The International Counter Ransomware Initiative conference has produced a pledge by 40 countries to refuse ransomware payments going forward, including the United States and EU members. The pledge appears to only apply to government entities.
Ransomware attacks are on the rise. They’ve become more targeted in the last five years – and more specific to their victims. But it doesn’t mean a successful attack is inevitable. Here are lessons learnt from 100+ ransomware recoveries.
Seiko has confirmed that the July 2023 data breach resulted from a ransomware attack and leaked personal information. BlackCat/ALPHV ransomware gang, took responsibility for the attack and claimed to have exfiltrated 2 TB of data.
MGM's ransomware attack in September is expected to have $100 million negative impact for Q3 due to cleanup costs and lost business. The company believes that its cybersecurity insurance will cover nearly all of the ransomware attack's associated costs.
Industrial control systems manufacturer Johnson Controls International has suffered a massive ransomware attack, potentially exposing sensitive information of the Department of Homeland Security.
MGM, one of the two largest casino-hotel chains on the Strip, has not yet confirmed the nature of the attack, calling it a 'cybersecurity issue.' The properties remain open, but operations such as front desk check-ins and payouts for casino games have had to shift to entirely manual operations.
Two web hosting providers in Denmark are teetering on the brink after a devastating ransomware attack that wiped out most customer data. Given the ongoing difficulty of recovery, the companies are recommending that customers move to other hosting providers.
The Japanese port of Nagoya suffered a ransomware attack that impacted the central computer system and disrupted cargo operations, causing temporary congestion. LockBit 3.0 has claimed responsibility.
An Illinois hospital has attributed its permanent shutdown to a ransomware attack that disrupted healthcare, communication, and IT systems, preventing it from making insurance claims.
Cyber insurance only forms part of the puzzle in bolstering cyber resilience. Even with cyber insurance, businesses must not consider themselves immune from ransomware attacks. They must still implement cyber hygiene practices as part of a holistic data protection and recovery strategy.
