Cyber News Of The Week
Infosec K2K
Our cybersecurity experts protect your business and keep it secure in today’s ever-changing digital landscape.
Welcome to the first Infosec K2K Weekly News Update of the year! As technology continues to advance, so do the risks associated with it. Every week, we gather the latest news and insights on cyber threats, data breaches, and other essential topics in the world of cyber security.
In The News This Week
The Victoria State court system in Australia experienced a #Ransomware attack late last year, which was likely orchestrated by a Russia-linked group employing the #Qilin #Ransomware strain. The breach occurred between November and December 2023, and targeted a database storing court recordings, disrupting audio-visual technologies. A statement from Court Services Victoria (CSV) confirmed the breach was limited to recordings, and employee data and financial information were safe.?
Find out more on ITPro : https://www.itpro.com/security/ransomware/russia-linked-group-could-be-behind-australian-state-court-cyber-attack?
Researchers at Security Research Labs (SRLabs) have developed a decryptor that exploits a flaw in the #BlackBasta ransomware. Victims from November 2022 to the present may now be able to recover files for free, as the flaw allowed retrieval of the encryption key. However, the #CyberCriminals behind the ransomware have since fixed the bug a week ago, preventing new victims from using the decryptor. The Black Basta gang, which has been active since April 2022, conducts double-extortion attacks on corporate victims.
Find out more on BleepingComputer : https://www.bleepingcomputer.com/news/security/new-black-basta-decryptor-exploits-ransomware-flaw-to-recover-files/?
The European Union has reached an agreement on the #CyberResilienceAct, a world-first legislation designed to enhance cyber security for internet-connected household devices like baby monitors, smartwatches, and televisions. Companies selling these kinds of products in the EU must integrate cyber security measures during the design phase, provide ongoing security updates, and inform customers about any new cyber security features. Failure to comply may result in fines or product removal.
Find out more on Euronews : https://www.euronews.com/my-europe/2023/12/01/smart-devices-to-be-better-protected-from-cyber-attacks-after-eu-strikes-deal?
Security experts are divided after the ransomware decryption specialist Emsisoft has called on the US government to ban ransom payments in the U.S. Emsisoft argued that the mounting economic and societal harm of ransomware warrants drastic action, and even cited research that ransomware is likely to have killed one American a month over the last six years. The debate reflects the ongoing challenge of effectively combating ransomware threats.
Find out more on Infosecurity Magazine : https://www.infosecurity-magazine.com/news/experts-clash-over-ransomware/?
The Stats This Week
领英推荐
€1.8bn
Airbus is in talks with the French IT services company 源讯 to acquire their prized cyber security business unit, BDS, in a deal potentially valued at €1.8 billion. Atos, which is a business of national strategic importance and also works closely with the UK government, is battling high debts and is currently undergoing a major restructuring.?
Find out more on Tech Monitor : https://techmonitor.ai/technology/cybersecurity/atos-airbus-bds-tech-foundations-cybersecurity?
$80 million
A #CyberAttack on the South Korean #Blockchain Orbit Chain resulted in the theft of over $80 million in #Cryptocurrency, including 26,741.6 Ether (ETH) and 15,498,358 DAI. Orbit Chain has communicated with the hackers and is collaborating with law enforcement to track down the stolen assets. The perpetrators remain unidentified, but North Korea-affiliated actors have a history of cryptocurrency thefts, totalling $3 billion since 2017.
Find out more on Infosecurity Magazine : https://www.infosecurity-magazine.com/news/crypto-stolen-cyber-attack-orbit/?
109?
109 banks across Europe will undergo the European Central Bank 's (ECB) first-ever #CyberResilience stress test this year. The test will focus on evaluating the banks' response and recovery capabilities following a successful cyber attack rather than prevention measures. The tests follow an ECB evaluation that identified insufficient progress in IT risk management among banks.?
Find out more on Infosecurity Magazine : https://www.infosecurity-magazine.com/news/european-banks-cyber-resilience/?
Thoughts from Infosec K2K
The recent announcement by the European Central Bank (ECB) underscores the critical importance of regular cyber security tests and assessments. The upcoming cyber resilience stress test of over 100 European banks is a crucial reminder to organisations in every industry of the fact that they should be regularly evaluating and testing their own cyber defences.
Regular cybersecurity tests act as a preemptive health check for businesses, helping them to proactively identify and rectify vulnerabilities before they can be exploited by cyber criminals. The ECB's stress test scenario will be simulating a successful cyber attack that disrupts banks’ daily operations. Assessments like these enable businesses to fine-tune their incident response plans and elevate their overall resilience.
The ECB's initiative highlights the changing nature of cyber security, and emphasises the importance of preparedness and response as well as simply preventing attacks. A major cyber attack on a bank could have huge repercussions around the world - last year, Lloyd's of London predicted that a cyber attack on a major financial services payment system could result in global economic losses of $3.5 trillion.?
Businesses need to take a proactive stance by regularly testing their cyber defences, learning from the assessment’s findings, and continually enhancing their security strategies. Here at Infosec K2K, our Security Assurance Services are tailored to help businesses navigate the evolving threat landscape. With our comprehensive assessments, vulnerability identification, and incident response planning, we empower organisations to stay ahead of cyber threats and enhance their cyber resilience.
Read more about the cyber resilience test:
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