Most ransomware groups operating in the RaaS (Ransomware-as-a-Service) model have an internal code of ethics that includes avoiding breaching some specific sectors, such as hospitals or critical infrastructure, thus avoiding great harm to society and consequently drawing less attention from law enforcement.
On July 2, 2021, the cybersecurity world woke up to yet another ransomware attack—this time, the victim was Kaseya, a software enterprise that provides IT management solutions predominantly to managed service providers (MSPs). The attack made a huge impact, affecting several MSPs and thousands of their customers. So, what exactly transpired in what most cybersecurity experts are calling the largest criminal ransomware attack on record?
Banking has changed. In the past, financial institutions outsourced their technology. They had large consulting firms creating, managing, and maintaining their back-end systems. Although banks would have knowledge of the systems in place, they wouldn’t be running them on a day-to-day basis. That was the consultants’ responsibility. Recent years have seen a significant shift in the financial sector.
Every year, 2%-5% of the global GDP, or US$800 billion-US$2 trillion is being laundered across the globe. That’s almost equivalent to the GDP of Canada (1,643.40 billion USD in 2020) or Italy ($1,886.45 USD in 2020). Neither the record-breaking heat, nor the intense floods experienced around the world this summer seem to have stopped financial criminals from inventing new ways to hide illegal sources of their income.
In an article posted on the organization’s website, the Center for Strategic and International Studies (CISI.org) reported that, as of January 2019, the United States had 314,000 more available cybersecurity positions than it had trained professionals available to fill them. That was an increase of over 50% since 2015.
