Each month, RCM&D’s Cyber Practice highlights key issues in the world of cybersecurity. In this month’s edition of Cyber News Bytes, we discuss developments in a recent ransomware gang shut down, tech supply chain risks and more.
Ransomware Gang Shut Down
We begin this month’s newsletter with some positive developments in the fight against the ransomware pandemic. First, a prominent overseas group was recently shut down after a pair of international operations. An individual tied to the REvil syndicate was also arrested, leading to the seizure of $6.1 million in cryptocurrency.
Tech Supply Chain: a Target for Criminals
There have been numerous examples of the systemic risk presented by technology providers throughout 2020 and 2021. A recent article from the Associated Press shows the continued efforts by adversaries to compromise these organizations, as they can be the pathway into hundreds or thousands of other organizations. Given the significant possibilities, we anticipate these relentless efforts will continue and therefore urge readers to diligently vet these third party vendors. It will also be interesting to observe how the cyber insurance market responds.
A Guide for Boards and Companies Facing Ransomware Demands
Our October newsletter highlighted new OFAC guidelines related to ransomware demands. A recent Harvard Law article provides an excellent follow-up to this, highlighting factors a board should consider when faced with an attack that involves the need to value breached data, risks from payment/nonpayment of the ransom demand and negotiation, and payment options.
Growing Connectivity Brings More Threats: Cyber Expert
This piece from Business Insurance serves as a critical reminder; as our world becomes more connected, cyber threats from many sources will only grow. This global connectivity will continue to expand as we become more connected in the office, at home and in our cars. Simply put, bad actors are ready to take advantage of the increased vulnerability a more connected world brings for all of us.
RCM&D is here for you to help protect your cybersecurity. Talk to a trusted advisor today with any questions on these highlighted issues and beyond.