Victims of ransomware schemes and financial institutions could violate sanctions or anti-money-laundering rules—and face stiff penalties—if they facilitate or make payments to attackers, the U.S. Treasury Department said in a pair of advisories Thursday. The notices, issued by units of Treasury’s Office of Terrorism and Financial Intelligence, warned victims and businesses that assist them to… Continue reading Treasury Warns Against Keeping Ransomware Payments Quiet
Tag: ransomware
Arthur J. Gallagher Targeted in Ransomware Attack
International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial condition. “We promptly took… Continue reading Arthur J. Gallagher Targeted in Ransomware Attack
Ransomware Dominates 41% of all Cyber Insurance Claims in H1 2020
Just-released data from cyber insurer Coalition shows massive increases in both the frequency of ransomware attacks and the ransom demand with Maze and Ryuk leading the way. We’ve been seeing more and more cybercriminals turning to ransomware as a go-to strategy to generate their criminal revenue. Many are turning to using both encryption and the… Continue reading Ransomware Dominates 41% of all Cyber Insurance Claims in H1 2020
U.S. Cyber Insurers Saw 10% Loss Ratio Increase Due to Ransomware in 2019
Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today releases the fifth edition of its U.S. Cyber Market Update. The annual report covers the cyber insurance industry’s 2019 performance, aiming to equip insurers that currently offer cyber, and those looking to offer it, with insights and… Continue reading U.S. Cyber Insurers Saw 10% Loss Ratio Increase Due to Ransomware in 2019
COVID-19-Related Phishing Scams Likely to Dominate Q2
Ransomware attacks continue to blight organizations of all sizes and sectors. The number of incidents involving ransomware reported to Beazley Breach Response (BBR) Services in the first quarter of 2020 increased by 25% compared to Q4 2019. While no industry was immune, manufacturing experienced the steepest increase of all – up 156% quarter on quarter.… Continue reading COVID-19-Related Phishing Scams Likely to Dominate Q2
Study Finds Most Businesses Insured Against Traditional Cyber Insurance Risks – But Vulnerable to Emerging Risks
A new study commissioned by The Hanover Insurance Group, Inc. found the majority of business decision makers are insured against traditional cyber risks, such as breaches of personal information, but most were vulnerable to emerging risks, such as malware and ransomware, revealing a potential gap in their insurance coverage. The Hanover’s Cyber Risk Report, conducted… Continue reading Study Finds Most Businesses Insured Against Traditional Cyber Insurance Risks – But Vulnerable to Emerging Risks
Chubb Investigating Possible Cyber Security Incident
Chubb, a major cybersecurity insurance provider for businesses hit by data breaches, has itself become a target of a data breach. The insurance giant told TechCrunch it was investigating a “security incident” involving the unauthorized access to data belonging to an unnamed third-party. Chubb spokesperson Jeffrey Zack said the company had “no evidence” the incident… Continue reading Chubb Investigating Possible Cyber Security Incident
Ransomware Remains Top Cyber Security Threat for Businesses
Shift to home working heightens risk of cyber breach via remote desktop protocol and phishing attacks Ransomware attacks skyrocketed in 2019, according to the latest Beazley Breach Briefing, an annual update on cyber trends produced by leading cyber insurer Beazley. Beazley’s in-house team of breach experts, Beazley Breach Response (BBR) Services, reported the number of… Continue reading Ransomware Remains Top Cyber Security Threat for Businesses
Ransomware Attack Exposes Poor Energy-Sector Cybersecurity
The energy sector remains vulnerable to cyberattacks despite years of threats, as illustrated by an alert issued last week by the Department of Homeland Security. The alert from the department’s Cybersecurity and Infrastructure Security Agency described a ransomware attack on an unnamed natural-gas pipeline operator that halted operations for two days while staff shut down,… Continue reading Ransomware Attack Exposes Poor Energy-Sector Cybersecurity
CEOs Are Deleting their Social Media Accounts to Protect Against Hackers
Cyberattacks are the biggest risk to businesses, with the prospect of falling victim to hacking and other cybercrime the threats that the majority of CEOs are most worried about, according to a new report on the views from the boardroom. Professional services firm PwC surveyed over 1,600 CEOs from around the world and found that… Continue reading CEOs Are Deleting their Social Media Accounts to Protect Against Hackers