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Ransomware is hitting the financial services industry harder than ever before

Techradar

Techradar · 1y ago

Ransomware is hitting the financial services industry harder than ever before

According to a report from Netskope's Threat Labs, the financial services industry is experiencing a surge in ransomware attacks. The report highlights Cl0p and LockBit as two prominent ransomware groups targeting the financial sector. Cl0p gained attention last year for exploiting vulnerabilities to compromise numerous organizations and steal data, while LockBit is a major ransomware-as-a-service provider. The report also identifies Microsoft One Drive, Sharepoint, and GitHub as popular platforms for malware distribution. Netskope emphasizes the importance of assessing and securing infrastructure to mitigate these threats.

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Cyberattacks pose potentially crippling consequences for national stability: Amitabh Kant

Economic Times

Economic Times · 3m ago

Cyberattacks pose potentially crippling consequences for national stability: Amitabh Kant

India's transition to smart meters and a digital grid elevates cyberattack risks with severe national stability consequences, says G20 Sherpa Amitabh Kant. Cyberattacks, particularly state-sponsored ones, rose 300% from 2021 to 2024. Banking, financial services, and insurance sectors face sophisticated cyber threats with breaches costing India $2.8 million on average. Coordination among sectors like defense and industry is crucial. Hackers employ ransomware and banking trojans, demanding robust cybersecurity frameworks akin to those in the US and EU.

How cyber insurance is shaping ransomware risk mitigation

Techradar

Techradar · 1y ago

How cyber insurance is shaping ransomware risk mitigation

Ransomware costs are soaring, and AI-powered cyberattacks may make them even more prevalent and expensive. It is predicted that cybercrime will cost the world $13.8 trillion by 2028. To combat these threats, businesses are turning to cyber insurance to limit their liability and financial burden in the event of an attack. However, the insurance industry is facing challenges with increasing claims, leading to stricter policy qualifications and rising premiums. This article explores the role of cyber insurance in mitigating ransomware threats, delving into its qualification process, claims procedure, key features, and cost-benefit analysis.

Oyo's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht

Economic Times

Economic Times · 1y ago

Oyo's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht

According to Steve Albrecht, a non-executive independent director on Oyo's board, the company is experiencing profitable growth with better cost controls than ever before. Oyo's growth is ahead of schedule and it aims to increase its storefronts by 25% this year. Albrecht praised the company's corporate governance, including risk management and stakeholder interest committees. Oyo reported an adjusted operating profit of Rs 175 crore in the first quarter of the current financial year, showcasing significant improvement compared to the previous year. Despite setbacks caused by the pandemic, Albrecht remains optimistic about Oyo's potential for growth.

China's biggest lender's US arm hit by ransomware attack

Economic Times

Economic Times · 1y ago

China's biggest lender's US arm hit by ransomware attack

China's largest commercial lender, ICBC Financial Services, was hit by a ransomware attack that disrupted their systems and impacted trades in the US Treasury market. The attack was believed to be orchestrated by the Lockbit cybercrime gang, known for targeting large organizations. While ICBC stated that the impact was limited and they were recovering from the attack, this incident highlights the vulnerability of major organizations and raises concerns about cybersecurity controls and regulatory scrutiny in the market. US authorities have been working on curbing ransomware attacks through improved information-sharing.

Tietoevry, Finnish IT Giant, hit by cyberattack; launches probe

Medial

Medial · 1y ago

Tietoevry, Finnish IT Giant, hit by cyberattack; launches probe

Finnish IT services provider, Tietoevry, has experienced a ransomware attack on one of its data centers in Sweden, affecting cloud hosting services for customers in the region. The company is working towards recovery but the severity of the attack is still ongoing. The incident has been reported to the police, and Tietoevry is allocating necessary resources to address the situation. This comes as part of a series of cyberattacks in Finland, with the NoName ransomware group targeting critical sectors in the country. The motive behind these attacks is believed to be geopolitical tensions.

Ola CEO Bhavish Aggarwal wants Indians to work hard, social media users react | Mint

Livemint

Livemint · 11m ago

Ola CEO Bhavish Aggarwal wants Indians to work hard, social media users react | Mint

Ola CEO Bhavish Aggarwal has stated that Indians, especially in the tech industry, need to work harder. This comes in response to a comment made by Deutsche Bank CEO Christian Sewing, who urged Germans to work harder for economic improvement. Aggarwal's statement received mixed reactions on social media. He has previously supported Narayana Murthy's stance on the 70-hour workweek and disclosed that he personally works 20 hours daily. Aggarwal believes that pushing boundaries, innovating, and striving for excellence are crucial in the Indian tech industry.

Cyberattacks on healthcare sector rising, 60% of organisations hit in a year: report

Economic Times

Economic Times · 1y ago

Cyberattacks on healthcare sector rising, 60% of organisations hit in a year: report

Cyberattacks on the healthcare sector in India are increasing, with nearly 60% of organizations being hit in the past year, according to a study by Sophos. The study also revealed that cybercriminals successfully encrypted data in 75% of ransomware attacks, the highest rate in three years. However, only 24% of healthcare organizations were able to disrupt a ransomware attack before their data was encrypted. The report highlighted that the healthcare sector in India is losing ground against cyber attackers and is becoming less effective at detecting and stopping attacks.

UK regulator criticises Google targeted adverts plans

Economic Times

Economic Times · 7m ago

UK regulator criticises Google targeted adverts plans

The UK's Information Commissioner's Office (ICO) has criticized Google for a policy change that allows advertisers to use fingerprinting technology to track and collect user information for targeted advertising. The ICO argues that fingerprinting is not a fair method of tracking as it reduces user choice and control over data collection. Unlike cookies, which can be easily erased, digital fingerprints are harder to change or remove. The ICO is engaging with Google on this change and warns that businesses must give users fair choices and obtain consent before using fingerprinting technology. Google insists it will continue to give users choice and work towards responsible data use in the industry.

Urban Company logs maiden profit before tax in April: CEO

Economic Times

Economic Times · 1y ago

Urban Company logs maiden profit before tax in April: CEO

At-home services platform Urban Company has reported its first-ever profit before tax (PBT) in April this year. Despite previously facing losses due to investments in overseas markets, the company's profits from its India business have now offset those losses, making the overall business profitable. Urban Company saw a 45% year-on-year increase in operating revenue to Rs 637 crore for the fiscal year ended in 2023, with losses before taxes narrowing to Rs 308 crore. The company primarily focuses on beauty and wellness services, as well as home repairs and maintenance.

Health care giant comes clean about recent hack and paid ransom

Arstechnica

Arstechnica · 1y ago

Health care giant comes clean about recent hack and paid ransom

Health care services provider Change Healthcare suffered a ransomware attack last month due to a compromised account that lacked multi-factor authentication (MFA), according to CEO Andrew Witty's testimony to Congress. The attack crippled the company's nationwide network, causing significant delays in prescription fulfillment and compromising personal health information for a substantial portion of the US population. Witty confirmed that Change Healthcare paid a $22 million ransom, a decision he described as one of the hardest he has ever made. The company has since rebuilt its IT infrastructure and restored payment processing to 86 percent of pre-incident levels.

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