Ransomware and state affiliated hacktivist groups dominated the cyber news headlines this week.

This week’s observations from our Incident Response Team

It has been one year since the discovery of the zero-day vulnerability Log4j, which allows threat actors to remotely gain access to machines and servers. Despite being widely publicised and a patch being released, many organisations are still falling victim to the vulnerability. Last month, the FBI and CISA issued a security alert about Log4J and warned organisations that have not yet patched the vulnerability to assume that their network is compromised and act accordingly.

To protect your organisation from falling victim to this vulnerability, we advise ensuring that your systems are patched and implementing regular scans for vulnerabilities and threats within your network and IT infrastructure.

Here’s a roundup of the cyber security incidents that have made headlines this week. 

Ransomware and Fraudulent Funds Transfer were the biggest loss drivers in 2022

Fraudulent funds transfer (FFT) and ransomware were the biggest contributors to financial losses from cybercrime in 2022, according to insurance company Corvus. The firm found that FFT and ransomware accounted for over 50% of its cyber insurance claims, with FFT representing 28% and ransomware 23% of all claims. However, the average FFT claim was lower than ransomware at $90,000 compared to $256,000.

The company also observed a 66% increase in claims for third-party breaches in 2022, with a 20% rise in the share of third-party ransomware attacks. Despite this, the number of ransomware claims in the first half of 2022 was lower than in 2021.

New survey shows that nearly half of the UK’s manufacturers were a victim of cyber-attacks in 2022

According to a survey conducted by the UK Manufacturers organisation, Make UK, over a quarter of manufacturers surveyed reported that they had experienced substantial financial losses as a result of a cyber attack in the past year. The losses ranged from £50,000 to over £250,000. The survey also found that while 95% of respondents acknowledged the increased importance of cyber security, only 54% took additional steps to improve their security when introducing new technologies. This highlights a disconnect among organisation when it comes to their security measures. Despite recognising the crucial nature of cyber security, many fail to take action to improve it.

Russian bank hit by large DDoS attack as Ukraine conflict rages in cyber space

This week, Russia’s second largest bank was hit by a massive DDoS attack that is believed to have been launched by Ukrainian hackers. The ongoing conflict in Ukraine has led to a sharp increase in attacks from hackers affiliated with both sides, with DDoS attacks targeting Russian, Ukrainian, and organisations allied to either side. A recent report also revealed that the number of DDoS attacks launched from Ukraine skyrocketed by 363% at the onset of the conflict.

If you are worried about any of the threats outlined in this bulletin or need help in determining what steps you should take to protect yourself from the most material threats facing your organisation, please contact your account manager.

Get in touch to find out how you can protect your organisation.