15th February | Managed Cyber Security – Technologist

Welcome to the latest edition of the Cybersafe Cyber Threats Update, a weekly series in which we bring attention to the latest cyber attacks, scams, frauds, and malware including Ransomware, to ensure you stay safe online.

Here are the most prominent threats which you should be aware of:

UK Businesses Lose £31bn to Security Breaches in a Year

Recent data underscores the urgent need for robust cyber security measures within UK firms. The findings reveal that over 1.5 million businesses fell victim to cyber threats in 2023, incurring a staggering £31.5 billion ($40 billion) in losses. This represents a substantial 138% increase since 2019, highlighting the escalating threat landscape of organisations of all sizes.

The survey, which polled 500 business leaders, sheds light on the multifaceted impacts of cyber incidents, encompassing costs associated with data recovery, IT asset replacement, business interruption, lost revenue, and regulatory penalties. SMEs bore the brunt of the surge, with a 42% rise in victims and a 396% increase in costs between 2019 and 2023.

While larger businesses exhibited greater resilience to cyber crime, they too, faced soaring breach costs. Although firms have ramped up cyber security investments, cyber threats persist. Phishing, malware, and insider threats emerged as the most prevalent attack methods, with business email compromise (BEC) and social engineering proving incredibly lucrative for cyber criminals.

Despite adopting cyber security measures such as network perimeter firewalls, site-to-site VPNs, and unified threat management (UTM) devices, organisations continue to grapple with the evolving tactics of cyber adversaries.

The report underscores the need for ongoing vigilance and investment in cyber security infrastructure in light of these challenges. As technology evolves and cyber threats become increasingly sophisticated, businesses must prioritise cyber security training alongside technological advancements to fortify their defences and safeguard against potential breaches. By remaining proactive and adaptive in their approach to cyber security, organisations can mitigate risks and uphold the integrity of their operations in an ever-changing digital landscape.

Notorious cyber criminals Black Basta have struck again – Hyundai learn the importance of investing in cyber security

Hyundai Motor Europe, a prominent division of Hyundai Motor Company headquartered in Germany, recently emerged embroiled in a cyber security crisis following a Black Basta ransomware attack. The severity of the incident escalated when threat actors claimed to have absconded with a significant three terabytes of corporate data. Initially downplayed as routine IT issues, Hyundai’s acknowledgement of the cyber attack underscores the pervasive threat cyber criminals pose in today’s digital landscape.

In response to mounting concerns, the company has launched comprehensive investigations, enlisting the expertise of external cybersecurity specialists and legal advisors. These efforts signify a crucial step toward understanding the full extent of the breach and implementing necessary remediation measures, such as strengthening their cyber security framework.

The incident is a stark reminder of the indispensable role that robust cyber security measures play in safeguarding organisational assets and maintaining trust in an interconnected world. As cyber threats grow increasingly sophisticated, businesses must remain vigilant and proactive in fortifying their defences against potential breaches. This entails investing in cyber security defences and cultivating a culture of cyber security awareness among employees.

The Black Basta ransomware gang, notorious for its double-extortion tactics, represents a formidable adversary in the cybersecurity realm. With a history of high-profile attacks targeting a diverse array of organisations, including the Toronto Library, Capita, and Yellow Pages Canada, Black Basta underscores the persistent and evolving nature of cyber threats. Reports estimating the group’s substantial ransom payments further emphasise the lucrative nature of cyber crime, incentivising threat actors to refine their tactics continuously.

Against this backdrop, the imperative for organisations to prioritise cyber security cannot be overstated. Beyond the immediate financial and reputational risks posed by cyber attacks, the broader implications for consumer trust and regulatory compliance underscore the far-reaching consequences of inadequate cyber security measures. By embracing a proactive approach to cyber security, organisations can mitigate risks, safeguard sensitive data, and uphold the integrity of their operations in an increasingly digitised world. If your business needs help with Managed Cyber Security, Neuways can provide an expert and dedicated cyber security team based in the East Midlands (meaning we can get anywhere fast) to assist your teams.

NCSC warns CNI operators over ‘living-off-the-land’ attacks

The National Cyber Security Centre (NCSC) in the UK, along with its Five Eyes allies, has issued an urgent warning to critical national infrastructure (CNI) operators regarding state-backed threat actors employing living-off-the-land techniques to persist on their networks.

Living-off-the-land involves using existing, legitimate tools to blend in with regular network traffic, making detection challenging even for organisations with high quality cyber security measures. Chinese and Russian hackers, including the GRU-sponsored Sandworm APT actor, have been observed extensively utilising this method.

Urging CNI operators to take recommended actions to detect compromises and mitigate vulnerabilities, the NCSC emphasises the severe threat posed to essential services by undetected malicious activity.

The story highlights the need to bolster the resilience of critical infrastructure to defend against cyber attacks and ensure the security and stability of the UK’s online landscape.

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Contact Neuways for Cyber Security For Businesses

If you need any assistance with cyber security to become Cybersafe, then please contact Neuways and we will help you where we can. Just get in touch with our team today. We’re based in Derby, East Midlands but we work with clients all over the country and can travel for your needs.