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As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware.
Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. While it may seem unlikely that companies victimized by ransomware might somehow be able to know whether their extortionists are currently being sanctioned by the U.S. Image: Shutterstock.
BT Group (formerly British Telecom)’s Conferencing division shut down some of its servers following a Black Basta ransomware attack. British multinational telecommunications holding company BT Group (formerly British Telecom) announced it has shut down some of its servers following a Black Basta ransomware attack. reads the CSA.
Ransomware attacks on healthcare organizations have sharply increased in 2024, as shown by recent research from Safety Detectives. Compared to 2023, healthcare providers are facing a higher frequency of ransomware incidents, impacting their ability to deliver essential services and protect sensitive patient data.
Mexico is investigating a ransomware attack targeting its legal affairs office, as confirmed by the president amidst growing cybersecurity concerns. Mexico’s president announced the government is investigating an alleged ransomware hack that targeted the administration’s legal affairs office. Knight, also known as Cyclops 2.0,
A ransomware attack on Great Plains Regional Medical Center compromised personal data of 133,000 individuals, exposing sensitive information. On September 8, 2024, Great Plains Regional Medical Center (Oklahoma) suffered a ransomware attack. “On September 8, 2024, we suffered a ransomware attack on our computer system.
Change Healthcare can confirm we are experiencing a cybersecurity issue perpetrated by a cybercrime threat actor who has represented itself to us as ALPHV/Blackcat. In early March, the Alphv/BlackCat ransomware gang claimed responsibility for the attack and added the company to its Tor leak site. population.”
“Change Healthcare can confirm we are experiencing a cybersecurity issue perpetrated by a cybercrime threat actor who has represented itself to us as ALPHV/Blackcat.” In early March, the Alphv/BlackCat ransomware gang claimed responsibility for the attack and added the company to its Tor leak site.
for stealing data on nearly 10 million customers of the Australian health insurance giant Medibank. In February, he and Ermakov were arrested on charges of operating a short-lived ransomware affiliate program in 2021 called Sugar (a.k.a. Shefel claims his Sugar ransomware affiliate program was a bust, and never generated any profits.
healthcare giant Change Healthcare has made a $22 million extortion payment to the infamous BlackCat ransomware group (a.k.a. BlackCat is known as a “ransomware-as-service” collective, meaning they rely on freelancers or affiliates to infect new networks with their ransomware. There are indications that U.S.
Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March. SecurityAffairs – hacking, ransomware). Pierluigi Paganini.
Just a week after announcing it would no longer cover ransomware payments in France, global insurance company AXA has been hit with a targeted ransomware attack. The post Avaddon Targets Insurer AXA with Ransomware | Avast appeared first on Security Boulevard.
The consulting firm PricewaterhouseCoopers recently published lessons learned from the disruptive and costly ransomware attack in May 2021 on Ireland’s public health system. The unusually candid post-mortem found that nearly two months elapsed between the initial intrusion and the launching of the ransomware.
It is good to see US government leaders realize that ransomware is a growing existential threat to our country, at the hands of our adversaries. A top US national cybersecurity advisor stated in a recent op-ed , “This is a troubling practice that must end.” The government is looking at ways to disrupt ransomware attacks.
Anna Jaques Hospital revealed thatthe ransomware attack it suffered last year has exposed sensitive health data for over 316,000 patients. On December 25, 2023, a ransomware attack hit the Anna Jaques Hospital. The hospital revealed that the security breach exposed sensitive health data for over 316,000 patients.
That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%
The Philippine Health Insurance Corporation (PhilHealth), has confirmed that it was unprotected by antivirus software when it was attacked by the Medusa ransomware group in September. EDR can detect an intruder's suspicious activity in advance of them running ransomware, as well as being able to identify the ransomware itself.
Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.
The Medusa ransomware operation hit over 300 organizations in critical infrastructure sectors in the United States until February 2025. The FBI, CISA, and MS-ISAC have issued a joint advisory detailing Medusa ransomware tactics, techniques, and indicators of compromise (IOCs) based on FBI investigations as recent as February 2025.
Ransomware groups are constantly devising new methods for infecting victims and convincing them to pay up, but a couple of strategies tested recently seem especially devious. Department of Health and Human Services (HHS) warned that Venus ransomware attacks were targeting a number of U.S. “ Cl0p ” a.k.a.
Over the last few years, ransomware attacks have become one of the most prevalent and expensive forms of cybercrime. Today, this tactic has evolved, where ransomware operators in nearly every case first exfiltrate sensitive data and then threaten to publicly expose it if a ransom demand is not paid.
When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Compliance: Certain industries and jurisdictions require organizations to have cyber insurance or to meet certain cybersecurity standards.
Recently emerged HardBit ransomware gang adjusts their demands so the insurance company would cover the ransom cost. The HardBit ransomware group first appeared on the threat landscape in October 2022, but unlike other ransomware operations, it doesn’t use a double extortion model at this time. Very important!
The US insurance giant CNA Financial reportedly paid a $40 million ransom to restore access to its files following a ransomware attack. CNA Financial, one of the largest insurance companies in the US, reportedly paid a $40 ransom to restore access to its files following a ransomware attack that took place in March.
