Cybersecurity News Cyber Insurance, Media Supply Chain Attack, LinkedIn Security.
Cybersecurity headlines from the week.
– Cyber insurance rates stabilizing
– A supply-chain attack on a media company
– Australian cybersecurity standards
– A third party incident disrupting trains in Denmark
– New LinkedIn security measures
Cyber Insurance Rates to Stabilize.
There’s good news on the cyber insurance front. After months of unprecedented rate increases, the market is beginning to stabilize and is expected to decelerate in 2023, according to the new State of the Market Report by Risk Strategies. While ransomware attacks, fund transfer schemes, and systemic events remain ongoing concerns for insurers, the pace of attack claims has slowed due to improved cyber awareness and maturity in the marketplace, better awareness at the board level, and increased underwriting scrutiny. Barring a catastrophic event, organizations should expect to see rates stabilize through the end of this year and under the right conditions, decelerate 10-25% in 2023. But a word of caution, too: insurers are still focused on proper risk selection, and companies who fail to prioritize appropriate cyber controls may still experience higher rates or even loss of coverage.
Supply Chain Attack on Media Company Media companies, usually creating the headlines, find themselves IN the headlines this week.
More than 250 U.S. news organizations recently accessed malicious SocGholish malware in a potentially dangerous supply chain attack. Cybersecurity company Proofpoint reported it observed intermittent injections on an undisclosed media company that provides video and advertising services to many major news outlets. Threat actors modified the Javascript codebase used to serve content to partner media outlets, deploying the SocGholish malware across a wider media network. SocGholish infections have historically been a precursor to ransomware, utilizing Russian-linked TA569 for initial access. By infecting a service provider that caters to many organizations, malicious actors can quickly expand their footprint and collect data from a wider variety of sources. The attack comes during a period of high activity surrounding the election, and Proofpoint’s disclosure comes on the heels of the recent incidents at the New York Post and Thomsen Retuers.
Cybersecurity Standards – Australia.
In International news, Australia has been hit hard in recent months with a proliferation of cyber-attacks. The lack of sufficient penalties and accountability has made Australian organizations attractive targets for cyber criminals; however, the Australian Prudential Regulation Authority is consulting on new standards to bolster operational risk management and strengthen cyber risk practices in banking, insurance, and superannuation, also known as retirement pension benefits. Major data breaches disclosed since August have affected entities across multiple sectors in Australia, although the attacks were not coordinated. The frequency and severity of these incidents carries significant implications, including ransom losses, lost business, operational interruptions, legal implications and reputational risks, and customer attrition, among others.
Third Party Incident Causes Train Disruption in Denmark.
Trains stopped last week in Denmark as a result of a cyberattack. Trains operated by DSB, the largest train operating company in the country, came to a standstill on Saturday morning lasting several hours. But the attack wasn’t targeting DSB directly. The disruption was the result of a security incident at Supeo, a Danish company that provides enterprise asset management solutions to railway companies, transportation infrastructure operators, and public passenger authorities. Supeo shut down its servers following the cyber-attack, adversely impacting DSB trains. The incident illustrates how an attack on a third-party IT service provider can result in significant business disruption. While this incident was the downstream effect of a third-party breach, threat actors attacking railway operators is not uncommon, with recent targets including Belarus, Italy, the UK, Israel and Iran.
Added LinkedIn Security Measures LinkedIn.
Users can expect to see changes coming soon to the professional networking platform. The social media giant recently announced it is beefing up security to curb deepfake accounts and fraudulent activity. The changes will be rolled out globally over the next few weeks. LinkedIn hopes the updates will help keep members safe and slow down cyber criminals.