Cyber_Bytes - Issue 35

Published on 22 September 2021

We hope you enjoy this latest edition of Cyber Bytes, our bi-weekly roundup of key developments in cyber, tech and evolving risks.

Ransom gangs increase hostility towards victims that seek help

In the latest development to the methods used by ransomware gangs, the Grief ransomware gang (with apparent links to DoppelPaymer) has warned that they will delete decryption keys, thereby rendering decryption absolutely impossible, for victim organisations that bring in professionals to negotiate the ransom or who try to decrypt data themselves. This builds on Ragnar Locker group's recent warning that it would leak all exfiltrated data from victims who contact law enforcement authorities.

There are a number of benefits to victims seeking assistance which ransom gangs might be either fearful of or irritated by.  These include reduced profits through negotiation of ransom sum and also the possibility that a victim may be advised of sanctions which would simply preclude payment of the ransom.

Click here to read more in an article on the Computing blog.

Traditional data analytics ensure that reinsurers remain hesitant over cyber security cover

Due to its relative infancy compared to other reinsurance options, the cyber security insurance market is struggling to attract reinsurance interest,  This comes as reinsurers grapple with the complexities of quantifying the extent of cyber security risk, accordingly to the Insurance Journal. Data development is in its early stages, as historical data modelling is less useful in a market where the data is constantly changing.  This forces potential reinsurers to consider less traditional methods to risk quantification. A better approach, suggested by Envelop and Corvus, might be for businesses to put in place infrastructure that collects data, both on individual accounts and in the aggregate; allowing for analytics to change and move with the nature of risk.

Click here to read more.

Cyber insurance providers and customers to improve knowledge base to combat criminality amidst Ransomware boom

With ransomware demand values on the rise, cyber insurers are being forced to raise premiums and restrict coverage. Naturally, these factors are contributing to more and more businesses questioning the need for cyber insurance.

An article published on HelpNetSecurity suggests that it is essential for business purchasing cyber insurance to be aware of the intricacies and requirements that differentiate cyber policies from other traditional products.  Cyber insurance should also be combined with preventative cyber security investment. Insurance providers, on the other hand, are grappling with the conundrum of how to protect businesses from ransomware attacks whilst not simultaneously subsidising a growing ransomware industry.

Click here to read more.

German Parliamentary spokesperson points finger at Russia for election cyber breach

In the lead up to Germany's parliamentary elections at the end of September, Russia's state and GRU intelligence services have been blamed for a cyber-attack on the German Parliament by the spokesperson for the German Parliament, according to City AM. Andrea Sasse identified a hacker with the alias "Ghostwriter" as directly responsible.  This hacker is believed to be a Russian-state-sponsored individual. The alleged motive is to spread disinformation and otherwise influence the integrity of the upcoming democratic process. 

Click here to read more

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