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Join the Cybersecurity and Incident Response Group on LinkedInFinancial institutions a top target for COVID-era cyberattacks | PropertyCasualty360
In July 2020, Kroll observed a 22% increase in attacks targeting the financial services sector based on its incident response case intakes. Business email compromise (BEC), fraud and ransomware were the top three threats impacting the industry, and Kroll has seen the number of incidents steadily rise amidst the COVID-19 crisis. From a network topography […]
Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions | The Anticorruption Blog
With cybercrime on the rise, two U.S. Treasury Department components, the Office of Foreign Assets Control (“OFAC”) and the Financial Crimes Enforcement Network (“FinCEN”), issued advisories on one of the most insidious forms of cyberattack – ransomware. via Ransomware Payments can lead to Sanctions and Reporting Obligations for Financial Institutions | The Anticorruption Blog.
Ransomware Victims That Pay Up Could Incur Steep Fines from Uncle Sam — Krebs on Security
Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. federal government if the crooks who profit from the attack are already under economic sanctions, the Treasury Department warned today In its advisory (PDF), the Treasury’s Office of Foreign Assets Control (OFAC) said “companies that facilitate […]
What’s it really like to negotiate with ransomware gangs? – The Red Tape Chronicles
It can sound strange, but during a recent lecture at Duke University, Ehuan said there were “good” cybercriminals — gangs that have a reputation for keeping those promises. After all, it’s their business. If they were to take the Bitcoin and run, security firms would stop making payments. On the other hand, you can’t trust […]
It’s never the data breach — it’s always the cover-up | ZDNet
WHAT SHOULD CISOS TAKE AWAY FROM THE CHARGES? Here’s what senior security leaders should know and understand about these events: This is a warning to CSOs and CISOs: Remove all sense of impropriety in IR. Concealing a data breach is illegal. Every decision made during an incident might be used in litigation and will be […]
University reports data breach with third-party provider – The DePaulia
The Office of Advancement announced a data breach involving third-party service provider Blackbaud in a statement sent out to members of the DePaul community Thursday. The company suffered from a “ransomware attack” in which backup files containing personal information from various institutions across the United States, Canada and the United Kingdom were obtained. According to […]
Garmin is the latest big name taken out by ransomware
Having a well-developed cybersecurity system is important for young companies, says John Reed Stark, a former SEC internet enforcement chief. “If your goal is to someday be bought or to someday to grow or go public,” he says, “you want to surround yourself with sophisticated people early on when it comes to your biggest problems. […]
Data stolen in ransomware attack on French telco Orange – SiliconANGLE
French telecommunications company Orange S.A. has been targeted by a ransomware attack with data stolen. First reported July 16 by Bleeping Computer, the ransomware attack targeted Orange’s Business Services division, which offers enterprise solutions such as remote support, virtual workstations, system security, cloud backups and cloud hosting. The ransomware attack came from the Nefilim ransomware group, […]
Smartwatch maker Garmin hit by outages after ransomware attack | Technology | The Guardian
Garmin has been forced to shut down its call centres, website and some other online services after a ransomware attack encrypted the smartwatch maker’s internal network and some production systems. The US company shut down services including the official Garmin website and all customer services, including phone lines, online chat and email. via Smartwatch maker […]
Ransomware Gangs Don’t Need PR Help — Krebs on Security
We’ve seen an ugly trend recently of tech news stories and cybersecurity firms trumpeting claims of ransomware attacks on companies large and small, apparently based on little more than the say-so of the ransomware gangs themselves. Such coverage is potentially quite harmful and plays deftly into the hands of organized crime. Often the rationale behind […]
How hackers extorted $1.14m from University of California, San Francisco – BBC News
A leading medical-research institution working on a cure for Covid-19 has admitted it paid hackers a $1.14m (£910,000) ransom after a covert negotiation witnessed by BBC News. The Netwalker criminal gang attacked University of California San Francisco (UCSF) on 1 June. via How hackers extorted $1.14m from University of California, San Francisco – BBC News.
New cyber threat takes top spot as number one cause of loss | Insurance Business
The key selling point for cyber insurance has evolved over recent years as cyberattacks have become more prominent. Several years ago, cyber insurance was important because of data breach concerns and protecting organizations’ liability if private data was exposed. Today, the focus is on the potentially huge losses stemming from cybercrime. In fact, over the […]
Ransomware Is Growing More Pernicious; It’s High Time Your Defenses Evolve : Risk & Insurance
One of the key takeaways from the inaugural meeting was the emergence of the Maze variant and a “new normal” of data exfiltration, often including stolen private customer information. Whereas previous generations of ransomware have been designed by threat actors to encrypt data and extort an organization for Bitcoin in exchange for the decryption key, […]
How to Pay a Ransom: A Step-By-Step Guide for Something You’d Never Do
While you may not envision a scenario where your company would give in to paying ransom, it’s happening more often as organizations weigh the risks and benefits and find they have no choice.So say this is your reality. Dark Reading spoke to several cybersecurity experts to map out the step-by-step process of paying ransom and […]
Cybersecurity survey by Canadian law firm offers surprising results | IT World Canada News
When Imran Ahmad got the results of his law firm’s recently-commissioned corporate cyber incidents report he was surprised. Data showed just over half of Canadian organizations hit by ransomware last year paid cyber criminals to get decryption keys for restoring scrambled data. The surprise? Ahmad, a partner in the cyber and privacy practice of national […]