Cyberattacks – What’s Happening Now

While the world is occupied with coronavirus, computer viruses and other cyberattacks remain a constant and consistent threat. Here’s what’s happening now.

Governments Become Targets

Cyberattacks against governments have become a common problem. Late last year, CBS News reported that four U.S. cities were hit with ransomware attacks. More recently, CNN reports that the Canadian government had to shut down many of its online portals due to a sustained cyberattack. More than 11,000 personal accounts, including tax accounts and online portals for COVID-19 relief programs, were compromised. Meanwhile, Reuters reports that Israel says it stopped a cyberattack against its defense industry.

Industries on Land and Sea Are Vulnerable

Industrial robots are being used to assemble items like smartphones and even airplanes. However, according to Insurance Journal, a new report warns that these robots may be vulnerable to hackers and cyberattacks due to the software used.

Problems exist on the open seas, too. Sea News reports that the maritime industry’s operational technology systems have experienced a 900% spike in cyberattack in the last three years.

Attacks Increase Amid COVID-19

COVID-19 isn’t caused by 5G technology, but there is a link between the novel coronavirus and cyber threats. Why? Because hackers and scammers are taking advantage of the pandemic. According to ZDNet, 91% percent of businesses have reported an increase in cyberattacks as more employees work from home. CNBC reports that breaches were up 273% in the first quarter of 2020 compared to the same time last year, while ransomware attacks went up 90%.

COVID-19 inspired malware has also become common. The FBI has issued a warning about an increase in schemes that exploit the pandemic, including fake CDC emails, phishing emails and counterfeit treatments or equipment.

The Business Email Compromise Threat Grows

In Business Email Compromise (BEC) schemes, scammers trick an employee into making a wire transfer or revealing sensitive information by posing as a legitimate party.

According to the FBI, new BEC schemes have taken advantage of the confusion caused by COVID-19 to make their requests even more convincing. New technology – especially Deepfake technology – may also provide BEC scammers with new tools. Employees should be alert to the threat, and companies should have procedures in place to prevent fraudulent wire transfers.

Meow Attack Wipes Out Data

Many modern cyberattacks are motivated by money or politics – but not the Meow attack.

According to CPO Magazine, the hackers behind the Meow attack aren’t after money or anything else. They simply wipe out databases. It’s another reminder to make sure your systems are secure and that you have solid backups.

Our Cybersecurity Focus

Here at Insuresoft, we are aligned with Microsoft to deploy our platform in Azure. Azure has over 90 global compliance certificates including ISO 27001, SOC 1,2, & 3, and GDPR. Furthermore, we continue to work hand in hand with each of our clients to ensure the security and compliance of their policyholder data. Azure gives us the opportunity to apply global best practices for our customers and to constantly monitor and protect them from cyberattacks.