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Data Breach

Data Breach Apocalypse: Don’t Be the Next Victim

For businesses of all sizes, a data breach is not a matter of if, but when. The evolving threat landscape means that organizations must be prepared to detect, respond to, and recover from threats as quickly as possible. In the 2022 Cost of a Data Breach report, researchers share the latest insights into the cost and causes of data breaches and offer recommendations for limiting losses and saving time. A Million-Dollar Race to Detect and Respond Detecting and responding to data breaches quickly can save businesses millions of dollars. In fact, organizations using AI and automation had a 74-day shorter breach lifecycle and saved an average of USD 3 million more than those without. The report reveals that it took an average of 277 days to identify and contain a breach in 2022, emphasizing that time is money when it comes to data breaches. US Businesses Face the Highest Costs For the 12th year in a row, the United States has the highest cost of a data breach, with an average total cost of USD 9.44 million. This is over twice the global average of USD 4.35 million. Healthcare is the industry hit hardest, with the average total cost of a breach reaching USD 10.10 million. Stolen or Compromised Credentials are the Costliest Attack Vector Stolen or compromised credentials were the most common cause of a data breach in 2022, and also took the longest time to identify. The attack vector ended up costing USD 150,000 more than the average cost of a data breach. Ransomware and Destructive Attacks are on the Rise The share of breaches caused by ransomware grew 41% in the last year and took 49 days longer than average to identify and contain. Additionally, destructive attacks increased in cost by over USD 430,000. AI and Automation Offer the Biggest Savings Organizations that had a fully deployed AI and automation program were able to identify and contain a breach 28 days faster than those that didn’t, saving USD 3.05 million in costs. Even partially deployed AI and automation programs were better than none. Cloud Breaches are on the Rise Almost half of all data breaches occur in the cloud. However, organizations with a hybrid cloud model had lower average data breach costs compared to those with a public or private cloud model. Test Your Incident Response Plan Having an incident response plan is essential, but testing that plan regularly can help identify weaknesses in your cybersecurity and save millions in data breach costs. Organizations with an IR team that tested their plan saved an average of USD 2.66 million compared to those who didn’t. The Bottom Line With the average cost of a data breach continuing to rise, businesses must take action to protect themselves from these costly events. By understanding the causes and costs of data breaches and implementing the latest technologies and best practices, businesses can limit their losses and save time.

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FBI Takes Down the Hive

FBI Takes Down the Hive – a Notorious Ransomware Gang – They Are Saving Thousands of Victims

