Saturday , December 21 2024
Ransomware

Damage Costs Predicted To Exceed $265 Billion By 2031
Ransomware expected to attack every 2 seconds by 2031

Ransomware damage costs are predicted to exceed $265 billion by 2031, and it is expected to be the fastest growing type of cybercrime, affecting a business, consumer, or device every 2 seconds by that year, according to Cybersecurity Ventures.

A report from Cybersecurity Ventures predicted that ransomware damages would increase rapidly. In 2015, damages were $325 million, but by 2017 they were estimated to be $5 billion, a 15X increase in just two years. The damages for 2018 were predicted to reach $8 billion, and by 2021, it was estimated to be $20 billion, which is 57X more than in 2015.

Eight New ICS Advisories released by CISA

CISA has released eight advisories on vulnerabilities in Industrial Control Systems (ICS). These vulnerabilities affect essential software and hardware in...
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Authority Denies
Hacker claim ransomware attack on Indonesia’s state bank BRI

Bank Rakyat Indonesia (BRI), the largest state bank by assets, has assured customers that their data and funds are secure...
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Authority Denies  Hacker claim ransomware attack on Indonesia’s state bank BRI

London-based company “Builder.ai” reportedly exposed 1.2 TB data

Cybersecurity researcher Jeremiah Fowler reported to Website Planet that he found a non-password-protected 1.2 TB dataset containing over 3 million...
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London-based company “Builder.ai” reportedly exposed 1.2 TB data

(CVE-2024-12727, CVE-2024-12728, CVE-2024-12729)
Sophos resolved 3 critical vulnerabilities in Firewall

Sophos has fixed three separate security vulnerabilities in Sophos Firewall.  The vulnerabilities CVE-2024-12727, CVE-2024-12728, and CVE-2024-12729 present major risks, such...
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(CVE-2024-12727, CVE-2024-12728, CVE-2024-12729)  Sophos resolved 3 critical vulnerabilities in Firewall

“Workshop on Cybersecurity Awareness and Needs Analysis” held at BBTA

A time-demanding workshop on "Cybersecurity Awareness and Needs Analysis" was held on Thursday (December 19) at Bangladesh Bank Training Academy...
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“Workshop on Cybersecurity Awareness and Needs Analysis” held at BBTA

CVE-2023-48788
Kaspersky reveals active exploitation of Fortinet Vulnerability

Kaspersky's Global Emergency Response Team (GERT) found that attackers are exploiting a patched SQL injection vulnerability (CVE-2023-48788) in Fortinet FortiClient...
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CVE-2023-48788  Kaspersky reveals active exploitation of Fortinet Vulnerability

U.S. Weighs Ban on Chinese-Made Router TP-Link: WSJ reports

The US government is considering banning a well-known brand of Chinese-made home internet routers TP-Link due to concerns that they...
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U.S. Weighs Ban on Chinese-Made Router TP-Link:  WSJ reports

Daily Security Update Dated: 18.12.2024

Every day a lot of cyberattack happen around the world including ransomware, Malware attack, data breaches, website defacement and so...
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Daily Security Update Dated: 18.12.2024

CISA released best practices to secure Microsoft 365 Cloud environments

CISA has issued Binding Operational Directive (BOD) 25-01, requiring federal civilian agencies to improve the security of their Microsoft 365...
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CISA released best practices to secure Microsoft 365 Cloud environments

Data breach! Ireland fines Meta $264 million, Australia $50m

The Irish Data Protection Commission fined Meta €251 million ($263.6 million) for GDPR violations related to a 2018 data breach...
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Data breach! Ireland fines Meta $264 million, Australia $50m

There’s not a glimmer of empathy in today’s ransomware operators. Ransomware is expected to cost victims approximately $265 billion (USD) per year by 2031, according to Cybersecurity Ventures. They predict that ransomware attacks, targeting both consumers and businesses, will occur at a rate of one every 2 seconds as the perpetrators improve their malware and extortion techniques. This estimate is based on a 30 percent increase in damage costs each year for a decade.

Cyber attackers can target hospitals and Fortune 500 organizations. They focus on gaining access to networks, encrypting them, and stealing sensitive data for blackmail.

Criminal organizations can operate like regular businesses due to the low risk of prosecution. The cost estimates for damage may be low, but insurers are quickly changing how they deal with ransomware due to the high financial impact.

In recent years, ransomware has spread from its origins in malicious downloads on pirate and adult content sites. Ransomware is now a popular tool for hackers around the world who aim to disrupt services, extort businesses, or steal valuable information for government sponsors.

Ransomware is becoming more dangerous. Instead of just encrypting data, attackers are now also stealing information and threatening to publish it online unless a ransom is paid. Backups are no longer enough to protect against these attacks.

HardBit ransomware operators are using a concerning method during negotiations. They are persuading victims to disclose their cyber insurance details to determine the ransom amount. This tactic is impacting the insurance market. Ransomware attacks are becoming more common, with multiple hackers targeting the same victims. Click here to read full report.

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