A ransomware group called Dark Angels made headlines this past week when it was revealed the crime group recently received a record $75 million data ransom payment from a Fortune 50 company. ThreatLabz found Dark Angels has conducted some of the largest ransomware attacks to date, and yet little is known about the group.
You’ve likely only seen cybercrimeinsurance primarily mentioned in relation to attacks on businesses. Most commonly, it’s cited with regard to ransomware attacks in the workplace, or associated data loss. Personal insurance plans are slowly becoming a more visible and talked about topic. So far, so good.
Already, from the past two months, the IT infrastructure owned by the government agencies such as telecom and insurance are being constantly targeted by state funded hackers. In case of ransomware, the victim is being asked to shell out millions to free up data.
Cybercrime can be a very lucrative career choice—if you don’t mind participating in illegal activity or the possibility of getting arrested. Unfortunately with the growth in Ransomware as a Service (RaaS) and the breadth of the cybercrime ecosystem , the challenge is not going away anytime soon. There is no question about it.
Toyota has confirmed a data breach after a threat actor leaked 240GB of data stolen from its infrastructure on a cybercrime forum. Toyota disclosed a data breach after a threat actor leaked an archive of 240GB of data stolen from its systems on a cybercrime forum, BleepingComputer reported.
UnitedHealth Group recently confirmed that a ransomware attack on subsidiary Change Healthcare has compromised the personal information and healthcare data of more than 100 million individuals. The attackers accessed and exfiltrated vast amounts of personal and medical information, exploiting vulnerabilities to maximize the damage.
The University of Utah admitted to have paid a $457,059 ransom in order to avoid having ransomware operators leak student information online. The university did not reveal the ransomware family involved in the attack. ” According to the University, the ransomware encrypted only 0.02% of the data stored on its servers.
.” The data breach at Omni Family Health may have exposed varying personal information for current and former patients, including names, addresses, Social Security numbers, dates of birth, health insurance details, and medical information. The Hunters International ransomware gang claimed responsibility for the attack.
By the time they adjust their processes, beef up their defenses, and add new layers of security, they find themselves battling more virulent ransomware strains and cyber-scams. Insurance Refusals and Rate Hikes. But not insurance companies. Slow Gains on Storage and Backup Security. Organizations typically house a LOT of data.
Expansion of Cyber Insurance As cyberattacks grow in frequency and scale, the demand for cyber insurance will surge. In 2025, insurers will refine their policies to cover new threats such as ransomware and supply chain attacks, providing businesses with financial safeguards against cyber losses.
Richmond University Medical Center has confirmed that a ransomware attack in May 2023 affected 670,000 individuals. New York’s Richmond University Medical Center confirmed a May 2023 ransomware attack impacted 674,033 individuals. In May 2023, RUMC suffered a ransomware attack that caused a multi-week disruption.
In 2023, Malwarebytes Labs subverted these boundaries to successfully get ChatGPT to write ransomware twice. Cybercrime is a very mature field that relies on a set of well-established tools, such as phishing, information stealers, and ransomware that are already feature complete. That could change in 2025.
A INC Ransom ransomware attack this week disrupted IT and phone systems at McLaren Health Care hospitals. On Tuesday, an INC Ransom ransomware attack hit the McLaren Health Care hospitals and disrupted their IT and phone systems. McLaren Health Care is a nonprofit health care organization based in Grand Blanc, Michigan, USA.
One of Megatraffer’s ads on an English-language cybercrime forum. Megatraffer has continued to offer their code-signing services across more than a half-dozen other Russian-language cybercrime forums, mostly in the form of sporadically available EV and non-EV code-signing certificates from major vendors like Thawte and Comodo.
Ransomware attacks continue to be one of the biggest contemporary cybersecurity threats, affecting organizations and individuals alike on a global scale. As we approach International Anti-Ransomware Day, we have analyzed the major ransomware events and trends. The third most active ransomware in 2023 was Cl0p.
Electronic prescription provider MediSecure in Australia suffered a ransomware attack likely originate from a third-party vendor. The company was forced to shut down its website and phone lines following a cyber attack, but it did not mention a ransomware attack. .” ” reported ABC. million customers.
The American drugstore chain giant Rite Aid suffered a data breach following a cyberattack in June conducted by the RansomHub ransomware group. On May 2023, Rite Aid suffered another cyberattack, it was one of the hundreds of organizations that were breached in the MOVEit hacking campaign by the Cl0p ransomware gang.
Maze Ransomware operators claim to have gained access to the network of Banco BCR of Costa Rica and stolen 11 million credit card credentials. Maze Ransomware operators claim to have hacked the network of the state-owned Bank of Costa Rica Banco BCR and to have stolen internal data, including 11 million credit card credentials.
Johnson Controls International suffered a ransomware attack that impacted the operations of the company and its subsidiaries. Johnson Controls International announced it has suffered a ransomware attack that impacted many systems of the company, Bleeping Computer reported. ” reported Bleeping Computer. .”
According to a German study, lightning strikes accounted for 80% of wind turbine insurance claims. The German electric power company Energieerzeugungswerke Helgoland GmbH shut down and dismantled their Helgoland Island wind power plant after being denied insurance against further lightning losses.
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