In the aftermath of the Colonial Pipeline attack, global IT association and learning community ISACA polled more than 1,200 members in the United States and found that 84% of respondents believe ransomware attacks will become more prevalent in the second half of 2021. The Colonial Pipeline attack caused massive disruptions to gasoline distribution in parts of the US this month, resurfacing preparedness for ransomware attacks as a front-burner topic for enterprises around the world. Colonial reportedly authorized a ransom payment of US $4.4 million. In the ISACA survey, four out of five survey respondents say they do not think their organization would pay the ransom if a ransomware attack hit their organization. Only 22% say a critical infrastructure organization should pay the ransom if attacked.
Insurance giant AXA S.A. has been hit by a massive ransomware attack, just days after announcing that it would no longer cover damage from that class of cyberattack in France. AXA said on Sunday that the cyberattack has targeted its Asia Assistance division, impacting IT operations in Thailand, Malaysia, Hong Kong and the Philippines.
The recent ransomware attack of the Colonial Pipeline has reinvigorated calls from legislators to strengthen the defenses of U.S. pipelines and the electric power grid. Over the last several years, a repeatable pattern is becoming apparent with each major cyber-attack. A critical cyberattack occurs that is followed by outrage that result in statements from government leaders with calls for action - all followed by proposed ideas on how to better mitigate the risk of cyberattacks in the future. Yet, it seems that time goes by and with the next major attack the cycle starts all over again. This time, government is taking a more rigorous approach to proposing solutions to end the vicious cycle.
Conti ransomware gang appears to be behind Ireland's Health Service Executive (HSE) ransomware attack, according to reports. HSE, a $25 billion public health system, shut down its IT systems to protect the service from further damage, switching to a paper-based system. Though life-saving equipment and COVID-19 vaccine programs were still operating, several healthcare practices across Ireland were forced to cancel low priority appointments.
Ransomware is nothing new. But the tactics, techniques and procedures (TTPs) leveraged by threat actors have reached new levels of sophistication over the last few years. And with that growth has come an increased difficulty in protecting networks against costly attacks such as the recent DarkSide one on the Colonial Pipeline.
For many years, the focus on securing OT environments has been on the imminent danger of a cyberattack upon critical infrastructure, in other words, SCADA/ICS attacks. Most of the concern has been on nation state actors like China, North Korean, Iran and Russia directly attacking and destroying our infrastructure.
COVID made “flatten the curve” a household phrase in 2020, but did you know the concept also applies to vulnerability exploits? It turns out that what’s past is prologue in exploit trends. By tracking which attacks are being exploited the most, organizations discover important information to help proactively determine their vulnerability and risk. But it is also important to track attacks where activity has increased the most within a specified timeframe. It only takes one critical exploit to cause significant damage and, once inside the network, the attacker will need to move laterally and probably deploy additional exploits. That’s why understanding which exploits have the greatest likelihood of arriving on the network’s doorstep helps organizations prioritize patch management and risk assessment. This remains top of mind as cyber adversaries continue to maximize vulnerabilities, as we have recently seen with DearCry ransomware, for example.
Almost every American adult knows that cyberattacks and breaches are ubiquitous and have primarily targeted companies and government entities. They might even know that the single most common breach these days is ransomware, a malicious process by which hackers dismantle computer systems and don’t fix them until a ransom is paid. Few, however, are aware that ransomware is targeting a new set of highly vulnerable victims en masse. In recent months, the majority of successful ransomware attacks have struck K-12 schools nationwide, casting a whole new light on the number of Americans highly susceptible to a cyberattack.
Colonial Pipeline, which operates the biggest gasoline conduit to the East Coast, said it has no estimate on when it could restart the 5,500-mile pipeline that it shut Friday after a cyberattack. The company took systems offline to contain the threat, temporarily halting all pipeline operations and affecting some IT system. In a statement, the company said the Colonial Pipeline operations team is developing a system restart plan, and while their mainlines remain offline, some smaller lateral lines between terminals and delivery points are now operational.
Global insurance company AXA said Thursday it will stop writing cyber-insurance policies in France that reimburse customers for extortion payments made to ransomware criminals.
