Cyber Security

Ransomware Cryptocurrency Payments in 2023 Hit All-Time-High of $1.1Billion

Published

1 year ago

February 9, 2024

After an encouraging decline in 2022, the ransomware landscape saw a major escalation in the frequency, scope, and volume of attacks, resulting in victims paying out over US$1.1 billion in cryptocurrencies to cyber criminals last year. The findings, which are part of Chainalysis’ upcoming 2024 Crypto Crime Report, also highlighted that ‘big game hunting’ — where malicious actors aim to collect larger payments when successful — has become a winning strategy over the last few years, with 75% of ransomware revenue made up of payments of US$1 million or more.

“While it was encouraging to see a significant decline in 2022, the 94% increase last year — which marks an all-time-high for ransomware payouts — demonstrates that ransomware is a threat that is only set to worsen. Moreover, in addition to the $ 1.1 billion that was made in payments, there are significant losses that businesses incur due to productivity losses and remediation costs associated with attacks. As an example, even though it didn’t pay out any ransom, MGM estimated the losses due to the attack it suffered last year to be more than $ 100 million,” explained Jackie Koven, Chainalysis Head of Cyber Threat Intelligence.

“The importance of understanding the ransomware ecosystem, identifying potential attackers, and disassembling the mechanisms that empower them to carry out their attacks cannot be understated. Due to the globally distributed nature of these attacks, this will take a concerted effort between governments, law enforcement agencies, technology providers such as Chainalysis, and the support of victim organisations in transparently reporting and dealing with these attacks,” added Koven.

Alarmingly, through 2023, Chainalysis researchers saw numerous new entrants and offshoots of ransomware strains, attracted by the potential for high profits and lower barriers to entry. The ecosystem is widened by the growing popularity and ease of access to Ransomware as a Service (RaaS), in which outsiders are known as affiliates can access malware to carry out attacks in exchange for a share of profits to the strain’s core operators.

Offering insight into how ransomware groups and their affiliates operate, Koven said, “The growth of initial access brokers (IABs) has made it easier for bad actors to carry out ransomware attacks. As their name would suggest, IABs penetrate the networks of potential victims and then sell that access to ransomware attackers for as little as a few hundred dollars. IABs combined with off-the-shelf RaaS, means that much less technical skill is required to carry out a successful ransomware attack. We found a correlation between inflows to IAB wallets and an upsurge in ransomware payments, suggesting monitoring IABs could provide early warning signs and allow for potential intervention and mitigation of attacks.”

Chainalysis was also able to track the movement of ransomware funds to uncover how cybercriminals laundered their illicit earnings. Indicating a notable change in tactics employed by cybercriminals, last year, centralised exchanges showed the lowest level of concentration of funds received from ransomware-linked wallets, while gambling services, cross-chain bridges, and sanctioned entities showed the highest levels of concentration.

“The shift away from centralised exchanges and mixers, which have traditionally been the preferred off-ramping paradigm for attackers, results from takedowns that disrupted traditional laundering methods, some services’ implementation of more robust AML/KYC policies, and an evolution of ransomware actors’ laundering preferences,” said Koven. “Following the flow of funds arms authorities with a vital piece of the puzzle that ultimately helps law enforcement agencies to crack down on this form of cybercrime.”

Related Topics:cryptocurrency Featured Ransomware

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Cyber Security

Positive Technologies Discovery Leads D-Link to Recommend Router Replacements

Published

14 hours ago

March 19, 2025

Priyan Sampath

Vladimir Razov, an expert from the PT SWARM team, has discovered a vulnerability in several models of D-Link routers. According to Mordor Intelligence, D-Link is one of the top three Wi-Fi router manufacturers in the world. The vendor has been notified of the threat in line with the responsible disclosure policy and recommends that users switch to more recent devices.

The vulnerability, which is registered as BDU:2024-06211 with a CVSS 3.0 score of 8.4, affects the following D-Link models: DIR-878, DIR-882, DIR-2640-US, DIR-1960-US, DIR-2660-US, DIR-3040-US, DIR-3060-US, DIR-867-US, DIR-882-US, DIR-882/RE, DIR-882-CA, and DIR-882-US/RE. At the time of the research, vulnerable routers could be discovered using search engines in the United States, Canada, Sweden, China, Indonesia, and Taiwan.

According to the manufacturer, these models are no longer supported. D-Link recommends retiring the outdated devices and replacing them with supported devices that receive firmware updates. “If this vulnerability is successfully exploited, a malicious user authorized in the router’s web interface can compromise the entire device and gain access to all traffic passing through it,” says Vladimir Razov, Web Application Security Analyst at PT SWARM, the offensive security department at Positive Technologies.

As a temporary measure to mitigate the threat, Vladimir Razov recommends using OpenWrt (an open-source embedded operating system based on the Linux kernel and designed specifically for routers) or changing the login credentials for accessing the router’s web interface. Previously, Positive Technologies helped address vulnerabilities in Zyxel routers and other Zyxel devices. Positive Technologies also enhanced its PT Industrial Security Incident Manager (PT ISIM) with an additional expertise pack, enabling cybersecurity teams to detect attempts to exploit vulnerabilities in MikroTik routers and Cisco switches.

Cyber Security

Sophos Study: MDR Users Claim 97.5% Less in Cyber Insurance

Published

2 days ago

March 18, 2025

Chris Fernando

Leading cybersecurity provider Sophos has released findings from a new study quantifying the financial impact of various cybersecurity controls on cyber insurance claims. The research compares the effect of endpoint solutions, EDR/XDR technologies, and MDR services on claim amounts, offering valuable insights for both insurers and organizations.

