Tag Archive for: institutions

Medical Institutions Remain One of the Most Vulnerable Sectors to Ransomware Attacks

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London, United Kingdom, July 30, 2023 –(PR.com)– Experts weigh in on why the health is sector so vulnerable.

The healthcare sector experienced 64 ransomware attacks last year alone, according to research by NordLocker.

According to recent data, the belief that ransomware attacks only target wealthy organizations is a myth. In 2022, healthcare companies with annual profits ranging from $25-50 million experienced four ransomware attacks, while medical companies with profits between $11-25 million encountered 14 attacks. Medical institutions with profits of $1-5 million were not exempt because they also suffered four attacks. It is crucial to highlight that ransomware poses a greater threat to institutions with lower profits because cyberattacks can often lead to severe financial repercussions, including bankruptcy.

Ransomware attacks target large public hospitals and small private practices alike. The report reveals that even one-person private consultation offices are not immune to these attacks. In the year prior, healthcare institutions with 1,000-5,000 employees experienced four attacks, while those with 1-11 and 11-50 employees encountered 13 attacks.

It is important to note that ransomware attacks extend beyond hospitals and healthcare facilities. Biotech companies, pharmaceutical companies, social services, medical factories, and other organizations in the healthcare sector are also susceptible to such attacks.

As usual, most attacks target American businesses — 61% of all attacks are against the US healthcare sector. Spain and Canada are the other countries most affected by ransomware attacks, with almost 8% and 4.7% of attacks retrospectively.

Why is the health sector so vulnerable?

Experts agree that there are a variety of different reasons why healthcare is such a lucrative industry for cybercriminals.

“In general, hospitals and other medical institutions are a great target due to outdated systems, and lack of choice in solution providers because not all vendors can offer solutions for the medical field. Lack of investment is another factor,” says Aivaras Vencevicius, head of product for NordLocker.

The health care sector is also particularly vulnerable because of the…

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Financial Institutions Are Suffering From Increasingly Sophisticated Cyberattacks, According to Contrast Security

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LOS ALTOS, Calif., Feb. 7, 2023 /PRNewswire/ — Contrast Security (Contrast), the code security platform built for developers and trusted by security, today released its Cyber Bank Heists report, an annual report that exposes the cybersecurity threats facing the financial sector.

Authored by Contrast’s Senior Vice President of Cyber Strategy Tom Kellermann, the report is a warning to global financial institutions (FIs) that security must be a top-of-mind issue amid rising geopolitical tensions, increased destructive attacks utilizing wipers and a record-breaking year of zero-day exploits. Financial sector security leaders from around the world – in a series of interviews – revealed specific trends when it comes to notable cyberattacks, e-fraud and cyber defense. Some of the most eye-opening results from the report include:

  • 60% were victimized by destructive attacks
  • 64% saw an increase in application attacks, while 50% experienced attacks against their APIs
  • 48% experienced an increase in wire transfer fraud
  • 50% have detected campaigns to steal non-public market information
  • 54% of the banks were most concerned with the cyber threat posed by Russia
  • 72% plan to invest more in application security in 2023

“The increase of online threats, phishing, ransomware attacks, account takeovers and business email compromises impacting the financial sector is growing every day and we can see in real-time the damage this is doing to the longevity of businesses and the impact it’s having on our economy,” said Derek Booth, Assistant to the Special-Agent-in-Charge, U.S. Secret Service and Head of the Mountain West Cyber Fraud Task Force. “I applaud Tom Kellermann for speaking with some of the most influential people within the sector to determine solutions that can better protect FIs against vulnerabilities in banks and methods of commerce through industry-wide transparency.”

“The complexity of securing financial digital systems and the need to develop new ways to guard against sophisticated cyberattacks has increased exponentially in the last year. In response, FIs are fighting to evolve and create more effective prevention, detection and response to these damaging attacks,” said…

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Chinese hackers attack 12 S.Korean academic institutions

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South Korea’s internet safety watchdog said on Wednesday a Chinese hacking group has launched a cyberattack against 12 South Korean academic institutions.

The Korea Internet & Security Agency (KISA) said the attackers hacked into the websites of 12 institutions Sunday, which included some departments of Jeju University and the Korea National University of Education.

Most of the 12 websites, including that of the Korea Research Institute for Construction Policy, were still unavailable for access, reports Yonhap news agency.

KISA said the Chinese hacking group had warned of a cyberattack against multiple S. Korean agencies, including KISA.

But the internet watchdog’s site was not affected, it said.

The Chinese hacking group, identifying itself as the Cyber Security Team, claimed it had successfully compromised the computer networks of 70 South Korean educational institutions around the Lunar New Year holiday that ran from Saturday to Tuesday.

The group also warned that it will disclose 54 gigabytes of data it claimed to have stolen from South Korea’s government and public institutions.

The Ministry of Science and ICT asked government agencies and individuals to stay vigilant against rising hacking threats.

Science Minister Lee Jong-ho visited the Korea Internet Security Center on Tuesday to check on the security posture against possible cyberattacks.

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(LEAD) Chinese hackers attack 12 S. Korean academic institutions: KISA

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(ATTN: ADDS photo, more details in last 7 paras)

SEOUL, Jan. 25 (Yonhap) — South Korea’s internet safety watchdog said Wednesday a Chinese hacking group has launched a cyberattack against 12 South Korean academic institutions.

The Korea Internet & Security Agency (KISA) said the attackers hacked into the websites of 12 institutions Sunday, which included some departments of Jeju University and the Korea National University of Education.

Most of the 12 websites, including that of the Korea Research Institute for Construction Policy, were still unavailable for access as of 10 a.m. Wednesday.

KISA said the Chinese hacking group had warned of a cyberattack against multiple S. Korean agencies, including KISA.

But the internet watchdog’s site was not affected, it said.

The Chinese hacking group, identifying itself as the Cyber Security Team, claimed it had successfully compromised the computer networks of 70 South Korean educational institutions around the Lunar New Year holiday that ran from Saturday to Tuesday.

The group also warned that it will disclose 54 gigabytes of data it claimed to have stolen from South Korea’s government and public institutions.

The Ministry of Science and ICT asked government agencies and individuals to stay vigilant against rising hacking threats.

Science Minister Lee Jong-ho visited the Korea Internet Security Center on Tuesday to check on the security posture against possible cyberattacks.

(LEAD) Chinese hackers attack 12 S. Korean academic institutions: KISA - 1

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