Feb 29, 2024

What’s Going On With Recent Cyberattacks?

Jul 31, 2023

Cyber Insurance Coverage is Changing

In today's tech-based world, the threat of cyberattacks looms larger than it ever has before. Over the past few years, we have witnessed a huge surge in cybercriminal activities, both state-sponsored attacks and attacks from hacking groups. There have been attacks targeting governments, businesses, and individuals.

We’ve seen data breaches that expose sensitive info, ransomware attacks that take down company systems, and identity theft. The impact of these cyber threats is getting more concerning.

The increase in cybercrime has shown to be very expensive. The cost of cybercrime is predicted to hit $8 trillion by the end of 2023 and will likely grow to $10.5 trillion by 2025.

To put this growing trend into perspective, here is some data taken directly from a Deloitte Center for Controllership poll>: “During the past 12 months, 34.5% of polled executives report that their organizations' accounting and financial data were targeted by cyber adversaries. Within that group, 22% experienced at least one such cyber event and 12.5% experienced more than one.”

Unfortunately, because of the current political climate involving Russia, countless US agencies and businesses have been targeted and attacked. Read on to learn more about these recent cyberattacks and how the Blade team can help your business protect itself.

 

Current Cybersecurity Issues in the US

As recently as June 2023, many US government agencies were attacked by Russian cybercriminals. According to the US Cybersecurity and Infrastructure Security Agency, agencies had their MOVEit applications attacked.

MOVEit is a popular app used by companies and agencies to transfer data and information. Hackers have been taking advantage of a flaw in the software to make their cyberattacks. Evidence shows that cybercriminals knew about the MOVEit zero-day vulnerability since 2021.

On top of the government organizations that were victims of these attacks, there were several hundred other companies and organizations that fell prey. The Russian hacker group CLOP claimed responsibility for many of the attacks. This group typically demands ransoms of high dollar amounts in exchange for not exposing sensitive data or information.

The damage didn’t stop there because experts say that other hacker groups got access to the software code needed to conduct their cyberattacks. As of mid-July, several hundred organizations were impacted. Of those organizations, 58 of them are educational institutions in the United States. With all of those organizations being attacked, around 18.6 million individuals had their data compromised.

 

Why are These Recent Attacks a Problem?

Cyberattacks are bad for organizations and individuals for many reasons:

 

Financial Issues

Cyberattacks can lead to severe financial consequences. Companies may suffer financial losses due to stolen company data, disrupted operations, or the costs associated with recovering from the attack. There are also situations where hacker groups are asking for a ransom to give data back or to stop attacking.

Stoppage in Services

Some attacks, such as Distributed Denial of Service (DDoS) attacks, can disrupt computer systems or networks. This can make organizations completely stop working as intended. If important functions stop working, then it can lead to more serious issues involving health services or other communications.

Loss of Privacy and Data

Cyberattacks can lead to privacy and data issues. Hackers can gain access to personal information and data. This includes getting information about online activities and communication sent. If personal information is released, it can lead to numerous issues for an individual and your business.

Government Security Risks

Cyberattacks on government agencies or military networks can have a severe impact on national security. An attack on key systems or disruption of essential services can force a country to lose the ability to defend itself, respond to emergencies, or maintain stability. This is one of the most frightening scenarios.

 

Your Organization Needs Cybersecurity Help

Without proper cybersecurity support, it’s no longer a matter of “if” you’ll be a victim of a cyberattack, but “when” you’ll be a victim. Our team understands the complexity and critical nature of cyberattacks, especially attacks like we’ve been seeing recently. Today, you need more than a firewall and anti-virus software to protect your business from more complex and severe cyberattacks.

We offer all of the following to make sure you’re fully covered:

 

Learn More About Recent Cyberattacks from Blade Technologies, Inc.

If you want more information about recent cyberattacks, how they can affect you, and what you can do to prepare, contact the Blade team today.

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