From record-breaking ransomware payments to targeted attacks on industry giants like Hyundai Motor Europe and insider breaches at telecommunications behemoth Verizon, the cybersecurity landscape is as dynamic as it is precarious. This week, we’re taking a closer look at these top headlines. 

Cybersecurity News Roundup for Feb 9, 2024

Here are the details regarding the latest cybersecurity news:

Ransomware Payments Surged to Record $1.1 Billion in 2023

Ransomware payments skyrocketed in 2023, surpassing $1.1 billion for the first time, following a decline in 2022 due to geopolitical events and law enforcement actions, according to a new report. 

Major factors contributing to the surge included escalating attacks on critical infrastructure and the massive MOVEit campaign by Clop affecting numerous organizations globally. Chainalysis identified top ransomware groups such as ALPHV/Blackcat, Clop, and LockBit, each employing distinct payment strategies. Clop notably targeted high-profile victims with zero-day vulnerabilities, embracing data exfiltration over encryption. 

The shift towards "big game hunting" by ransomware groups, focusing on larger, wealthier targets, was observed, while some gangs increased attack frequency to offset fewer paying victims. Ransom payments were laundered through various channels, prompting increased law enforcement efforts against rogue exchanges and mixers. Despite a decline in victims paying ransoms reported by Coveware, ransomware operations remained lucrative, indicating a need for sustained efforts to deter payments and disrupt criminal networks.

Hyundai Motor Europe Hit by Black Basta Ransomware Attack

Hyundai Motor Europe faced a significant ransomware attack orchestrated by the 

Black Basta group, claiming to have exfiltrated three terabytes of sensitive corporate data. 

Initially downplayed as mere IT issues, Hyundai eventually confirmed the severity of the cyberattack, disclosing unauthorized access to folders encompassing vital departments such as legal, sales, and human resources. 

"Hyundai Motor Europe is investigating a case in which an unauthorized third party has accessed a limited part of the network of Hyundai Motor Europe," Hyundai Motor Europe told BleepingComputer.

This incident comes in the wake of Hyundai's admission of a data breach in April 2023 and the recent compromise of Hyundai MEA's X account. Black Basta, notorious for its utilization of double-extortion tactics and collaboration with the QBot malware, has reportedly garnered over $100 million in ransom payments. 

Insider Data Breach at Verizon Exposes Sensitive Employee Information

Verizon Communications, a leading American telecommunications and media company serving over 150 million subscribers nationwide, has disclosed an insider data breach impacting nearly half of its workforce. 

The breach, discovered on December 12, 2023, revealed unauthorized access to a file containing sensitive employee data by a Verizon staff member on September 21, 2023. Approximately 63,206 employees were affected, potentially compromising details like full names, addresses, Social Security numbers, and compensation information.  

Fortunately, customer data remains unaffected by the incident. In a notification issued by the company, they stated: "At this time, we have no evidence that this information has been misused or shared outside of Verizon as a result of this issue.”

Check out our previous news reports about cybersecurity happenings around the world:

• Cloudflare, CitiBank, Johnson Controls Make Cybersecurity Headlines

• 23andMe, Payoneer Breaches, and WordPress Plugin Vulnerability in the Spotlight

• Teamviewer Ransomware, Spica Malware, and Kansas University Outage make headlines