Tag Archive for: Revenue

Sun Pharma says revenue may decline as operations hit due to ransomware attack

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India’s largest drug manufacturer Sun Pharma on March 26 said its revenue is expected to decline as the company’s operations have been affected due to a ransomware attack.

On March 2, the pharma major said an information technology security incident had occurred and impacted IT assets. A ransomware group was behind the attack, Sun Pharma said.

“The incident’s effect on the IT systems includes a breach of certain file systems and the theft of certain company data and personal data,” it said in a filing with the stock exchanges on late Sunday.

The Mumbai-based pharma company said it has isolated the network and initiated the recovery process as part of the containment measures.

“As a result of these measures, the company’s business operations have been impacted. Consequently, revenues are expected to be reduced in some of our businesses,” Sun Pharma said.

However, the company said it would incur expenses concerning the incident and the remediation.

Sun Pharma said it is unable to determine other potential adverse impacts of the incident, including but not limited to additional information security incidents, increased costs to maintain insurance coverage, the diversion of management and employee time, or the possibility of litigation.

Sun Pharma was up 0.44 per cent on Monday, trading at Rs 977 on BSE by 10 am.

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Build-up Computer Security for Consumer Market 2023|Insights: Historic and Upcoming Business Growth Revenue Forecast to 2027

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The MarketWatch News Department was not involved in the creation of this content.

Feb 20, 2023 (The Expresswire) —
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North Korea using ransomware attacks on healthcare as revenue source, Feds say 

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North Korean state-sponsored ransomware groups are targeting South Korean and U.S. healthcare organizations with Maui and H0lyGh0st ransomware as a way to raise revenue for the North Korean government, according to a Feb. 9 U.S. government cybersecurity advisory. 

The groups demand cryptocurrency ransoms and then use the funds for espionage cyber operations targeting the U.S. and South Korea. In July, the U.S. government recovered $500,000 that two hospitals paid as a ransom to North Korean hackers.

The Feb. 9 advisory warning is an update of a warning that came in July.

The Democratic People’s Republic of Korea often obfuscates its involvement in the ransomware attacks by working through a foreign third-party affiliate.

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Ransomware Revenue Drops Amidst Less Successful Extortion Attempts: Chainalysis

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2022 has been a turbulent year. One good thing to come out of it is that – ransomware earnings are significantly down.

Attacks on the crypto industry remain rampant. However, data suggests that victims are increasingly refusing to pay ransomware attackers. Blockchain analytics company Chainalysis, in a new report, shed light on the changing dynamics in the ransomware industry.

Zooming in on Ransomware Attacks 2022

It found that over 10,000 unique strains were active in the first half of the year alone – a trend that was also confirmed by on-chain data. In comparison, around 5,400 unique strains were recorded to be active over the same period of 2021. The number of active strains has increased substantially in recent years, a major portion, however, goes to a small group of strains at any given time.

Lifespans of ransomware have slid in 2022. In fact, the average ransomware strain was found to be active for just 70 days, down from 153 in 2021 and 265 in 2020. Most attackers funnel the extorted funds to mainstream centralized cryptocurrency exchanges. This number surged from 39.3% in 2021 to 48.3% in 2022.

On the other hand, ill-gotten funds being moved to high-risk exchanges fell from 10.9% to 6.7%. A similar declining trend was seen in the usage of illicit services such as darknet markets for ransomware money laundering. However, the usage of coin mixers for the same purpose has increased from 11.6% to 15.0%.

Less Frequent Ransom Payments

Chainalysis stated that the estimate for 2022’s total ransomware revenue fell by 40.3% to at least $456.8 million in 2022 from $765.6 million in 2021. The drop is substantial and demonstrated increasing unwillingness among the victims to pay ransomware attackers and not a decline in the actual number of exploits.

While asserting that ransomware continues to be a major cyber threat to businesses and enterprises, Michael Phillips, Chief Claims Officer of cyber insurance firm Resilience, noted:

“There have, however, been signs that meaningful disruptions against ransomware actor groups are driving lower than expected successful extortion attempts.”

Especially over the past four years, the probability of victims paying a…

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