New Ransomware Attack, Colonial Pipeline Aftermath, and Looking Ahead: July Cyber News Bytes

New Ransomware Attack, Colonial Pipeline Aftermath, and Looking Ahead: July Cyber News Bytes

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 REvil's recent ransomware attack, supply chain risk, updates regarding the colonial pipeline attack and more. 

 

REvil Makes Huge Demand In Largest Ransomware Attack On Record

Fireworks, parades, hot dogs and… ransomware attacks? If you've been following this newsletter for the past year, you know that ransomware attacks can happen at any time, even on a holiday weekend. Yet another notable ransomware attack was reported over the Fourth of July holiday, as hackers targeted IT management company Kaseya and its global customer base. A wide range of companies have been impacted by this attack, with individual ransom demands ranging from $45,000 all the way up to $5 million. However, the most unique aspect of this particular incident may come from the decryption code. REvil, the syndicate behind the attack, has offered a universal decryption code with a whopping $70 million price tag. We will certainly be monitoring this incident in the coming months as it continues to develop. The situation continues to unfold and earlier this week it was reported that REvil’s website had been taken down. We will certainly be monitoring this incident in the coming days and weeks as it continues to develop.

Keying in on Vendor Management

As we've discussed in previous releases, supply chain risk continues to be the catalyst behind many notable cyber events. BakerHostetler's Sara Goldstein outlines this wave of vendor-related incidents in her new piece that also provides some critical lessons that can be garnered. Her colleague, Andreas Katsounis, expands upon the subject further. This piece indicates that organizations only focusing on improving vendor management processes are perhaps missing the mark, presenting concepts of a zero-trust approach.

Colonial Pipeline Attack: The Next Chapter

Much has been written about May’s Colonial Pipeline ransomware attack and its impact on Americans up and down the east coast.  With the help of US officials, the next chapter was penned in early June when 63.7 of the 75 Bitcoin ransom payment was recouped, as reported by Bloomberg. A piece from Volkov Law covers this remarkable recovery by law enforcement and what it could mean in the fight against ransomware. Only time will tell if these actions can be duplicated with future ransom payments, and more importantly, if they will help thwart the rise in ransomware activity.

The Ripple Effects of Cyber Attacks

As we enter the second half of a year dominated by cyber events, it is an excellent time to pause and consider the ramifications of these events. A write-up from Leader's Edge points out that the rise in these attacks directly correlates to today's businesses becoming increasingly more dependent on data, technology, and consequentially, third parties. This reliance creates new, unimaginable exposures that require more preparation from our current regimes. In this article, Jody Westby reviews the vulnerabilities cybercriminals have taken advantage of and the evolving sophistication of these attacks.  She expands upon the insurance company and regulatory responses, closing by urging organizations and their cyber insurance brokers to continue building more resilient cybersecurity operations.

Questions?

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.

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