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Ransomware Gangs’ Merciless Attacks Bleed Small Companies Dry

Livemint

Livemint · 8m ago

Ransomware Gangs’ Merciless Attacks Bleed Small Companies Dry

Knights of Old, a UK delivery company, fell victim to a cyber attack by the Russian hacking group Akira, who encrypted the company's files and threatened to publish its internal data unless a ransom was paid. Ransomware attacks have increased by 70% in 2023, with Akira alone extorting an estimated $42 million from over 350 organizations. While Akira has targeted high-profile companies, the majority of its victims are small and medium-sized businesses. The median ransom payment has soared to $6.5 million, highlighting the significant financial impact of these attacks on organizations.

Related News

Cybercrime groups restructuring after major takedowns: experts

Economic Times

Economic Times · 1y ago

Cybercrime groups restructuring after major takedowns: experts

Cybercrime gangs are regrouping with new tactics after recent police operations hindered their activities, according to experts. LockBit, a prominent group involved in ransomware attacks, was dismantled in February, contributing to a decline in cyberattacks. However, new gangs have emerged, with some adopting threats of physical violence instead of just online intimidation. The experts believe that ransomware attacks will likely rebound in the coming months, driven by the financial incentives available.

SMBs are being hit with more malware attacks than ever, and many can't keep up

Techradar

Techradar · 1y ago

SMBs are being hit with more malware attacks than ever, and many can't keep up

According to a report from Sophos, small and medium-sized businesses (SMBs) are facing significant cyber threats including information-stealing malware, ransomware, and business email compromise (BEC). The report reveals that almost half of all malware detected on SMB endpoints were keyloggers, spyware, or infostealers used to steal sensitive data. Ransomware attacks have stabilized but continue to evolve, with remote encryption attacks increasing by 62% between 2022 and 2023. The report also highlights the sophistication of attackers engaging in BEC, often engaging in conversation with their victims before launching an attack.

Hacker forum post claims UnitedHealth paid $22 mln ransom in bid to recover data

Reuters · 1y ago

Hacker forum post claims UnitedHealth paid $22 mln ransom in bid to recover data

According to a post on a hacker forum, UnitedHealth Group is alleged to have paid $22 million to the "Blackcat" ransomware gang to regain access to their encrypted data and systems. While neither UnitedHealth nor the hackers have commented on the alleged payment, a cryptocurrency tracing firm partially corroborated the claim. Large companies often pay ransomware gangs to recover their networks when significant disruptions occur. The break-in at UnitedHealth's Change Healthcare unit has caused widespread disruption in the US medical system, with billing services remaining paralyzed. The American Medical Association has called for emergency funds to be made available to affected physicians.

How ransomware could cripple countries, not just companies

Livemint

Livemint · 1y ago

How ransomware could cripple countries, not just companies

Ransomware attacks are on the rise, posing a significant threat to businesses, infrastructure, and national security. Attackers use encryption to hold data hostage and demand hefty ransoms. These attacks have become more frequent and sophisticated, with smaller criminal groups emerging as major players in the cybercrime landscape. Western countries are resorting to sanctions, cyber-attacks, and legal measures to combat ransomware, but the challenges persist. The increasing use of cryptocurrency and the evolution of the ransomware-as-a-service model contribute to the persistence and profitability of these attacks. Improving cybersecurity measures, discouraging ransom payments, and enhancing international cooperation are crucial in fighting this growing menace.

The ransomware business is booming, even as enforcers shut down some players

Startup News FYI

Startup News FYI · 1y ago

The ransomware business is booming, even as enforcers shut down some players

In 2023, there was a significant increase in ransomware attacks, despite law enforcement efforts to crack down on attackers. Palo Alto Networks’ Unit 42 reported a 49% rise in victims reported by ransomware leak sites, with the US being the most affected country. The attacks were mainly carried out through the exploitation of zero-day vulnerabilities. Unit 42 identified 25 new ransomware leak sites in 2023, but some have since shut down. Law enforcement successfully disrupted prominent ransomware groups, such as Hive and Ragnar Locker.

Ransomware gang's new extortion trick? Calling the front desk

TechCrunch · 1y ago

Ransomware gang's new extortion trick? Calling the front desk

A hacker claiming to represent the ransomware gang DragonForce attempted to extort a company by phone, only to be met with frustration and indifference from the company's employees. The call was recorded and posted on the dark web as an attempt to pressure the company into paying a ransom. The hacker's increasingly frustrated attempts to intimidate the employee, named Beth, ultimately failed, with Beth refusing to negotiate and ending the call. This incident highlights the evolving tactics used by ransomware gangs and the need for organizations to have response plans in place.

A Ransomware Gang Wanted Its Victim to Pay Up. So It Went to the SEC.

Livemint

Livemint · 1y ago

A Ransomware Gang Wanted Its Victim to Pay Up. So It Went to the SEC.

A ransomware gang called AlphV claimed to have breached the fintech platform MeridianLink and reported it to regulators. The incident came to light after AlphV disclosed the hack following new SEC rules that require hacked companies to disclose important cybersecurity incidents to investors within four days. The hackers used the threat of disclosure to pressure MeridianLink to meet their ransom demands. While experts consider AlphV's report to the SEC a publicity stunt, it highlights the increasing risks companies face regarding how they handle hacks and ransomware attacks.

Lockbit cybercrime gang says it is back online following global police bust

Reuters · 1y ago

Lockbit cybercrime gang says it is back online following global police bust

Lockbit, a cybercrime gang known for ransomware attacks, has claimed to have restored its servers and resumed its illegal activities following a recent international police operation. The group's website was reportedly hacked by law enforcement, causing them to change their darkweb site. However, the British National Crime Agency has stated that Lockbit remains compromised and that their efforts to target and disrupt the group continue. The operation aimed to discredit Lockbit among its criminal affiliates who use the gang's tools for ransomware attacks. Last week, the US charged two Russian nationals in connection with deploying Lockbit ransomware.

UK facing increased hostile activity in cyberspace, security official warns

Economic Times

Economic Times · 8m ago

UK facing increased hostile activity in cyberspace, security official warns

Britain's cyber security chief, Richard Horne, has warned of an increase in hostile cyber activity in the country. The National Cyber Security Centre (NCSC) handled 430 incidents in 2024, a 16% rise from the previous year. The incidents involved data exfiltration and ransomware attacks, with 347 incidents involving data transfer and 20 involving ransomware. The NCSC also issued 542 bespoke notifications to organizations impacted by cyber incidents, offering advice on mitigation. The annual review by the NCSC identified ransomware attacks as the most immediate threat to critical infrastructure. Horne emphasized the need to take these threats seriously.

Year ender 2024: Biggest cyberattacks in India

Economic Times

Economic Times · 7m ago

Year ender 2024: Biggest cyberattacks in India

In 2024, cyberattacks in India surged by 76%, affecting telecom, stock brokerage, cryptocurrency, and banking sectors. Notable incidents included BSNL's data breach exposing sensitive information, Angel One's data leak of 7.9 million customers, and a massive $235 million theft from cryptocurrency platform WazirX. A ransomware attack took 300 small banks offline. Cyber scams cost Indians nearly Rs 12,000 crore, with predicted annual attacks potentially reaching a trillion by 2033, highlighting the dire need for strengthened cybersecurity.

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