Tag: Trust | Page 5

Hive demands £500k from Wootton Academy Trust in ransomware attack

August 2, 2022/in Internet Security

Russian-speaking ransomware-as-a-service gang Hive has reportedly demanded £500,000 from two sixth-form colleges in Bedfordshire, under threat of leaking stolen data online.

According to a report from security provider Recorded Future, parents of pupils at the two Wootton Academy Trust colleges have been contacted directly by members of Hive, warning that their children’s personal information would be leaked if the Trust fails to pay up.

However, the stolen data is so valuable that it may be sold on the dark web regardless of the Trust’s actions, Recorded Future told Tech Monitor.

Young people’s personal data is especially valuable to criminals. “It’s basically fresh data.” (Image by Clerkenwell / iStock)

The Trust’s executive principal Michael Gleeson confirmed the Hive ransomware attack in a letter to students and their parents. “I can now confirm that the Trust suffered a cyber incident and we are now in the process of putting in place a plan that will enable our IT system to be rebuilt.”

The Trust has informed the Information Commissioner’s Office and the police of the incident.

Hive ransomware attack on Wootton Academy Trust

The £500,000 ransom demand reflects the coverage of the Trust’s cyber insurance policy, which Hive found on its IT systems. “We are very well informed and precise in our operations, so we know that Wootton have cyber insurance that reaches £500k,” the gang said in its message to the parents.

In the past, this has been an effective tactic for ransomware groups, who have used details of their target’s cyber insurance policies to negotiate ransoms worth millions of pounds.

Now, though, cyber insurance policies rarely cover ransom payments, says Allan Liska, an intelligence analyst at Recorded Future. “A £500,000 cyber insurance policy does not mean that an insurance company will pay it,” he explains.

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“The number of insurance companies that will pay a ransom directly has…

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Zero trust security adoption sees a rise 27% in just two years, says TeleGeography

July 8, 2022/in Internet Security

Global telecommunications market research and consulting firm, TeleGeography, revealed that 35% of Wide Area Network (WAN) managers implemented one or more elements of zero trust security (ZTS) and Secure Access Service Edge (SASE) on some of their company’s networks in 2021.

TeleGeography’s latest WAN Manager Survey says that this is an increase from 8% in 2019.

TeleGeography’s latest survey analysed 185 companies and revealed that almost 100% of respondents who adopted ZTS had multi-factor authentication in place.

Other popular ZTS policies were single sign-on, privileged access management, and remote user and device access policies. User behavior analytics was not adopted much.

“An increase in remote work is a big factor. It’s definitely driving up demand for zero trust solutions. With many companies making remote work a permanent structure, we expect zero trust adoption to continue to grow,” said Greg Bryan, Senior Manager at TeleGeography. “Cloud adoption and local internet breakouts have also been long-standing drivers of zero trust, in addition to SD-WAN.”

The survey also mentions the top security vendors that WAN managers use to protect their networks. One third respondents are leveraging a mix of security vendors for their network security sourcing strategy. The most used security vendors for hardware-based internet security, as per the survey, are Palo Alto, Cisco, and Fortinet.

“It’s worth noting that, as adoption grows, we’re seeing the knowledge gap narrow. Just 8% of respondents were unfamiliar with zero trust in 2021, compared to one in five in 2019. We also see fewer respondents who either had not started or were just beginning their implementation journey when asked about their deployment pipeline,” Bryan added. “Without a doubt, zero trust has not just progressed in awareness, but in adoption.”

TeleGeography’s WAN Manager Survey represented companies with a median revenue of $10 billion. IT managers designing, sourcing, and managing U.S. national, regional, and global corporate WANs have rendered their responses for this survey. This latest report comprises 60 new responses across various industries collected in 2021.

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MarketsandMarkets Forecasts $60.7 Billion Zero Trust Security Market

July 6, 2022/in Mobile Security

MarketsandMarkets is predicting that the demand for Zero Trust Security solutions will more than double in the next five years. The firm specifically believes that the Zero Trust Security Market will jump from $27.4 billion in 2022 to a robust $60.7 billion in 2027, which corresponds to a CAGR of 17.3 percent for the forecast period.

MarketsandMarkets Forecasts $60.7 Billion Zero Trust Security Market

Organizations are expected to adopt Zero Trust security methods in an effort to combat the rising number of cyberattacks, and to lower the risk of a costly data breach. In that regard, MarketsandMarkets noted that cybercriminals are engaging in more targeted attacks, with ransomware attacks becoming more and more common in the past few years.

Zero Trust security can help mitigate that threat. MarketsandMarkets indicated that the demand for multi-factor authentication solutions will be particularly high, making MFA the fastest-growing segment of the market. MFA solutions prevent hackers from gaining access to a system even if they can crack someone’s password, since they still need to get past another (often biometric) layer of security. The tech is expected to become the norm in any industry that handles sensitive personal and payment information, including finance and healthcare.

The increasing number of data protection laws will be another driver of market growth in the coming years. More businesses will need to enhance their security to achieve compliance, and many will implement biometric authentication in order to do so. The Asia Pacific market will grow at the fastest rate, with two-thirds of the organizations in the market having already made the switch to Zero Trust and 58 percent of the rest planning to do so in the next 12 months. There has also been a rush of legislative activity, with India, Japan, and Singapore pushing new cybersecurity policies to thwart ransomware activity.

Finally, MarketsandMarkets is expecting to see significant growth amongst small and medium enterprises. Like their larger counterparts, SMEs are pursuing digital transformation and migrating to a cloud environment. However, that shift has exposed them to new cyberthreats, and is forcing them to update their security practices to protect their infrastructure.

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