While ransomware continues to be a problem for businesses around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being reduced significantly as a result of better preparedness. And, while cyber insurance claims spiked in early 2021 as a result of the Microsoft Exchange vulnerability, they have been steadily… Continue reading Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
Tag: ransomware
Authorities in U.S. and Europe Pursue Ransomware Hackers
On Monday, the Justice Department announced the arrests and charges of hackers allegedly linked to a significant ransomware organization, as well as the recovery of more than $6 million extorted by the REvil group. The Treasury Department imposed sanctions against the hackers, and the State Department added REvil to a bounty program giving monetary incentives… Continue reading Authorities in U.S. and Europe Pursue Ransomware Hackers
Gang Linked to Colonial Pipeline Ransomware Impersonates Real Company to Recruit Tech Talent
A criminal organization believed to have built the software that shut down a U.S. fuel pipeline has set up a fake company to recruit potential employees, according to researchers at the intelligence firm Recorded Future and Microsoft Corp. The fake company is using the name Bastion Secure, according to the researchers. On a professional-looking website,… Continue reading Gang Linked to Colonial Pipeline Ransomware Impersonates Real Company to Recruit Tech Talent
Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
The volume of suspected ransomware payments flagged by U.S. banks has surged this year, on pace to nearly double last year’s, the Treasury Department said Friday, highlighting the scale of a problem that governments across the world have described as a critical national security threat. Nearly $600 million in transactions were linked to possible ransomware… Continue reading Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cyber insurance has been profitable for US property/casualty (P/C) insurers for several years, but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward, Fitch Ratings says. However, a negative rating action tied to underwriting losses related to a cyber… Continue reading Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Companies Need to Strengthen Cyber Controls to Counter Ransomware Pandemic: Allianz
During the Covid-19 crisis another outbreak has happened in cyber space: a digital pandemic driven by ransomware. Malware attacks that encrypt company data and systems and demand a ransom payment for release are surging globally. The increasing frequency and severity of ransomware incidents is driven by several factors: the growing number of different attack patterns… Continue reading Companies Need to Strengthen Cyber Controls to Counter Ransomware Pandemic: Allianz
Police Arrest Two in Ransomware Operation that Targeted Big Businesses
Two ‘prolific’ ransomware operators, which police said are known for their extortionate ransom demands of between €5 and €70 million, have been arrested. Police said assets have been seized including $375,000 in cash, two luxury cars and $1.3 million in cryptocurrencies. Authorities haven’t disclosed which ransomware syndicate the two people arrested are involved with, only… Continue reading Police Arrest Two in Ransomware Operation that Targeted Big Businesses
White House Plans 30-Country Meeting on Cyber Crime and Ransomware
Top U.S. national security advisers will gather officials from 30 countries this month with plans to combat the growing threat of ransomware and other cyber crime, President Joe Biden said on Friday. An online session hosted by the White House National Security Council will also be aimed at “improving law enforcement collaboration” on issues like… Continue reading White House Plans 30-Country Meeting on Cyber Crime and Ransomware
TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with RiskAnalytics and ICE Cybersecurity to launch an exclusive cyber insurance solution called The ShadowNet Program. Using RiskAnalytics’ proprietary cybersecurity solutions, and ICE Cybersecurity’s assessment and analytics platform, Insureds can now join in the fight against… Continue reading TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
Global Cyber Intrusion Activity More than Doubled in First Half of 2021: Accenture
The volume of cyber intrusion activity globally jumped 125% in the first half of 2021 compared with the same period last year, according to the Cyber Investigations, Forensics & Response (CIFR) mid-year update from Accenture. The information is derived from directly helping clients respond and recover from a variety of cyber incidents. The triple-digit increase… Continue reading Global Cyber Intrusion Activity More than Doubled in First Half of 2021: Accenture