Sally Adam, Senior Director, Solution Marketing at Sophos, said, “Every year, organisations spend huge amounts of money on their cybersecurity. By quantifying the impact of controls on the outcome of cyberattacks, this study enables them to focus their investments on the most cost-effective options. At the same time, insurers have a major influence on cybersecurity spending through the controls they require of organisations wishing to be covered and the discounts they offer when a given scheme is in place. This study enables them to encourage investments that can make a real difference to incident outcomes and the resulting claim amounts.”

The Sophos study reveals a dramatic difference in cyber insurance claims: organizations using MDR services claim a median compensation of just $75,000, a staggering 97.5% less than the $3 million median claimed by organizations relying solely on endpoint solutions. This means that endpoint-only users typically claim 40 times more in the event of an attack. The study attributes this significant reduction to the rapid threat detection and blocking capabilities of MDR services, which can effectively prevent extensive damage.

The study also highlights a clear benefit to combining EDR or XDR with endpoint solutions, as the average insurance claim for users of these tools is just $500,000, which is one-sixth of the $3 million average claim for those using only endpoint solutions.

The Sophos study indicates that the predictability of cyber insurance claims varies significantly depending on the security controls in place. Claims from organizations utilizing MDR services show the highest predictability, suggesting consistent and reliable threat mitigation. This is likely due to the 24/7 expert monitoring, investigation, and response that allows for swift action against threats at any time. Conversely, claims from users of EDR/XDR tools are the least predictable, implying that their effectiveness in preventing major damage heavily depends on the user’s expertise and speed of response.

The Sophos study also reveals significant differences in recovery times from ransomware attacks. Endpoint solution users average a 40-day recovery, while EDR/XDR users take the longest at 55 days. In stark contrast, organizations using MDR services recover the fastest, with an average downtime of just three days. These findings underscore MDR’s effectiveness in minimizing the impact of cyberattacks and highlight the less predictable recovery experiences associated with EDR/XDR tools, whose success is dependent on user expertise.

Adam concludes, “The research confirms what many people instinctively know: the type of security solution used has a significant impact on cyber insurance claims. Cyberattacks are inevitable, but defences are not. These results are a useful tool for organisations wishing to optimise their cyber defence and their return on investment in cybersecurity. They will also be useful for insurers looking to reduce their exposure and offer suitable policies to their customers.”

Cyber Security

Fortinet Strengthens OT Security for Critical Infrastructure

Published

2 days ago

March 18, 2025

Chris Fernando

Fortinet has enhanced its OT Security Platform to better protect critical infrastructure from modern cyberthreats. The upgraded platform offers more than basic OT visibility with the new FortiGuard OT Security Service, expanded hardened solutions for network segmentation and 5G in demanding environments, and an improved OT SecOps portfolio for automated threat response and compliance management.

“Fortinet has been building an industry-leading OT Security Platform for 20-plus years and remains at the forefront of OT security innovation,” said Nirav Shah, Senior Vice President, Products and Solutions at Fortinet. “As cyberthreats against critical infrastructure and across industries such as energy, transportation, and manufacturing continue to grow, Fortinet remains committed to delivering comprehensive security solutions tailored for operational technology environments. These latest enhancements give organizations the tools they need to improve their OT security posture and adhere to regulatory requirements—all managed through a single, unified platform.”

The latest Fortinet OT Security Platform enhances OT security with:

Advanced Threat Protection: New FortiGate Rugged NGFWs combined with the enhanced FortiGuard OT Security Service offer superior security enforcement, detecting threats using over 3,300 OT protocol rules, nearly 750 OT IPS rules, and 1,500 virtual patching rules. This protects against known exploited vulnerabilities and provides virtual patching for older OT systems. Secure remote access is also improved with updates to FortiSRA, including enhanced secrets and password management.
Secure Segmentation: The new FortiSwitch Rugged 108F and FortiSwitch Rugged 112F-POE industrial-grade switches enable precise security control at the port level, preventing unauthorized lateral movement within OT networks. Built on Fortinet’s unified FortiOS, these switches simplify network and security management.
Resilient Connectivity: Two new ruggedized 5G solutions are introduced: the IP67-rated FortiExtender Rugged 511G for secure, high-speed connectivity to remote OT sites, and the IP64-rated FortiExtender Vehicle 511G for fleet vehicles. Both feature embedded Wi-Fi 6 and new eSIM capabilities for easier carrier selection.
Enhanced OT SecOps: Fortinet’s AI-driven security operations capabilities are strengthened with updates to FortiAnalyzer 7.6 and FortiDeceptor 6.1, offering deeper threat insights and simplified compliance reporting for OT security teams. FortiNDR Cloud now includes OT protocol support for threat hunting, while FortiNDR (on-premises) adds features like a Purdue Model view and a device inventory covering OT and the Mitre ATT&CK ICS Matrix.

The Fortinet OT Security Platform delivers a unified view and comprehensive security tools to simplify the management of OT and remote site security. It empowers organizations to easily assess, secure, and report on risks, including meeting complex regulatory compliance. Fortinet uniquely offers seamless segmentation and a complete ruggedized portfolio of OT security solutions all managed by a single operating system, FortiOS. Its deep integration within the Fortinet Security Fabric makes it a leading platform in the industry, providing an effective, efficient, and holistic approach to OT security and compliance that surpasses standard offerings.