Response to Ransomware Attacks – WSJ
CONGRESS, FEDS MAKE MOVES ON RANSOMWARE ATTACKS, but a clear fix for the expensive cybercrime epidemic is far from clear. The Senate Homeland Security Committee took a step forward on Wednesday, advancing a bill that would require hospitals and oil and natural-gas pipeline companies, among other critical infrastructure operators, to report cyberattacks and ransom payments […]
IDC Survey Finds More Than One Third of Organizations Worldwide Have Experienced a Ransomware Attack or Breach | Business Wire
A new International Data Corporation (IDC) survey found that more than one third of organizations worldwide have experienced a ransomware attack or breach that blocked access to systems or data in the previous 12 months. And for those that fell victim to ransomware, it is not uncommon to have experienced multiple ransomware events. Source: IDC […]
U.S. State Department reportedly hit by a cyberattack in recent weeks
The U.S. State Department was hit by a cyberattack and notifications of a potentially serious breach were made by the Department of Defense Cyber Command, a Fox News reporter said on Saturday. A knowledgeable source told Reuters the State Department has not experienced significant disruptions and has not had its operations impeded in any way. Source: […]
Congress’ 3 Crypto Hearings Promise Substance – CoinDesk
The narrative I originally pitched this newsletter a year ago as a vehicle to discuss regulatory issues and the U.S. Congress’ approach to crypto in a more in-depth way than in a straight news article. Part of my thesis at the time was that I fully expected to see more regulatory interactions with the crypto […]
How a ransomware attack works – The Washington Post
“Cryptocurrency is invading all forms of criminal activities, and criminals follow the money,” said Gurvais Grigg, a former assistant director of the FBI and now global public sector chief technology officer of blockchain analysis firm Chainalysis. The transactions are also irreversible, said Rich Sanders, co-founder and lead investigator at CipherBlade, which analyzes the blockchain. “You […]
‘Shut down everything:’ Global ransomware attack takes a small Maryland town offline
McKay said JustTech informed Leonardtown that the ransom demand was $45,000 per computer but that the town’s leaders never seriously considered paying. Instead, they are undertaking the painstaking work of restoring computer system backups. The town has 19 computers, and all but two were frozen. One was spared because the employee who uses it was […]
Ransomware 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 […]
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 […]