Baltimore officials on Wednesday voted to transfer $6 million from a fund for parks and public facilities to help pay for the devastating impact of the May ransomware attack on the city. The funds will help pay for “cyber-attack remediation and hardening of the environment,” according to the city’s spending panel, the Board of Estimates,… Continue reading Baltimore Transfers $6M to Pay for Ransomware Attack; City Considers Cyber Insurance
Tag: ransomware
Hackers’ Latest Target: School Districts
Some hackers demand ransom; others sweep up personal data for sale to identity thieves. But whatever hackers’ motives, school systems around the country have been the targets of their cyberattacks. One attack forced the Houston County School District in Dothan, Ala., to delay the first day of school for 6,400 students. Others crippled computer systems… Continue reading Hackers’ Latest Target: School Districts
More than One in 10 Firms Losing Over $10M Due to Cyberattacks
Annual losses from cyberattacks averaged $4.7 million in the last fiscal year — with more than one in 10 firms losing over $10 million —according to a new report from The Cybersecurity Imperative, a global thought leadership program produced by independent researcher ESI ThoughtLab in conjunction with Willis Towers Watson and other organizations specialized in… Continue reading More than One in 10 Firms Losing Over $10M Due to Cyberattacks
Hackers Strike Another Small Florida City, Demanding Hefty Ransom
For the second week in a row, a small Florida city has agreed to pay cyber criminals hundreds of thousands of dollars after a ransomware attack crippled city systems. The council in Lake City, a community of about 12,000 people west of Jacksonville, approved during an emergency meeting Monday night a bitcoin payment worth about… Continue reading Hackers Strike Another Small Florida City, Demanding Hefty Ransom
Florida City Pays $600,000 to Hackers Who Seized Its Computer System
A Florida city agreed to pay $600,000 in ransom to hackers who took over its computer system, the latest in thousands of attacks worldwide aimed at extorting money from governments and businesses. The Riviera Beach City Council voted unanimously this week to pay the hackers’ demands, believing the Palm Beach suburb had no choice if… Continue reading Florida City Pays $600,000 to Hackers Who Seized Its Computer System
Chubb and Clyde & Co Launch Emerging Cyber Risks and Multinational Insurance Report at Airmic
Chubb today published a new report on emerging cyber risks and multinational insurance, created in collaboration with global law firm Clyde & Co. The report, Managing Tomorrow’s Cyber Risks and Multinational Insurance, was launched at the Airmic 2019 Conference in Harrogate. It analyses the current international cyber risk landscape and highlights areas that multinational corporations… Continue reading Chubb and Clyde & Co Launch Emerging Cyber Risks and Multinational Insurance Report at Airmic
Beazley: Ransomware Attacks Skyrocket, Q1 2019
Ransomware attacks skyrocketed in the first quarter of 2019, according to the Beazley Breach Response (BBR) Services team, which reports a 105% increase in the number of ransomware attack notifications against clients compared to Q1 2018. Not only has the frequency of attacks increased, but attackers are shifting focus, targeting larger organizations and demanding higher… Continue reading Beazley: Ransomware Attacks Skyrocket, Q1 2019
Norsk Hydro Sees $52 Million Hit from Cyberattack
Norsk Hydro ASA said Tuesday that last month’s cyberattack is expected to have had a financial impact of between 400 million Norwegian kroner and 450 million Norwegian kroner ($46.1 million-$51.9 million) in the first quarter. The Norwegian aluminum producer was hit by a ransomware cyberattack in March that crippled its computers and production. “The cyberattack… Continue reading Norsk Hydro Sees $52 Million Hit from Cyberattack
Emerging Trend: Managed Service Providers Targeted with Ransomware
An emerging cyber-attack trend is shifting the paradigm for both cyber-preparedness and incident response: ransomware attacks targeting managed service providers (MSPs). This is, in part, because the size of these attacks can be an order of magnitude larger in terms of the number of entities that are simultaneously affected, and because of the corresponding large-scale… Continue reading Emerging Trend: Managed Service Providers Targeted with Ransomware
Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends
Chubb’s first quarter InFocus Report, “Cyber Criminals Increasingly Target Small Businesses,” examines the emergence of new dominant strains of ransomware that are wreaking havoc on businesses, including small and midsize enterprises (SMEs). Ransomware attacks typically utilize malicious software to block a business’ network until a ransom is paid. “Cyber criminals typically don’t target specific small… Continue reading Chubb’s First Quarter Cyber InFocus Report Details Ransomware and Malware Trends