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In this issue:, Summaries of Business

Business

Colonial Pipeline Pays $5 Million Following Ransomware Attack. • Cybersecurity shorts. • Software updates. *The following content is provided courtesy of ...

Typology: Summaries

2022/2023

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In this issue:
• Colonial Pipeline Pays $5 Million Following Ransomware Attack
• Cybersecurity shorts
• Software updates
*The following content is provided courtesy of Horsesmouth, LLC, and provided courtesy of Miles Harris.
Welcome to the Savvy Cybersecurity newsletter. This month we'll be sharing information on the Colonial
Pipeline ransomware attack. Read on for more information on that, as well as:
• What all Peloton users should know about their security
• Necessary updates for all Apple users
• And much more
Colonial Pipeline Pays $5 Million Following Ransomware Attack
The largest gas and diesel pipeline system in the country was hit with a ransomware attack halting
delivery of fuel to customers from Texas to New York earlier this month. Colonial Pipeline, which moves
more than 100 million gallons of fuel daily, shut down after falling victim to a cyberattack.
DarkSide, a new ransomware group, is confirmed by the FBI to be responsible for the attack. The group,
believed to be based in Russia, makes some $15 billion in annual revenue from ransomware attacks.
Colonial Pipeline's IT department was hit with the ransomware, but the company took other systems
offline during the attack out of an abundance of caution. As a result, there was a brief stoppage of all
pipeline operations leading to panic and gas shortages in some states.
Colonial Pipeline is now up and running again after paying about $5 million in cryptocurrency to the
DarkSide gang. Historically, the FBI has dissuaded companies from paying ransom in these attacks as it
may encourage more ransomware activity. However, without a data backup it can be difficult to resolve
this kind of hack without payment. According to experts, DarkSide is notorious for providing a very slow
decryption process following a ransom payment.
This attack demonstrates the vulnerability of the infrastructure systems in the United States. Earlier this
year, a Florida water supply was targeted by hackers. The Colonial Pipeline ransomware attack is yet
another example of how cybersecurity can impact our national security. In response to the attack,
President Biden signed an executive order tightening cybersecurity standards and rules for government
contractors. The order requires federal contractors to quickly report incidents to agencies, establishes a
new government entity to review data breaches, and sets a baseline of security standards for any
software a government agency buys.
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Download In this issue: and more Summaries Business in PDF only on Docsity!

In this issue:

  • Colonial Pipeline Pays $5 Million Following Ransomware Attack
  • Cybersecurity shorts
  • Software updates *The following content is provided courtesy of Horsesmouth, LLC, and provided courtesy of Miles Harris. Welcome to the Savvy Cybersecurity newsletter. This month we'll be sharing information on the Colonial Pipeline ransomware attack. Read on for more information on that, as well as:
  • What all Peloton users should know about their security
  • Necessary updates for all Apple users
  • And much more

Colonial Pipeline Pays $5 Million Following Ransomware Attack

The largest gas and diesel pipeline system in the country was hit with a ransomware attack halting delivery of fuel to customers from Texas to New York earlier this month. Colonial Pipeline, which moves more than 100 million gallons of fuel daily, shut down after falling victim to a cyberattack. DarkSide, a new ransomware group, is confirmed by the FBI to be responsible for the attack. The group, believed to be based in Russia, makes some $15 billion in annual revenue from ransomware attacks. Colonial Pipeline's IT department was hit with the ransomware, but the company took other systems offline during the attack out of an abundance of caution. As a result, there was a brief stoppage of all pipeline operations leading to panic and gas shortages in some states. Colonial Pipeline is now up and running again after paying about $5 million in cryptocurrency to the DarkSide gang. Historically, the FBI has dissuaded companies from paying ransom in these attacks as it may encourage more ransomware activity. However, without a data backup it can be difficult to resolve this kind of hack without payment. According to experts, DarkSide is notorious for providing a very slow decryption process following a ransom payment. This attack demonstrates the vulnerability of the infrastructure systems in the United States. Earlier this year, a Florida water supply was targeted by hackers. The Colonial Pipeline ransomware attack is yet another example of how cybersecurity can impact our national security. In response to the attack, President Biden signed an executive order tightening cybersecurity standards and rules for government contractors. The order requires federal contractors to quickly report incidents to agencies, establishes a new government entity to review data breaches, and sets a baseline of security standards for any software a government agency buys.

Ransomware is a threat to all Government agencies, private companies, and individuals all need to be cognizant of ransomware attacks. The FBI has issued multiple warnings in the past few years on the growing threat of ransomware. And there are steps that you can take to protect yourself from it.

1. Beware of phishing emails The first step in avoiding a ransomware attack is to be on the lookout for phishing emails. Often, hackers use phishing emails as a vehicle for ransomware. Be suspicious about any unsolicited email you receive. Before clicking on anything, follow the Savvy Cybersecurity rule of E.M.A.I.L—Examine Message and Inspect Links. When you receive an email, take a closer look at the true sender by hovering your mouse over the email address. Hackers can spoof an email address to look like they are contacting you from a legitimate organization. Looking more closely at the sender's address can reveal the true sender. Be sure to do the same with any links in the email. Before clicking, hover your mouse over any link to see the true website. Don't open any attachments or click any links if you are unsure. If the email comes from a company you do business with, contact them directly on the phone to confirm the communication before clicking anything in the email. 2. Back up your data If you do fall victim to a ransomware attack, you can avoid paying the ransom if you have your data backed up in other places. The Savvy Cybersecurity program teaches the rule of three—you should have all of your data saved in three places: your device, the cloud, and an external storage system. Backing up your files means that even if your device is hit with a ransomware attack, you won't have to pay the ransom to get your information returned. Instead, you can have the ransomware removed from your machine by a professional and re-download your files from the cloud or an external device. Ransomware is a threat we all face—large corporations, small businesses, and individuals. Knowing how to prevent an attack and having precautions in place in case you do fall victim is key to a quick recovery from a potential ransomware attack.

Cybersecurity shorts

Google moves to make two-step verification the default setting for users. Currently, Google users can opt in to the added security features. Google believes making multi-factor authentication the default on accounts will help boost security. Users will still be able to opt out but studies show that two-step verification makes someone's account 99.9% less likely to be compromised. The Federal Rotational Cyber Workforce Program Act was reintroduced by a bipartisan group of senators this month. The Act would create a cybersecurity personnel rotation program to help grow and retain a highly skilled Federal cyber workforce. This Workforce Program Act would allow cybersecurity employees to work across multiple Federal agencies.