Cognizant estimates that the April ransomware attack that affected its internal network will cost the IT services firm between $50 and $70 million, according to the company's latest financial report. The company has said that the Maze ransomware gang was behind the attack.
The latest edition of the ISMG Security Report analyzes the rising costs of ransomware attacks and the latest victims. Also featured: An assessment of Australia's new contact-tracing app designed to help battle the spread of COVID-19, and a discussion of applying the "zero trust" model to the remote workforce.
The average ransom paid by victims to ransomware attackers reached $111,605 in the first quarter of this year, up 33% from the previous quarter, reports ransomware incident response firm Coveware, which sees the Sodinokibi, Ryuk and Phobos malware families continuing to dominate.
Many attackers continue to camp out in networks for months, conducting reconnaissance and stealing sensitive data before unleashing ransomware. Experts say many recent efforts trace to gangs wielding the RobbinHood, Valet Loader, NetWalker, PonyFinal, Maze and Sodinokibi strains of crypto-locking malware.
The gang behind Black Rose Lucy malware, which targets Android users, has added ransomware capabilities, according to Check Point Research. The malware, which dates back to 2018, originally was designed as a malware-as-a-service botnet and dropper for other malicious code.
IT services and consulting giant Cognizant is still assessing the damage from a ransomware attack on Friday. And it's warning that the incident is disrupting services to some of its clients and could affect the company's revenue.
In the age of COVID-19 - when staying as close to home as possible and trying to avoid touching anything in public that might spread coronavirus is the new normal - cash is out, and "contactless" payments are in, if you're lucky enough to be able to use them.
As phishing campaigns and hacker attacks spread during the COVID-19 global pandemic, it's more important than ever for organizations to promptly report fraud to authorities to help them crack down on cybercrime, says Dr. Karnika Seth cyberlaw expert and advocate at Supreme Court of India.
The ransomware threat has scaled up to match the new remote workforce. But have backup policies and incident recovery procedures improved to keep pace? David Shaw and John Bilotti of Nasuni share tips on ransomware recovery, remote file-sharing and business continuity.
Many criminals are continuing to tap cybercrime platforms and services to make it easier to earn an illicit paycheck, sometimes by combining tools, such as Emotet, Ryuk and TrickBot. This "loader-ransomware-banker trifecta has wreaked havoc" in recent years, says security firm Intel 471.
Travelex, a London-based foreign currency exchange that does business in 26 countries, including the U.S., paid a ransomware gang $2.3 million to regain access to its data following an attack, the Wall Street Journal reports. The incident crippled the company's customer services for weeks.
Cybercrime groups and nation-state hacking gangs are continuing to exploit the COVID-19 pandemic to further their aims, U.K. and U.S. security agencies warn in a joint alert. While overall attack levels haven't increased, they say, "the frequency and severity of COVID-19-related cyberattacks" looks set to surge.