February 20th, 2020
Mastercard announces its first European Cyber Resilience Centre
Mastercard has announced it is developing its first European Cyber Resilience Centre, a state-of-the-art cyber and security centre in Europe that will drive collaboration between both public and private sectors, as well as regulatory bodies to further support enterprise resilience in the region.
Located in Waterloo, Belgium at Mastercard’s European Headquarters, the centre is the first of its kind that the company has invested in outside of North America. The new centre highlights Mastercard’s ongoing commitment to addressing threats faced by the European payments ecosystem, including financial institutions and fintechs. The facility will serve as a single cybersecurity hub for the region, bringing together a diverse pool of talent from across Mastercard’s global community.
Working with various national cyber intelligence centres, industry groups, law enforcement agencies and central banks across Europe – ECRB, ECCFI, Europol, FS-ISAC, INTERPOL, NBB, and the UK’s NCA and NCSC – Mastercard’s European Cyber Resilience Centre will help drive better prevention and mitigation practices against international cybercrime and wider security threats. The centre will bring together both cyber and physical security experts.
Full details here.
New grant program at the Department of Homeland Security (DHS) to address cybersecurity vulnerabilities on State and local government networks.
- Establishes a $400 million DHS grant program that incentivizes States to increase their own cybersecurity funding.
- Requires DHS’s Cybersecurity and Infrastructure Security Agency (CISA) develop a strategy to improve the cybersecurity of State, local, tribal, and territorial governments.
- Requires State, local, tribal, and territorial governments develop comprehensive Cybersecurity Plans to guide use of grant dollars.
- Establishes a State and Local Cybersecurity Resiliency Committee so State, local, tribal, and territorial governments can advise CISA on their cybersecurity needs.
Full details here.
172 ransomware attacks on US healthcare organizations since 2016 (costing over $157 million)
What is the true cost of ransomware attacks on US healthcare organizations?
To find out, Comparitech’s team of researchers gathered information on all of the ransomware attacks affecting healthcare organizations since 2016. However, breaches are only published by the U.S. Department of Health Services if they affect over 500 people. While those lower than 500 also need reporting, they often go under the radar as they aren’t publicly disclosed. The public might only find out if the healthcare organization undergoes severe disruption and makes news. If the latter is the case, these reports will have been included in our study.
- 172 individual ransomware attacks on healthcare organizations
- 1,446 hospitals, clinics, and organizations affected
- 74 percent of organizations affected were hospitals or clinics, the remaining were IT providers (5%), elderly care providers (7%), dental (5%) or optometry practices (6%), plastic surgeons (2%), medical testing (2%), health insurance (1%), government health (1%), and medical supplies (1%)
- 6,649,713 patients affected
- Ransomware amounts vary from $1,600 to $14,000,000
- Downtime caused varies from hours to weeks and even months
- Hackers have demanded ransoms totaling more than $16.48 million since 2016
- Hackers have received at least $640,000 since 2016
- The overall cost of these attacks is estimated at $157 million
The full article here.
Cybersecurity and Infrastructure Security Agency (CISA) Alert: Ransomware Impacting Pipeline Operations
CISA responded to a cyberattack affecting control and communication assets on the operational technology (OT) network of a natural gas compression facility.
A cyber threat actor used a Spearphishing Link to obtain initial access to the organization’s information technology (IT) network before pivoting to its OT network. The threat actor then deployed commodity ransomware to Encrypt Data for Impact on both networks. Specific assets experiencing a Loss of Availability on the OT network included human machine interfaces (HMIs), data historians, and polling servers. Impacted assets were no longer able to read and aggregate real-time operational data reported from low-level OT devices, resulting in a partial Loss of View for human operators. The attack did not impact any programmable logic controllers (PLCs) and at no point did the victim lose control of operations. Although the victim’s emergency response plan did not specifically consider cyberattacks, the decision was made to implement a deliberate and controlled shutdown to operations. This lasted approximately two days, resulting in a Loss of Productivity and Revenue, after which normal operations resumed. CISA is providing this Alert to help administrators and network defenders protect their organizations against this and similar ransomware attacks.
Further details here.
ForgePoint Capital Raises $450 Million Cybersecurity Focused Fund
ForgePoint Capital today announced the close of its second fund with $450 million in capital commitments. The venture capital firm, with $750 million under management, is one of the most prolific investors in cybersecurity. Fund II, the industry’s largest fund focused exclusively on cybersecurity, will invest in early-stage and select growth companies addressing the most pressing challenges facing individuals, businesses and governments.
“We believe that global prosperity and national security depend upon a commitment to protect the digital world,” said Co-Founder and Managing Director Alberto Yépez. “At ForgePoint, we have assembled one of the most experienced teams of cybersecurity experts. We bring deep operating know-how from more than 80 years of combined industry experience to help entrepreneurs build lasting companies.”
Due to the rapidly evolving nature of technology and the increasing sophistication of cyber-adversaries, cybersecurity innovation is essential. Security professionals understand the market is fragmented and collaborate with venture-backed startups to satisfy emerging information security requirements. Fund II focus areas will include cyber intelligence, privacy, security services and infrastructure protection.
Full details here.