You might or might not have heard about this high profile case that made headlines 2021 on international media outlets, Here’s a glimpse of what happened with CNA. Bitcoin has been a store of value but it has been linked with attacks. Despite this, the craze has never gone down and it is still the number 1 priority of traders along with stocks. Resort to stockhax.com for stock market news, crypto updates, investment strategies, and a lot more.
What actually happened?
One of the leading insurance companies in The United States, CNA Financial Corporation was forced to pay a humongous amount of $40 million. The payment was made by the company in the early 2021 in the month of March in an attempt to regain their organisational control over their connectivity & network. It was undeniably a ransomware attack confirmed by the people who witnessed it unfold right in front of them. Company’s network was confiscated by the hackers for almost two weeks until the company finally gave in to the outrageous demand. Substantial data was stolen and company’s officials also lost their complete ability to access the network in any shape or form during the attack.
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FBI shows up in the picture
One of the primary representatives of the company told the media outlets that they complied with the law. FBI was informed of the dire situation upon proper consultation and deliberations with the company’s officials. The time that went into discussing the company’s next move allowed hackers to deeply impact the company’s claim systems, essential record database, underwriting systems, data regarding policyholders etc. However, any additional details have still not been revealed by the company because information regarding ransomware attacks are rarely mentioned in the public domain.
A gigantic ransom amount of $40 million is still regarded as one of biggest ransomware attacks that have been disclosed in the public domain. However, general public might still not know about any grater ransomware attacks as such information are usually not disclosed.
“Phoenix Locker” wreaks havoc
The hackers involved in the ransomware attack made use of an infamous malware which is widely renowned as “Phoenix Locker”. This is a leading variant of the ransomware called “Hades”. Evil Corp brought “Hades” into existence and it is a handiwork Russian syndicate that perpetrate cybercrimes around the world targeting prominent companies. Evil Corp had previously been sanctioned in 2019 by US. CAN, on the other hand which also work for cyber insurance concluded in their investigation that the hackers belonged to a notorious group that use the pseudonym “Phoenix”. However, they are not subjected to any kind of U.S. sanctions.
Warning from the FBI
FBI had already warned the organizations not to make any ransomware payments as it is almost useless because the lost data is irrecoverable. There is no guarantee that the affected company will be successfully able to retrieve its data. Furthermore, it only encourages the hackers to perpetrate similar atrocities on similar organisations believing that the ransom will be paid by hook or by crook. So, the word of advice from the FBI does makes a significant sense.
Reactions from lawmakers isn’t something to look forward to
Upon witnessing big companies like CAN giving in to the demands of hackers, the regulators & lawmakers are not very much pleased by it. Prominent companies are being constantly forced to make colossal payouts to the hackers has stimulated notorious hackers to strike repeatedly. From hospitals to drug makers & police forces to public safety, everyone falls in the crosshairs of the shady hackers.
Why Ransomware is running rampant?
The exclusive data of victim gets encrypted by the malware which can be any variant of the infamous ransomware. Ransomwares are predominantly used by the cybercriminals to steal essential data of leading organisations. After having secured the susceptible network of the company, hackers go on to demand a hefty payment in return to initiate the unlock the seized files along with a promise to abstain from leaking the stolen data.
Cyber insurance policies have been the mainstay of the hackers in last couple of years to claim their unsuspecting victims. The only reason that these companies get frequently attacked can be attributed to the fact they carry enormous sensitive data of customers that should not be leaked at any cost.
