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Ransomware and Ukraine war the big risks for cyber insurance: CyberCube

12th August 2022 - Author: Kassandra Jimenez-Sanchez

Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report.

Cyber risk insurance and reinsuranceAdditionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine and the cyber threat actors related to the event.

According to the cyber risk analytics firm, the maritime sector and satellite infrastructure are particularly vulnerable to ransomware threat actors, as well as state-sponsored threats during the remainder of 2022 and beyond.

William Altman, CyberCube’s Principal Cyber Security Consultant, said: “Ransomware gangs are currently targeting lower-profile critical infrastructure operations and small and medium-sized businesses (SMBs) in healthcare, agriculture, and food supply chains.

He added: “Businesses in these industries are among those who can least afford the downtime associated with ransomware and extortion attacks, and often lack resources for effective cyber security in the face of well-resourced and determined attackers.”

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Regarding the Russian invasion of Ukraine, the report noted that since February, both sides have been amassing cyber armies and hacktivists have pooled their efforts to attack Russia.

According to CyberCube, there are currently over 70 different threat actors related to the war in Ukraine, which is double the number identified at the beginning of March.

Furthermore, the research also examines the use of wiper-malware attacks spreading globally, erasing hard drives and severely damaging devices it encounters.

According to Lea Hricikova, Cyber Security Consultant at CyberCube, Russia has pushed boundaries of acceptable behaviour in cyberspace beyond historic norm by normalising the use of wiper malware in its attacks on targets in Ukraine.

Hricikova said: “Prior to 2022, the most notable use of wiper malware on the world stage was NotPetya (2017). Five years later, this attack type is proliferating.

“Wiper malware has been used previously in a targeted way in Ukraine, but the audacity and sophistication of these threats should not be underestimated.”

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