The UK government has proposed extending its ban on ransomware payments to cover the entire public sector in an attempt to deter cybercriminal attacks and protect taxpayers.
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Stoli Group USA, the US subsidiary of vodka maker Stoli, has filed for bankruptcy – and a ransomware attack is at least partly to blame.
The American branch of Stoli, which imports and distributes Stoli brands in the United States, as well as the Kentucky Owl bourbon brand it purchased in 2017, was hit by a ransomware attack in August 2024.
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2024 looks set to be the highest-grossing year yet for ransomware gangs, due - in no small part - to emboldened cybercriminals causing costly disruption at larger companies.
The so-called 'big-game hunting' cyberattacks which target larger, higher-value organisations have contributed to US $459.8 million paid to cybercriminals in the six months of 2024, according to a report by the cryptocurrency research firm Chainalysis.
Although the rise in money criminals have generated through ransomware has risen by what may appear to be a small percentage amount (approximately 2% from US $449.1 million to US $459.8 million), this is in spite of disruption caused to ransomware-as-a-service operations such as LockBit and ALPHV/BlackCat by law enforcement agencies.
The figures for the first half of 2024 include the US $75 million reportedly paid to the Dark Angels ransomware gang by an undisclosed Fortune 50 company, in what was believed to be the largest ever single ransom payment made since records began.
The ballooning size of maximum ransom payments represents a 96% year-on-year growth from 2023, and a 335% increase from the maximum payment made in 2022.
Chainalysis's research reveals that the median ransom payment made in response to the most severe ransomware has rocketed from just under US $200,000 in early 2023 to US $1.5 million by mid-June 2024.
The researchers believe that this 7.9x increase in the typical size of ransom payment (a nearly 1200x rise since the start of 2021) suggests that larger businesses and critical infrastructure providers considered more likely to agree to make higher payments due to their greater access to funds and the more significant impact of downtime.
Against this backdrop, the study claims that ransomware victims are giving in to extortion demands less often. As it explains:
Posts to ransomware leak sites as a measure of ransomware incidents have increased YoY by 10%, something we would expect to see if more victims were being compromised. However, total ransomware payment events as measured on-chain have declined YoY by 27.29%. Reading these two trends in tandem suggests that while attacks might be up so far this year, payment rates are down YoY. This is a positive sign for the ecosystem signalling that perhaps victims are better prepared, negating the need to pay.
In short, ensuring that your organisation had prepared to respond to a ransomware attack is essential.
Many organisations underestimate the importance of having a robust incident response plan. But knowing how to respond, especially in those critical first 48 hours after a cyber attack, can be critical.
Do you worry your company won't know how to recover after a cyber attack? Has your business just been hit by ransomware and you're wondering what to do?
There's still hope.
Don't make the mistake of believing that your organisation will never be targeted. The right approach is to take proactive measures in advance - as it's not a case of whether your business will suffer the likes of a ransomware attack but when.
Make sure to read Exponential-e's step-by-step guide on ransomware remediation.
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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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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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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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From day-to-day consumer banking to high-profile asset and wealth management, the way we all access financial services is changing in ways that would have been inconceivable just a few years ago. Online banking is now firmly established, allowing customers to manage their money securely within a few clicks - anytime, anywhere and without the need to visit a branch. A 2022 survey revealed that the quality of the online experience was a key factor in 81% of adults' choice of bank1.
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As a long-standing technology partner for multiple financial organisations across the UK, the team at Exponential-e have been observing the sector's evolving relationship with technology for some time - both the growing demand for a higher standard of operational resilience, and an increasing awareness of the challenges and opportunities that Cloud transformation presents.
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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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All organisations store data, and regardless of whether it's a recipe or an algorithm, this data is an organisation's most prized asset, which is why hackers make it their target. The Cyber Security Breaches Survey 2019 from the Department for Digital, Culture, Media & Sport (DCMS) found that 32% of businesses identified cyber security breaches or attacks in the last 12 months, which have cost an average of £4,180 in lost data and assets
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The healthcare sector generates higher volumes of patient data on a daily basis than ever before - all of which conceals a rich vein of opportunities to optimise efficiency and enhance patient care. The demand for more efficient diagnosis and more effective management of data has naturally led to the rise of digital pathology and - in turn - the Picture Archiving and Communication Systems (PACS) that underpin these initiatives.
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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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In spite of the ongoing evolution of cyber security processes and technology, human error is still responsible for 95% of data breaches1. Phishing attacks alone represent a particularly insidious risk, with 91% of organisations experiencing a successful attack in 2021 alone2.
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In light of recent geopolitical events, and the increased threat to corporate infrastructure, organisations across the UK must assume that they will be forced to contend with a cyber-attack in the near future and prepare accordingly. Indeed, the NCSC has already set out its own guidance to help organisations bolster their defences, which we strongly advise you to read and implement.
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