In an unprecedented enforcement action, the Treasury Department says Suex OTC facilitated the laundering of illicit proceeds from ransomware attacks.
The increase in cyber losses outstripped rate hikes last year, suggesting "more trouble for 2021 as ransom demands continue to grow."
Security controls and cyberattack prevention are still catching up to the remote-work shift.
The attack on Universal Health Services left doctors and nurses scrambling to render care, with computers replaced by pen and paper.
“The United States government is starting to turn the tide on Chinese intrusion operations on Western companies and targets."
The company said it had no evidence the incident affected its own network and remains fully operational.
The demanded ransom is often a moderate amount that would pale in comparison to the recovery and reputational costs for a company that refuses to pay.
The strain of ransomware that was reportedly used in the attack on LabCorp can "effectively lock down a computer, encrypting all the files inside."
The crippling attack on Atlanta's network shows that local governments need to “start considering cybersecurity on the same level as public safety.”
World War II strategy offers insights into how nation-states are hacking into U.S. companies.
The damage inflicted in this year’s ransomware attacks will force corporations to review their IT resilience.
You can’t lose a customer’s or an employee’s data if you don’t have it.