The FBI’s announcement of the successful disruption of the prolific ransomware gang named “Hive” marks a major victory in the ongoing fight against criminal cyber activity. The agency was able to take down the group before they were able to collect over $130 million in ransom demands from over 300 victims. The several victims that were saved from the Hive ransomware attack include a Texas school district facing a $5 million ransom, a Louisiana hospital that had been asked for $3 million, and an unnamed food services company that faced a $10 million ransom. Additionally, the FBI was able to provide more than 300 decryption keys to the victims under attack and more than 1,000 to the previous victims. The notorious Hive ransomware gang has been one of the most active ransomware groups in the world. It is ransomware–as–a–service organization ( sometimes abbreviated as RaaS ), meaning that it took out contracts of its hacking rampage to affiliates in exchange for a cut of the proceeds. They have been active for just over a year and have successfully extorted roughly $100 million from over a thousand companies since June 2021. According to information from the Justice Department, Hive had targeted more than 1,500 victims in 80 different countries and had collected over $100 million in ransom payments. The gang had been observed using several platforms, including Windows, Linux, and EXSi hypervisors. They had also allied with other traditional ransomware groups to become one of the top three most active ransomware groups. The FBI’s impressive success was due to their intricate investigation that included the deployment of a new form of cyber-attack in order to gain access to the ransomware gang’s network and disrupt their operations. It consisted of an extensive web of cyber-security experts and tools to gain access to the encrypted data and track the perpetrators. This approach is incredibly unique and has never been used before. Through this process, the FBI was able to disrupt the gang’s plans and prevent them from collecting the ransom money. It is not however the first time that the U.S. has shown resistance against ransomware. In mid-December 2020, the U.S. Department of Justice ( DOJ ) had shut down another ransomware gang called the Lazarus Group. This group was responsible for the attack on the Colonial Pipeline in May of the same year. The DOJ seized the group’s computer infrastructure, including a database of victims, and released a statement from the U.S. Attorney’s Office in Atlanta that read, “The takedown of the Lazarus Group is a major step forward in the fight against ransomware and other cyber-enabled crimes.” In addition, the FBI has also shut down another major ransomware operation called Babuk Locker, which is believed to have extorted more than $100 million from organizations across the world. The operation was a collaborative effort between the FBI, Europol, and other international law enforcement agencies, and the agency was able to provide decryption keys to victims before taking full control of the Babuk Locker servers. Ransomware attacks are a major threat to both businesses and consumers, as they can cause significant financial losses, data breaches, and long – term disruptions to operations. For businesses, ransomware attacks can result in lost productivity, devastating financial losses, and a damaged reputation. For consumers, ransomware attacks can lead to stolen personal data, identity theft, and other financial losses. Stopping ransomware attacks is therefore critical to protecting businesses, consumers, and the economy as a whole. It is thus imperative that law enforcement around the World take this matter seriously and follow in the footsteps of the FBI. The only way to beat these criminals is to always stay a step ahead of them. Security measures such as firewalls, antivirus software, and access controls can prevent or limit the spread of ransomware. Regular backups of important data ensure that even if a ransomware attack is successful, the affected files can be restored from a clean backup, reducing the impact of the attack. This is why security and backups are considered good practices against ransomware. The great job done by the FBI is highly commendable! This major success story highlights the FBI’s dedication to preventing cybercrime and its focus on using cutting – edge technology and tactics to combat such malicious activity. This case also serves as a reminder that cybercriminals cannot outpace the law enforcement agencies that are working to protect the public from cyber – attacks.

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Rackspace to Migrate Hosted Exchange to Office 365

Rackspace to Migrate Hosted Exchange to Office 365

The Hosted Exchange Attack of December 2, 2022, on Rackspace Technology caused a massive outage for thousands of its customers, forcing the Racker team to work hard over the holidays in order to restore their customer data.  A ransomware attack on a hosted exchange email environment like this Rackspace Attack involves a malicious actor or group (PLAY in this case) encrypting the data on the servers, making it inaccessible to legitimate users. The attackers would then demand payment, typically in the form of cryptocurrency, in exchange for the decryption key to restore access to the data. These attacks can have a significant impact on the operation of a business, as email is often a critical tool for communication and collaboration. To protect against such an attack, it’s important to have regular backups of all data, including email, stored on separate, secure systems that are not connected to the network. This way, even if the ransomware encrypts the data on the servers, the business can restore the data from the backups without having to pay the ransom thus mitigating the risk of a successful attack. According to the latest updates from Rackspace, even prior to this security incident, the Hosted Exchange email environment was under planning for migration to Microsoft 365. Microsoft Office 365 for business is a subscription-based version of Office 365 that includes additional features and services specifically tailored for use by organizations. It includes all the standard Office applications like Word, Excel, PowerPoint, and Outlook, as well as other cloud-based services such as Exchange Online (hosted email service), SharePoint Online (cloud-based collaboration and document management platform), and Skype for Business (video and audio conferencing). It also includes tools for managing and securing user accounts, such as Azure Active Directory, which can be used to manage user authentication and access to different services. A few of the built-in security measures offered by Office 365 for Business to help protect sensitive data and keep it safe from unauthorized access are- It’s important to note, that while Office 365 has several built-in security features, it is still up to the user to configure and use them correctly and to follow best practices for security. For example, using strong and unique passwords, enabling multi-factor authentication, and regularly backing up important data can help to further protect against cyber attacks.Top of Form

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