Ransomware gang wants to short the stock price of their victims Cybercrime News The operators of the Darkside ransomware are expanding their extortion tactics with a new technique aimed at companies that are listed on NASDAQ or other stock markets.
Full Answer
Why do ransomware gangs target farming and agriculture?
The alert by the FBI suggests that ransomware gangs see farming and agriculture as a lucrative target where victims could be more willing to pay a ransom for a decryption key because of the time-sensitive nature of the industry.
Is your business ready for a ransomware attack this spring?
Businesses in farming and agriculture have been warned that they should be prepared to face an increase in ransomware attacks at critical times – like spring planting or harvest.
How common are ransomware attacks on agricultural cooperatives?
"Although ransomware attacks against the entire farm-to-table spectrum of the food and agriculture sector occur on a regular basis, the number of cyberattacks against agricultural cooperatives during key seasons is notable," said the alert.
Did the Conti ransomware attack victims pay the ransom?
The attacks in the fall took place in the space of a few weeks between September and October and involved several different ransomware variants, including Conti, BlackMatter, Suncrypt, Sodinokibi (REvil), and BlackByte. Some of the victims had to halt production. The alert doesn't mention if any of the victims paid the ransom.
What percentage of ransomware victims pay the ransom?
Eighty percent of victims were hit a second time. Forty percent paid the second ransom. Ten percent paid a third ransom, and 1% paid a fourth. The additional attacks come rapidly and usually demand a higher figure.
How much was the average ransomware payout in 2020?
The highest average ransom payments were in manufacturing at $2.04 million, as well as energy and utilities at $2.03 million. The lowest average ransom payments were in healthcare at $197,000 and state/local governments at $214,000.
Why do ransomware victims pay?
Reasons for funding ransomware CyberEdge found three potential reasons for companies to pay off those attacking them via ransomware: Threat of exposing exfiltrated data. Lower cost of recovery. Increased confidence for data recovery.
Should victims of ransomware pay the ransom?
Law enforcement agencies recommend not paying, because doing so encourages continued criminal activity. In some cases, paying the ransom could even be illegal, because it provides funding for criminal activity.
What companies paid ransomware?
Let's cover the 5 biggest ransomware payouts to date, and assess factors associated with the attack.Brenntag - $4.4 million. ... Colonial Pipeline - $4.4 million. ... CWT Global - $4.5 million. ... JBS Foods - $11 million. ... CNA Financial - $40 million.
How do ransomware attackers get paid?
Ransomware attackers usually demand payment to be wired through Western Union or paid through a specialized text message. Some attackers demand payment in the form of gift cards like an Amazon or iTunes Gift Card.
Do companies actually pay ransomware?
Is it legal to pay after a ransomware attack? For the moment, it's legal to pay the ransom in the U.S., though cybersecurity experts recommend companies do not pay. Given the criticality of assets stolen, a company may decide that it has to pay the ransom and that it is legally allowed to do so.
Is paying a ransom illegal?
U.S. Law Generally Does Not Prohibit Paying a Ransom for the Return of People or Goods. U.S. law criminalizes receiving, possessing, or disposing of money that at any time has been delivered as ransom for a kidnapping.
Why you shouldn't pay a ransom?
In general, the FBI advises that organizations refrain from paying ransoms because it simply emboldens malicious actors by telling them that extortion works. Those attackers can then justify expanding their operations and continuing to target organizations, making everyone less safe.
Should victims pay the ransom or seek other solutions?
The FBI's official statement on ransomware advises victims not to pay the ransom. There is no guarantee that the hackers will restore your information. Worse, it could put a target on your back if your business is seen as unprepared to handle cyber attacks and willing to pay the ransom.
Who is behind ransomware?
New analysis suggests that 74% of all money made through ransomware attacks in 2021 went to Russia-linked hackers. Researchers say more than $400 million worth of crypto-currency payments went to groups "highly likely to be affiliated with Russia". Russia has denied accusations that it is harbouring cyber-criminals.
What is the average cost of ransomware?
According to the Tech Transformers, ransomware attacks costs smaller companies an average of $713,000 per incident, a combination of the expense of downtime and lost business due to reputational harm.
How much money does ransomware make?
(FBI and CISA) Ransomware breach response costs took up 52% of the overall cost of a ransomware attack in 2020. (Corvus Insurance) Globally, no less than $18 billion was paid in ransoms in 2020.
What is double extortion?
A double extortion ransomware attack is a cyberattack in which threat actors exfiltrate a victim's sensitive data in addition to encrypting it. This gives the criminal additional leverage to collect ransom payments.
What is a ransomware kit?
Ransomware as a Service (RaaS) is a business model in which developers sell or lease compact, easily deployable, and scalable malware toolkits to individuals and groups who want to stage cyberattacks.
What is happening?
In a recent message on their dark web portal, the operators stated that they are willing to inform crooked stock traders in advance.
Other extortion techniques
This technique is just the latest one in a long list of extortion schemes that ransomware gangs have been using.
Conclusion
Most organizations now have adequate security measures in place and decline to pay the ransom. Hence, ransomware operators are actively seeking out new techniques to put pressure on victims. Even if the recent technique has very slim chances of success, organizations are recommended to stay cautious.
Ransomware Gang Wants To Short the Stock Price of Their Victims (therecord.media) 84
The operators of the Darkside ransomware are expanding their extortion tactics with a new technique aimed at companies that are listed on NASDAQ or other stock exchanges.
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Ransomware gangs use stock market information to extort victims
The federal law enforcement agency enumerated several extortion attempts related to stock market information.
Victims are more likely to pay during mergers and acquisitions
According to the FBI warning, ransomware gangs gained leverage on companies during mergers and acquisitions because the victims try to avoid investor backlash.
What is a clop breach?
As reported by Bleeping Computer, Clop has claimed a breach involving a major maternity clothing retailer. The hackers used the data stolen in the attack to contact customers and urge them to make the company pay.
Will hackers make good on their promises?
There is simply no way to be certain the hackers will make good on their promises . There’s also plenty evidence that ransomware gangs will launch future attacks against victims who have shown a willingness to pay.
Who is Lee Mathews?
Lee Mathews. Lee started writing about software, hardware, and geek culture around the time that the Red Wings last won the Stanley Cup. The two aren't related in any way, however. …. Lee started writing about software, hardware, and geek culture around the time that the Red Wings last won the Stanley Cup.
