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As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware.
Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. While it may seem unlikely that companies victimized by ransomware might somehow be able to know whether their extortionists are currently being sanctioned by the U.S. Image: Shutterstock.
And thanks to an explosion of inexpensive cybercrime-as-a-service offerings on the dark web, launching an attack is easier and cheaper than ever. Cybercrime industrialized The dark web has become a marketplace where bad actors can buy tools and access with the ease of shopping for software.
Ransomware attacks on healthcare organizations have sharply increased in 2024, as shown by recent research from Safety Detectives. Compared to 2023, healthcare providers are facing a higher frequency of ransomware incidents, impacting their ability to deliver essential services and protect sensitive patient data.
BT Group (formerly British Telecom)’s Conferencing division shut down some of its servers following a Black Basta ransomware attack. British multinational telecommunications holding company BT Group (formerly British Telecom) announced it has shut down some of its servers following a Black Basta ransomware attack. reads the CSA.
for stealing data on nearly 10 million customers of the Australian health insurance giant Medibank. In February, he and Ermakov were arrested on charges of operating a short-lived ransomware affiliate program in 2021 called Sugar (a.k.a. Shefel claims his Sugar ransomware affiliate program was a bust, and never generated any profits.
Mexico is investigating a ransomware attack targeting its legal affairs office, as confirmed by the president amidst growing cybersecurity concerns. Mexico’s president announced the government is investigating an alleged ransomware hack that targeted the administration’s legal affairs office. Knight, also known as Cyclops 2.0,
Change Healthcare can confirm we are experiencing a cybersecurity issue perpetrated by a cybercrime threat actor who has represented itself to us as ALPHV/Blackcat. In early March, the Alphv/BlackCat ransomware gang claimed responsibility for the attack and added the company to its Tor leak site. population.”
A ransomware attack on Great Plains Regional Medical Center compromised personal data of 133,000 individuals, exposing sensitive information. On September 8, 2024, Great Plains Regional Medical Center (Oklahoma) suffered a ransomware attack. “On September 8, 2024, we suffered a ransomware attack on our computer system.
“Change Healthcare can confirm we are experiencing a cybersecurity issue perpetrated by a cybercrime threat actor who has represented itself to us as ALPHV/Blackcat.” In early March, the Alphv/BlackCat ransomware gang claimed responsibility for the attack and added the company to its Tor leak site.
authorities have seized the darknet websites run by LockBit , a prolific and destructive ransomware group that has claimed more than 2,000 victims worldwide and extorted over $120 million in payments. First surfacing in September 2019, the gang is estimated to have made hundreds of millions of U.S. Ivan Gennadievich Kondratyev , a.k.a.
healthcare giant Change Healthcare has made a $22 million extortion payment to the infamous BlackCat ransomware group (a.k.a. BlackCat is known as a “ransomware-as-service” collective, meaning they rely on freelancers or affiliates to infect new networks with their ransomware. There are indications that U.S.
Insurance giant Aflac Incorporated has confirmed it was hit by a cybersecurity breach this month, making it one of the latest casualties in a growing wave of cyberattacks targeting US insurance companies. This common cybercrime method often involves tricking individuals into revealing sensitive information or granting access.
Ransomware is no longer the work of lone-wolf hackers with deep technical chops. Ransomware-as-a-Service (RaaS) has transformed cybercrime into an accessible, scalable platform that anyone can tap into—no code required. Explosive growth in ransomware attacks across every industry. The result? The key innovation was scale.
Insurance giant CNA notifies customers of a data breach after the Phoenix CryptoLocker ransomware attack suffered in March. US insurance giant CNA is notifying customers of a data breach after the ransomware attack that it suffered in March. SecurityAffairs – hacking, ransomware). Pierluigi Paganini.
That might not have been the case at Digital Mint, a ransomware negotiation company where one worker allegedly went rogue. According to Bloomberg , Digital Mint is cooperating with the US Department of Justive (DoJ) to investigate allegations that a former employee had worked with ransomware criminals.
Just a week after announcing it would no longer cover ransomware payments in France, global insurance company AXA has been hit with a targeted ransomware attack. The post Avaddon Targets Insurer AXA with Ransomware | Avast appeared first on Security Boulevard.
Last week on ThreatDown: Hands-on-keyboard (HOK) attacks: How ransomware gangs attack in real-time Ransomwareinsurance is funding cybercrime, says White House official 5 tools IT admins should block right now Stay safe! Our business solutions remove all remnants of ransomware and prevent you from getting reinfected.
It is good to see US government leaders realize that ransomware is a growing existential threat to our country, at the hands of our adversaries. A top US national cybersecurity advisor stated in a recent op-ed , “This is a troubling practice that must end.” The government is looking at ways to disrupt ransomware attacks.
The Interlock ransomware gang claimed responsibility for the attack on the leading kidney dialysis company DaVita and leaked alleged stolen data. “On April 12, 2025, DaVita became aware of a ransomware incident affecting and encrypting certain on-premises systems. The DaVita network was encrypted by InterLock Ransomware.
Anna Jaques Hospital revealed thatthe ransomware attack it suffered last year has exposed sensitive health data for over 316,000 patients. On December 25, 2023, a ransomware attack hit the Anna Jaques Hospital. The hospital revealed that the security breach exposed sensitive health data for over 316,000 patients.
