Tag: financial | Page 3

Fidelity National Financial hack highlights why many are increasingly concerned about cybersecurity

December 8, 2023/in Internet Security

Recently, Fidelity National Financial, a Fortune 500 provider of title insurance for buyers and sellers, was hit by a devastating cyber attack.

Fidelity National Financial submitted regulatory documents to the U.S. Securities and Exchange Commission acknowledging the attack on Nov. 21, 2023, describing how it handled the situation. “Among other containment measures, we blocked access to certain of our systems, which resulted in disruptions to our business. For example, the services we provide related to title insurance, escrow and other title-related services, mortgage transaction services, and technology to the real estate and mortgage industries, have been affected by these measures.”

The next day, AlphV/Black Cat ransomware gang claimed credit.

On Nov. 30, 2023, FHF submitted an updated filing to the SEC regarding the attack. “The incident was contained on November 26, 2023. The company is restoring normal business operations and is coordinating with its customers.” As we write this, a week after FNF initially acknowledged the attack, Fidelity National Financial’s website is finally back online. The company hasn’t said whether it paid a ransom to restart its systems. While its website may be back online, many of its title company and settlement agent services were, at the time, still suffering an outage.

Regardless, the hack compromised the ability for the title company to close deals for its buyer and seller customers over the Thanksgiving weekend. For most people, when you buy or sell a home, you’re closing on the single biggest financial transaction of your life. Having that go awry can cause confusion, concern and even panic.

The FNF hack also highlights why so many in the financial services industry are increasingly concerned about cybersecurity. On its website, FHF has a link to a page discussing its “Commitment to Helping Combat Wire Fraud” and another to “potentially fraudulent employment offers.”

Business Email Compromise (BEC) is one way wire fraud happens in real estate. A hacker targets employees of a business. They send phishing emails that look real enough for someone in the business to click on them. The hacker then gains access to that…

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Ransomware Costs Financial Services $32bn in Five Years

July 14, 2023/in Internet Security

Global financial services organizations have lost over $32bn in downtime since 2018 due to ransomware breaches, a new report has claimed.

Comparitech analyzed 225 confirmed attacks on the sector over the past five years and found that the average organization loses two weeks in downtime due to an incident.

“If no specific figures were given for downtime, i.e. ‘several days,’ ‘one month’ or ‘back to 80% after 6 weeks’ were quoted, we created estimates from these figures based on the lowest figure they could be,” explained Comparitech head of data research, Rebecca Moody.

“For example, ‘several days’ were calculated as three, ‘one month’ was calculated as the number of days in the month the attack happened, and the number of weeks quoted in % recovery statements was used (e.g. six weeks per the previous example).”

The firm then worked out costs using a 2017 report which calculated downtime across 20 sectors at $8662 per minute. Moody noted that some studies have put the figure much higher, at $9.3m per hour for the banking sector. That would put total ransomware downtime losses for the vertical at a staggering $581bn over the five-year period.

Among the sub-sectors analyzed in the financial sector were credit unions, accounting companies, public and retail banks and insurers.

Of these, insurance companies recorded the highest number of attacks over the period (65).

On top of downtime-related losses, Comparitech attempted to quantify how much was paid out to online extortionists since 2018. Demands varied from $180,000 to $40m, with the average demand peaking in 2021 at $61.6m, although the figure was made public in only a few cases.

In fact, 2021 was the biggest year for ransomware attacks on finance companies, with 86 recorded in total, followed by 2020 (56).

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ZeroFox Announces Date of First Quarter Fiscal Year 2024 Financial Results and Participation in Upcoming Investor Conferences

May 17, 2023/in Internet Security

ZeroFox Announces Date of First Quarter Fiscal Year 2024 Financial Results and Participation in Upcoming Investor Conferences

WASHINGTON, May 16, 2023 (GLOBE NEWSWIRE) — ZeroFox (Nasdaq: ZFOX), a leading external cybersecurity provider, today announced that the Company will release financial results for the first quarter fiscal year 2024 ended April 30, 2023 before the U.S. markets open on Tuesday, June 6, 2023.

ZeroFox will host a conference call and live webcast to review the Company’s fiscal first quarter results for investors and analysts at 8:00 a.m. ET on Tuesday, June 6, 2023. To access this call via webcast, please use this link:

ZeroFox F1Q24 Earnings Call

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Additionally, ZeroFox is scheduled to present at the following investor conferences:

Stifel 2023 Cross Sector Insight Conference

Date: Tuesday, June 6, 2023

Presentation Time: 1:50 p.m. ET

2023 Cantor Fitzgerald Technology Conference

Date: Wednesday, June 14, 2023

The live webcast and a webcast replay of each event can be accessed from the investor relations page of ZeroFox’s website at

https://ir.zerofox.com

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About ZeroFox

ZeroFox (Nasdaq: ZFOX), an enterprise software-as-a-service leader in external cybersecurity, has redefined security outside the corporate perimeter on the internet, where businesses operate, and threat actors thrive. The ZeroFox platform combines advanced AI analytics, digital risk and privacy protection, full-spectrum threat intelligence, and a robust portfolio of breach, incident and takedown response capabilities to expose and disrupt phishing and fraud campaigns, botnet exposures, credential theft, impersonations, data breaches, and physical threats that target your brands, domains, people, and assets. Join thousands of customers, including some of the largest public sector organizations as well as finance, media, technology and retail companies to stay ahead of adversaries and address the entire lifecycle of external cyber risks. ZeroFox and the ZeroFox logo are trademarks or registered trademarks of ZeroFox, Inc. and/or its affiliates in the U.S. and other countries. Visit…

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