Cyber Risk Governance Insights | May 28, 2024
Netswitch Technology Management
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Honoring the Fallen
This week's edition arrives a day later than usual.
We delayed our regular newsletter in observance of the solemnity of Memorial Day as we took time to recognize and honor fallen heroes, the brave men and women who made the ultimate sacrifice in service to our nation.
WEEK IN HEADLINES
PHISHING - Blitz Puts Businesses at Risk
A new wave of phishing emails is spreading the notorious LockBit Black ransomware, posing a severe threat to businesses worldwide. These emails, disguised as legitimate communications, lure unsuspecting victims into opening malicious attachments or clicking on dangerous links. Once executed, the ransomware encrypts files and demands a hefty ransom payment, crippling operations and causing significant financial losses. Cybersecurity experts urge heightened vigilance and immediate action to fortify defenses against this insidious campaign.
MANUFACTURING - Ransomware Exposes Employee PII Data
LivaNova, a UK-based medical device manufacturer, fell victim to a ransomware attack by the LockBit gang. The attack disrupted LivaNova's IT systems and led to the exposure of sensitive personal data belonging to current and former employees, including names, contact details, Social Security numbers, financial information, health insurance data, and online credentials. LivaNova has taken steps to secure its systems, implemented new password requirements, and is offering affected employees two years of identity protection services.
HEALTHCARE - Victory Claimed Too Soon?
Despite UnitedHealth Group's [NYSE: UNH]announcement of restoring major pharmacy systems after a cyberattack, Utah health officials continue to face issues with pharmacy services for low-income residents. Documents reveal frustration with UnitedHealth's claims of progress, as the state encounters ongoing disruptions weeks after the company's declared repairs, highlighting the challenges of recovering from major cybersecurity incidents in the healthcare sector.
TELECOMMUNICATIONS - Mobile Carrier Suffers Data Breach
Patriot Mobile has fallen victim to a data breach that compromised subscribers' personal information, including full names, email addresses, home ZIP codes, and account PINs. The breach was confirmed by a hacker who provided a sample of the stolen data to TechCrunch. Patriot Mobile, with fewer than 100,000 subscribers, operates as a mobile virtual network operator leasing access from major carriers like AT&T and T-Mobile.
RELIGION - Phishing Plagues Pilgrims
The annual Hajj pilgrimage to Mecca attracts millions of Muslims worldwide, making it a prime target for cybercriminals. Phishing campaigns, identity theft, and fraudulent services pose significant risks to pilgrims, compromising their safety, privacy, and financial well-being. Authorities warn against fake websites offering free Hajj sponsorships, urging pilgrims to use official channels and exercise caution when sharing personal information online.
REPORT - Rampant Fraud: Who’s Who in Scams
The Federal Trade Commission (FTC) latest data reveals a surge in scams targeting consumers across various platforms. Business impersonation scams topped the list, with over 332,000 reports and $660 million in losses. Social media emerged as a lucrative hunting ground for scammers, while government agencies were often impersonated. The FTC urges vigilance, recommending that consumers verify sources, avoid unsolicited messages, and report fraudulent activities to safeguard against financial losses.
?INSIGHTS & EXPERT PERSPECTIVES
RISK MANAGEMENT - Cybercrime on Main Street: The 2024 Threat Report
The Sophos 2024 Threat Report reveals a significant shift in malware's primary objective from mere disruption to data theft. Nearly half of the detected malware targeting small and medium-sized businesses (SMBs) now comprises password stealers, keyloggers, and spyware. This alarming trend underscores the need for organizations to prioritize robust identity controls and a comprehensive understanding of these evolving threats to mount an effective defense.
Here are the key takeaways from the report:
领英推荐
INSIGHTS: There is hope for SMB executives, founders, and owners.? There are "easy" best practices that your organizations can follow to reduce the threats identified in the report.
Cyber risk governance isn’t just for IT —it’s everyone in the organization’s responsibility.? Especially, the executives who must set the tone of a security-first culture.? Your understanding and adoption of best practices will inspire cyber resilience company-wide.
OPINION
5 Cyber Questions Your Board Should Be Asking
Effective communication between board members and security teams is crucial for ensuring cybersecurity alignment with business objectives and fostering a culture of resilience. This executive summary presents the top five questions that board members should ask their security teams, based on conversations with board members from over 100 companies.
By addressing these five key questions, board members can begin to adopt a business-aligned security approach, which focuses on enabling the business strategy and strategic capabilities securely. This involves understanding the organization's mission, goals, and values, identifying how security enables or supports business outcomes, and developing a security strategy that aligns with and enables the overall business strategy.
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Disclaimer: The information and links provided in this newsletter are for informational purposes only. Netswitch does not warrant the accuracy or completeness of such information and is not liable for any damages arising from its use.
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