Car dealerships have been brought to a standstill across the United States after a software provider was hit by a ransomware attack.
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Newly-released research indicates that ransomware attacks reached a record high in May, with the surge primarily fueled by a massive increase in the number of attacks perpetrated by the LockBit ransomware group and its affiliates.
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We make payments, large and small, every day of our lives. From paying our bills and making payments to friends online, to the large-scale bank transfers that help business flow. Money changes hands through a wider range of channels and platforms than ever before, to the extent the days of cash-in-hand being the default payment model are a fading memory for many of us. The convenience and flexibility can't be disputed, but as with any emerging technology, the new flows of data must be given careful consideration, ensuring businesses and customers alike can rest assured that their money will remain secure throughout every stage of every transaction.
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What's happened?
Recorded Future has reports that the British Government is proposing sweeping change in its approach to ransomware attacks.
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Security agencies in the United States have issued a new warning about the Black Basta ransomware group, in the wake of a high-profile attack against the healthcare giant Ascension.
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Do you know Dmitry Yuryevich Khoroshev?
If you do, there's a chance that you might well on the way to receiving a reward of up to $10 million.
Law enforcement agencies across the US, UK, and Australia have named Dmitry Yuryevich Khoroshev as the mastermind behind the notorious LockBit ransomware group, estimated to have extorted $500 million from companies worldwide.
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To Test or Not to Test? - When it comes to IT disaster recovery and remediation processes, regular testing is not a 'nice to have' - it's absolutely essential!
This isn't hyperbole on my part. You just have to look at the news on any given day. We've all heard the horror stories of organisations in both the public and private sectors experiencing prolonged downtime during disasters due to inadequate preparation, lack of testing, and the unsuitability of their legacy remediation processes and systems.
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The international hotel chain Omni Hotels & Resorts has confirmed that a cyberattack last month saw it shut down its systems, with hackers stealing personal information about its customers.
In the aftermath of the attack, hotel guests reported that they had been forced to check in on paper, that room keys didn't work, and all phone systems and Wi-Fi were offline.
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On the 18th March 2024, the Information Commissioner's Office issued its updated guidance around the issuing of fines when organisations have been found liable for the integrity of their customers' or end users' data being compromised. It is already well-established now that failure to ensure critical data remains secure will result in costly fines, as we have seen repeatedly in multiple high-profile cases over the years.
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In October 2023, the British Library suffered "one of the worst cyber incidents in British history," as described by Ciaran Martin, ex-CEO of the National Cyber Security Centre (NCSC).
The notorious Rhysida ransomware gang broke into one of the world's greatest research libraries, encrypting or destroying much of its data, and exfiltrating 600 GB of files, including personal information of British Library staff and users.
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Any organisation that has tried to recover from a ransomware attack knows that it can be time-consuming and costly. Companies hit by an attack must choose between paying a ransom or recovering encrypted data from a backup.
Unfortunately, ransomware gangs are too aware that they can leverage significantly higher ransoms from their corporate victims if they have also compromise the company's backups. For this reason, we are seeing more and more cyber attacks targeting backups because they know that organisations desperately need them to recover if they want to avoid paying a ransom to cybercriminals.
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Although the sector as a whole has traditionally been comparatively wary of the ever-increasing pace of technology, legal services are increasingly data driven, with an abundance of AI-related discussion emerging within legal technology circles. The core Document Management Systems (DMS) and Practice Management Systems (PMS) remain the centre of focus for how and where to deploy a variety of rapidly maturing SaaS platforms, or dedicated, highly customised suites.
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The way in which we consume content has changed forever. Physical media and prescheduled TV and radio have rapidly given way to the convenience, accessibility, and range offered by streaming services. Independent content creators share the digital stage with the most well-established industry leaders, and numerous organisations have embraced the mantra that 'content is king', utilising online video as a key tool for building engagement with their prospects and customers.
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The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.
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Ransomware is malware that encrypts an individual's files so that they no longer have access to them, and subsequently demand payment for the fi...
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Now more than ever, digital security is a team effort, with staff at all levels of an organisation having an active part to play in keeping critical b...
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In recent weeks, companies across the UK have found themselves transitioning to a remote workforce with little to no choice, despite the approach prev...
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Passwords are often more associated with individual and consumer cyber security, but they are an essential part of an organisation's overall security posture. For example, you wouldn't leave the windows open overnight as this would allow easy access into the building for thieves. In the same way, a weak password offers cyber attackers easy access to your corporate infrastructure, after which they can use these credentials to escalate permissions until they granted themselves administration privileges, at which point the risk of financial and reputational damage becomes truly serious!
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The finance sector is required to have one of the most sophisticated cyber security postures in the world, with bureaus, banks, finance companies and insurers working closely with their technology partners to ensure sensitive financial data is managed, stored and transferred, with a stringent range of international security standards that must be adhered to at all times. However, cyber criminals have demonstrated repeatedly that they are constantly working to breach even the most sophisticated security ecosystems, devising new ways to exploit both technological vulnerabilities and human error.
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In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.
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