The Center for Data Innovation spoke to Darren Thomson, Head of Cyber Security Strategy at CyberCube, a cyber risk analytics platform specializing in insurance solutions. CyberCube combines data analytics, machine learning, and risk and actuarial science into a software tool for insurance companies. Thomson spoke about how insurance is responding to the digital revolution, trends in the digital risk landscape, the role of AI in combating online threats, and how open societies should respond to growing cyber risks.
Our societies’ digital transformation is coupled with an ever-expanding attack surface, increasing number of malicious cyber activities, and continuously advancing capabilities of threat actors. Sadly, recent incidents such as SolarWinds and the Colonial Pipeline hacks have proven right the grim predictions that the cybersecurity community has been cautioning us against for years (or decades, to be exact). Indeed, sophisticated cyber attacks which target, for example, the supply chain and/or critical infrastructure, may have very serious consequences in terms of physical, economic, and reputational damage, possibly even endangering national security. Despite these warnings and many unfortunate incidents, both governmental and private systems continue to be vulnerable.
Something must change with federal information sharing and state and federal roles if states are to be most effective at responding to cyber criminals, according to expert commentary during the second week of the Cybersecurity and Infrastructure Security Agency’s (CISA) Annual National Cybersecurity Summit.
The State Risk and Authorization Management Program, or StateRAMP, launched in early 2021 with the aim of solving a problem many governments are encountering in the pursuit of securing their systems: How can they be sure third-party vendors are meeting cybersecurity standards? Modeled on the Federal Risk and Authorization Management Program (FedRAMP), which offers pre-verification services for companies looking to contract with federal agencies, StateRAMP hopes to make it easier for both states and private companies to work together.
TrickBot operators are back and expand the distribution channels with partnership with cybercrime affiliates.
Russia-linked TA505 group leverages a lightweight Office file to spread malware in a campaign, tracked as MirrorBlast, aimed at financial institutions.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) linked roughly $5.2 billion worth of Bitcoin transactions to ransomware.
The Treasury Department’s Financial Crimes Enforcement Network is using a combination of greater ransomware disclosures and commercially available tools for blockchain analysis to figure out which cryptocurrency exchanges are facilitating payments to ransomware criminals.
“This analysis allowed FinCEN to chart the flow of ransomware payments in [Bitcoin] to identify which [Convertible Virtual Currency] exchanges and services ransomware actors used to launder their proceeds,” reads a report Treasury released Friday.
Four federal agencies have issued a joint advisory warning of ongoing cyber threats against systems that help operate various U.S. waterways and water systems.
Issued on Thursday evening, the advisory was formally issued by the Cybersecurity and Infrastructure Security Agency, the Federal Bureau of Investigation, the Environmental Protection Agency, and the National Security Agency. It identifies both IT and operation technology, or OT, networks within the U.S. Water and Wastewater Systems (WWS) Sector facilities as being vulnerable to “malicious cyber activity,” which could lead to interruptions in communities’ access to clean water.