A strong recovery and resilience strategy will ensure that crypto and DeFi firms are able to rebound from cyber attacks with minimal disruptions to their operations, mitigating losses for their investors and users.
The Russian hackers call themselves "Killnet" and first made the news in April with declarations of intent to conduct cyber attacks on critical infrastructure in other countries. The group has been linked to prior DDoS campaigns.
67% of businesses suffered subsequent cyber attacks within a year after the first incident, with 10% recording ten or more repeated breaches. Medium-sized firms were most impacted.
Organizations and their employees can mount a formidable cyber defense against cyber attacks by having an incident response plan in place, educating employees on cyber-safety practices, and integrating zero-trust with existing security models.
A multinational cybersecurity advisory warned that cyber attacks on managed service providers (MSPs) could enable supply chain attacks, ransomware, and cyber espionage downstream.
The nature of phishing attacks and the role of human error in the problem means that it’s unlikely we can completely eliminate this threat. Implementation of behavioral analytics solutions allow security teams to clearly identify irregular or abnormal behaviors and take action to determine if someone with access is a potential threat.
Ukraine's major internet provider Triolan suffered two severe cyber attacks disrupting internet services in what it described as the "vile strategy of the enemy."
Be vigilant when you engage with third party service providers. Ultimately it is your responsibility under the GDPR when cyber attacks and data breaches occur, not solely your service providers.
Lloyd’s of London has issued a bulletin indicating that its cyber insurance products will no longer cover the fallout of cyber attacks exchanged between nation-states. This definition extends to operations that have "major detrimental impact on the functioning of a state."
Australian companies that have connections to the country's critical infrastructure might have no choice but to allow the government to step in during cyber attacks, if new legislation proposed by the Morrison government is approved.
