Reported Chinese ransomware group BianLian has targeted Republic Shipping Consolidators of Miami, FL, a high-profile shipping concern involved in Ocean and Air Fright services across the US, Nicaragua, Asia, and Europe.
According to @HackManac on X, the group’s data leak site posting claimed 117 GB of data from the attack, including accounting, budget, financial data, email and message archives, files from employee PCs, operational and business files, personal, and technical data.
No details on the amount of the ransom or attack methods have been disclosed.
BianLian refers to the Chinese art of face changing, a traditional entertainment form.
John Benkert , CEO, Cigent had this to say:
“Infrastructure represents a prime target for hackers due to its critical importance and interconnected nature. These systems, encompassing utilities like electricity, water, and transportation networks including shipping, are essential for the functioning of a society and economy. A successful cyber attack on these can lead to significant disruptions, with potentially widespread and severe consequences. Moreover, the increasing digitization and interconnectivity of these systems, while boosting efficiency and monitoring capabilities, also create vulnerabilities.
“Cyber attackers, whether they are state-sponsored actors, terrorists, or cybercriminals, are aware that compromising these systems can lead to chaos, economic damage, or political leverage. As such, it is critical that these entities recognize their status, vulnerabilities and then implement technology to protect their data. The government needs to be more involved in protecting these assets not only through legislation but by providing cutting edge technology to these critical organizations.”
Emily Phelps, Director, Cyware follow with this:
This cyberattack highlights the critical importance of threat intelligence and intelligence operationalization in the cybersecurity landscape.
Intelligence isn’t just about gathering data; it’s also about understanding and outpacing the tactics, techniques, and procedures of adversaries. By analyzing patterns and sharing this intelligence across sectors, companies can address these risks more quickly and effectively.
This hack highlights the fact that companies need to make it difficult if not impossible for threat actors to get in and do bad things. Because in this case, the outcome is pretty bad, and could get worse for the rest of us if they pay the ransom.
Allianz Ranks Cyber Events As Top Risk To Organizations In 2024
Posted in Commentary with tags Allianz on January 17, 2024 by itnerdAccording to the 2024 Allianz Risk Barometer, cyber incidents and business interruptions are the biggest worries for companies globally in the coming year.
Overall, 36% of respondents and 17 countries ranked cyber incidents as the most significant risk globally for the third year in a row, ahead of closely interrelated worry business disruption (31%) and political instability and war (14%).
Specifically, 59% see a data breach as the most concerning cyber threat followed by attacks on critical infrastructure and physical assets (53%). Ransomware attacks saw a resurgence in activity, with insurance claims activity up by more than 50% compared with 2022.
“The growing number of incidents caused by poor cyber security, in mobile devices in particular, a shortage of millions of cyber security professionals, and the threat facing smaller companies because of their reliance on IT outsourcing are also expected to drive cyber activity in 2024,” explains Scott Sayce, Global Head of Cyber, Allianz Commercial.
George McGregor, VP, Approov Mobile Security had this to say:
“It’s no surprise that companies see cyber incidents as their biggest concern. Allianz highlights poor mobile device security in particular as a key risk factor. Companies should evaluate and address this key attack vector as a priority – the basic security provided by App stores processes and tools is not enough.
“The mobile ecosystem is complex and evolving quickly, but there are simple and effective solutions which can protect mobile apps and APIs and prevent them being an open door for hackers.”
Emily Phelps, Director, Cyware follows with this:
“These findings underscore the critical need for businesses to adopt proactive strategies that mitigate cybersecurity risks that undoubtedly can cause business interruption. Businesses should think holistically about their security strategy. This includes prioritizing things like advanced threat intelligence and operationalization, orchestrated response, enhancing data protection measures, and continuously educating employees about cyber risks.
“Given the shortage of cybersecurity professionals, companies should also consider leveraging automated security solutions and partnering with specialized security partners to outpace cyber threats.”
Troy Batterberry, CEO and Founder, EchoMark adds this:
“The insights from the 2024 Allianz Risk Barometer offer a view into the growing concern of cyber threats that businesses and executive leadership have been reluctant to realize and act on. The concern over cyber risk and incidents continues to increase as evidenced by the ranking of cyber incidents as a top global risk. With advances in adversary attack vectors and methodologies, and threat actors leveraging the efficiencies and scalability of new tech, there is a critical need for innovative cybersecurity strategies covering far left and far right of boom.
“It’s clear that businesses must prioritize a defense in depth approach against data breaches and infrastructure attacks, particularly as ransomware continues to be a top extortion method. Coupled with the global growing gap in cybersecurity expertise, the rising trend of IT outsourcing particularly impacts smaller companies and requires a strategic approach to risk management – forcing an urgent call for investment in cybersecurity training and education, and development of more intuitive, AI-driven security solutions to bridge the resource gap and bolster defenses.”
It’s good that people know what the threats are. But it’s another thing entirely set up defences against them. Thus I hope that anyone who reads this is making plans to do just that. Because if they don’t, bad things will likely happen to them.
UPDATE: Mark Cooper, President & Founder, PKI Solutions adds this:
“In today’s complicated cyber security market, there are far too many vendors claiming to have the solution to a corporation’s cyber security issues. The truth is, complexity in security isn’t doing any corporation any favors. Most of the tried-and-true security solutions that have been available for years are still quite valid, but they need to be constantly reviewed and monitored. Adding another new security solution on top of a poorly implemented security solution is actually counterproductive.”
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