Ransomware groups are constantly devising new methods for infecting victims and convincing them to pay up, but a couple of strategies tested recently seem especially devious. Department of Health and Human Services (HHS) warned that Venus ransomware attacks were targeting a number of U.S. “ Cl0p ” a.k.a.
That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%
A ransomware group called Dark Angels made headlines this past week when it was revealed the crime group recently received a record $75 million data ransom payment from a Fortune 50 company. ThreatLabz found Dark Angels has conducted some of the largest ransomware attacks to date, and yet little is known about the group.
Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.
When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Compliance: Certain industries and jurisdictions require organizations to have cyber insurance or to meet certain cybersecurity standards.
Over the last few years, ransomware attacks have become one of the most prevalent and expensive forms of cybercrime. Today, this tactic has evolved, where ransomware operators in nearly every case first exfiltrate sensitive data and then threaten to publicly expose it if a ransom demand is not paid.
Recently emerged HardBit ransomware gang adjusts their demands so the insurance company would cover the ransom cost. The HardBit ransomware group first appeared on the threat landscape in October 2022, but unlike other ransomware operations, it doesn’t use a double extortion model at this time. Very important!
The US insurance giant CNA Financial reportedly paid a $40 million ransom to restore access to its files following a ransomware attack. CNA Financial, one of the largest insurance companies in the US, reportedly paid a $40 ransom to restore access to its files following a ransomware attack that took place in March.
The Medusa ransomware operation hit over 300 organizations in critical infrastructure sectors in the United States until February 2025. The FBI, CISA, and MS-ISAC have issued a joint advisory detailing Medusa ransomware tactics, techniques, and indicators of compromise (IOCs) based on FBI investigations as recent as February 2025.
You’ve likely only seen cybercrimeinsurance primarily mentioned in relation to attacks on businesses. Most commonly, it’s cited with regard to ransomware attacks in the workplace, or associated data loss. Personal insurance plans are slowly becoming a more visible and talked about topic. So far, so good.
London, July 13, 2023 — Beazley, the leading specialist insurer, today published its latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. The economic impact of cybercrime on business across the globe continues to reach new levels, with the cost predicted to reach US$10.5
Already, from the past two months, the IT infrastructure owned by the government agencies such as telecom and insurance are being constantly targeted by state funded hackers. In case of ransomware, the victim is being asked to shell out millions to free up data.
UnitedHealth Group recently confirmed that a ransomware attack on subsidiary Change Healthcare has compromised the personal information and healthcare data of more than 100 million individuals. The attackers accessed and exfiltrated vast amounts of personal and medical information, exploiting vulnerabilities to maximize the damage.
Cybercrime can be a very lucrative career choice—if you don’t mind participating in illegal activity or the possibility of getting arrested. Unfortunately with the growth in Ransomware as a Service (RaaS) and the breadth of the cybercrime ecosystem , the challenge is not going away anytime soon. There is no question about it.
One of Megatraffer’s ads on an English-language cybercrime forum. Megatraffer has continued to offer their code-signing services across more than a half-dozen other Russian-language cybercrime forums, mostly in the form of sporadically available EV and non-EV code-signing certificates from major vendors like Thawte and Comodo.
Toyota has confirmed a data breach after a threat actor leaked 240GB of data stolen from its infrastructure on a cybercrime forum. Toyota disclosed a data breach after a threat actor leaked an archive of 240GB of data stolen from its systems on a cybercrime forum, BleepingComputer reported.
Nova Scotia Power confirms it was hit by a ransomware attack but hasn’t paid the ransom, nearly a month after first disclosing the cyberattack. Nova Scotia Power confirmed it was hit by a ransomware attack nearly a month after disclosing a cyber incident. The company revealed it hasnt paid the ransom. Nova Scotia Power Inc.
.” The data breach at Omni Family Health may have exposed varying personal information for current and former patients, including names, addresses, Social Security numbers, dates of birth, health insurance details, and medical information. The Hunters International ransomware gang claimed responsibility for the attack.
The University of Utah admitted to have paid a $457,059 ransom in order to avoid having ransomware operators leak student information online. The university did not reveal the ransomware family involved in the attack. ” According to the University, the ransomware encrypted only 0.02% of the data stored on its servers.
Expansion of Cyber Insurance As cyberattacks grow in frequency and scale, the demand for cyber insurance will surge. In 2025, insurers will refine their policies to cover new threats such as ransomware and supply chain attacks, providing businesses with financial safeguards against cyber losses.
Black Basta ransomware affiliates have breached over 500 organizations between April 2022 and May 2024, FBI and CISA reported. The FBI, CISA, HHS, and MS-ISAC have issued a joint Cybersecurity Advisory (CSA) regarding the Black Basta ransomware activity as part of the StopRansomware initiative. ” reads the CSA.
By the time they adjust their processes, beef up their defenses, and add new layers of security, they find themselves battling more virulent ransomware strains and cyber-scams. Insurance Refusals and Rate Hikes. But not insurance companies. Slow Gains on Storage and Backup Security. Organizations typically house a LOT of data.
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