Page 8 - Jon Dimaggio News Today

Pipeline Ransomware Attack Stirs Debate on Whether Insurance Attracts Hackers By Katherine Chiglinsky and Jamie Tarabay | May 17, 2021 The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them. Some cyber-security experts say hackers target companies that have coverage, because they know the firms can pay ranso...

A relatively unsophisticated ransomware attack that caused a days-long shutdown of America's largest fuel pipeline last week — resulting in gas shortages, spiking prices and consumer panic — is exactly the sort of situation that cybersecurity experts have warned about for years.

Hackers paralyzed a pipeline. Banks and stock exchanges are even bigger targets AP Hackers are holding one of America’s most important pipelines hostage, a stunning development that should serve as a warning to even bigger targets: the nation’s financial industry. The nightmare scenario is that a Colonial Pipeline-style ransomware attack disrupts major banks or even financial markets, dealing a blow to the flow of money and confidence in the system. Instead of lines at gas stations, social ...

Hackers are holding one of America's most important pipelines hostage, a stunning development that should serve as a warning to even bigger targets: the nation's financial industry.

Experts suggest French insurer AXAs plan to shun ransomware payouts will set a precedent This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin cryptocurrency displayed on foreign bank notes. (Photo by Martin BUREAU / AFP) (Photo by MARTIN BUREAU/AFP via Getty Images) Share May 10, 2021 | CYBERSCOOP When French insurer AXA signaled last week that it would no longer write new cyber-insurance policies covering  extortion payouts to crimina...

F.B.I. Identifies Group Behind Pipeline Hack The attack by DarkSide, a relatively new criminal group believed to have roots in Eastern Europe, exposed the remarkable vulnerability of key American infrastructure. President Biden said on Monday that the government had mitigated any effect the pipeline hack might have had on the United States’ fuel supply.Credit...Doug Mills/The New York Times May 10, 2021 President Biden said on Monday that the United States would “disrupt and prosecute” a ...

FBI’s cyber division personnel in front of a computer screen. In late 2020 and 2021 law enforcement scored a series of victories against cybercriminal actors, shutting down certain operations, seizing assets and/or making arrests related to Egregor ransomware, NetWalker RaaS and the Emotet botnet. (FBI) Counter to initial fears, researchers say the ransomware cartel formed by the Maze cybergang starting in May 2020 never hit its stride. Indeed, experts who spoke with SC Media said they do...

Did 4 Major Ransomware Groups Truly Form a Cartel? An analysis of well-known extortion groups and their cryptocurrency transactions reveals the answer. A collection of ransomware groups that banded together to create a "cartel" rarely collaborate and dont share profits, suggesting that concerns over a sprawling cybercriminal organization are overblown, according to Analyst1. The four cybercriminal groups — Twisted Spider, Viking Spider, Wizard Spider, and the Lockbit Gang — announced at dif...

DiMaggio’s study is a broad examination of attacks in recent months, examining the goals, practices and payoffs of what he calls the world’s first ransom cartel’. — AFP Relaxnews One gang of cybercriminals extorted at least US$75mil (RM309.86mil) from private sector companies, local governments and hospitals, a former NSA contractor concluded in a months-long study released on April 7, an alarming sign of the potential financial rewards for online attacks. Jon DiMaggio, the chief securi...

namussi/Getty This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Ransomware gangs that lock up companies data demanding payment may cost firms $20 billion this year. Companies are using cyber insurance to help pay ransoms because cybersecurity has no easy answers. Gangs, many located in Russia, and using their loot to invest in AI and other tools to be more effective. The world is...