Tag Archive for: war’

The $10 billion cyber-insurance industry sees a dangerous year in cybercrime ahead. AI, ransomware, and war are its biggest concerns

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It’s rare to find an insurance policy against war breaking out, but there’s a $10 billion market for cyber-insurance that guards against the threat of ransomware attacks. With the world as violent and turbulent as it is right now, though, lines between the two are blurring.

The ongoing wars in Ukraine and Gaza have insurers on such high alert that many simply aren’t offering coverage any longer, on top of which AI is creating new and unpredictable cybersecurity risks. And insurers expect a “significant” increase in hacks in 2024, to boot.

Those were the three key findings of a new report on cyber-insurance trends from consultancy Woodruff Sawyer. Insuring against cybercrime has grown from a tiny niche to a $10 billion market, with firms that offer coverage ranging from small specialty carriers to household names such as Chubb and Travelers. They offer coverage for losses incurred relating to companies’ IT and computer systems—for example, if companies are hacked and lose data or have to pay ransoms to get it back.

Woodruff Sawyer surveyed over 40 of its clients and found that the industry has a gloomy outlook this year: 56% of respondents said they believed cyber risk would “increase greatly” in 2024. They pointed to ransomware and war-associated risks as two of their biggest concerns.

“If you have an attack that is part of a war campaign, it can affect private companies across the globe that have nothing to do with war,” said Woodruff Sawyer national cyber practice leader Dan Burke in an interview with Fortune. “That is the true risk that’s elevated by conflict and war and geopolitical tension. That’s really what underwriters are mostly concerned about.”

A famous example of this type of ransomware attack was a virus called NotPetya, which circulated in 2017. Originating in Ukraine, it quickly went global and compromised the computer systems of dozens of companies, including drug giant Merck and shipping company Maersk. The White House estimated it caused $10 billion in damages.

“The NotPetya attack was a Russian-based attack against an accounting software in Ukraine. And it turns out that that specific piece of software was used by multinational…

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How governments can win the cyber war – Technology Record

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When cybercriminals launched a ransomware attack on Kalix Kommun one night, they infiltrated the Swedish municipality’s entire IT database and shut down systems managing everything from communications to finances, medical records and heating and ventilation in municipal buildings. The blackout impacted more than 1,600 employees and around 16,000 citizens.   


The City of Saint John in New Brunswick, Canada, faced a similar situation when its IT environment was breached and held hostage for multiple millions of dollars. Meanwhile, a two-pronged nation state attack on the Government of Albania caused 1,118 e-services to go down for three days. 


While all three government organisations were able to rapidly prevent widespread damage and regain control of their IT systems with the help of Microsoft technology, their experiences give a small insight into the extent of the cyber warfare being waged on government agencies around the world. In fact, the Microsoft Digital Defense Report 2023 found that 53 per cent of the “dramatically increasing” number of cyberattacks in more than 100 countries and territories were focused specifically on critical infrastructure and government organisations. 


“Governments are prime targets for ransomware and nation state attacks because they hold a lot of valuable data and they operate the critical infrastructure and services that keep countries running and people safe and healthy,” says Kirk Arthur, worldwide government solutions lead at Microsoft, who previously led data breach investigations for the US Secret Service. “They’re also plagued by challenges such as patched and siloed legacy IT systems, insufficient password control and authentication policies, limited financial resources, and a lack of personnel with the skills and knowledge to implement robust cybersecurity measures.” 


Governments must strengthen their defences to combat such attacks because they compromise far more than just devices, data and networks; they endanger the public and pose serious risks to society.  


“Attacks on critical infrastructure such as power grids, transport networks, water supply or healthcare systems can paralyse…

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How this Ukrainian telecom company was hit by Russian hackers in one of the biggest cyberattack of war

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Russian hackers have hacked the system of Ukraine’s leading telecoms operator, Kyivstar, in a cyberattack that lasted for several days. The attack, which took place in December last year, affected approximately 24 million users and caused significant disruption to services. According to Reuters, the head of Ukraine’s cybersecurity department, Illia Vitiuk, revealed exclusive details about the attack, describing it as “disastrous” and aimed at causing psychological damage and gathering intelligence.

Vitiuk emphasized the importance of this attack as a warning to both Ukraine and the Western world, highlighting that no one is exempt from cyber threats. He noted that Kyivstar, being a wealthy and private company that heavily invested in cybersecurity, was targeted to send a strong message. The attack resulted in the destruction of numerous virtual servers and PCs, making it the first known instance of a cyberattack completely crippling a telecoms operator.

The Security Service of Ukraine (SBU) conducted an investigation and found evidence suggesting that the hackers had been inside Kyivstar’s system since at least May 2023, with full access likely gained in November. Vitiuk stated that the hackers could have potentially stolen personal information, intercepted SMS messages, and gained access to Telegram accounts. However, Kyivstar denied any leakage of personal or subscriber data, stating that they were collaborating with the SBU to investigate the attack and mitigate future risks.

Vitiuk further revealed that the SBU’s prompt response helped Kyivstar restore its systems and fend off subsequent cyberattacks. He acknowledged that the attack had a limited impact on Ukraine’s military, as they relied on different algorithms and protocols for drone and missile detection.

The investigation into the attack is challenging due to the extensive wiping of Kyivstar’s infrastructure. Vitiuk strongly suspected that the Russian military intelligence cyberwarfare unit known as Sandworm was responsible for the attack, citing their previous involvement in cyberattacks in Ukraine. He also mentioned a previous hack by Sandworm on another Ukrainian telecoms operator, detected by the SBU. Vitiuk highlighted…

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