Ransomware Hackers Ramp up Attacks

Coop Forum, suffered a large cyber-attack that shut down all of its 800 stores

The cyber-attack on the Swedish grocery store chain's 800 stores follows Friday's attack on US tech provider, Kaseya.


Hundreds of businesses have been the target of a “colossal” cyber-attack, according to a report in the Emerging Risks newsletter. The cyber-attackers targeted the Swedish Coop grocery store chain, forcing it to close all 800 of its stores because it could not operate its cash registers.

The shutdown of the retailer followed Friday’s attack on US tech provider Kaseya. Cyber researchers have described the US ransomware attack as “colossal.” The hack reportedly targeted Florida-based IT company Kaseya before spreading through corporate networks that use its software. Reports say that the Russia-linked REvil ransomware gang is responsible.

Cyber Risk Management

Kaseya for its part said that it is investigating a “potential attack”. The FBI, meanwhile, is investigating in coordination with the US Cybersecurity and Infrastructure Security Agency.

“We encourage all who might be affected to employ the recommended mitigations and for users to follow Kaseya’s guidance to shut down VSA servers immediately,” the Agency said.

According to Coop, one of Sweden’s biggest grocery chains, a tool used to remotely update its checkout tills was affected by the attack, so payments could not be taken.

“We have been troubleshooting and restoring all night but have communicated that we will need to keep the stores closed today,” Coop spokesperson Therese Knapp told Swedish Television.

Business Risk

Defence Minister Peter Hultqvist also told Swedish television the attack was “very dangerous” and showed how business and state agencies needed to improve their preparedness. “In a different geopolitical situation, it may be government actors who attack us in this way in order to shut down society and create chaos,” he said.

Insurance risk modelling software 

Russell’s insurance risk modelling software delivers the insight that create tail scenarios to test viability and define the resilience need. We then do an analysis where we run the scenarios through our software platform ALPS to quantify the resilience need. Action can then be taken. Russell’s Consultants help clients to enable new risk transfer opportunities into the (re)insurance and finance markets. 


 

Post Date: 06/07/2021

Related Articles


Cyber

Social Engineering Cyber Threats on The Rise

Read morePost Date: 22/10/2021

Cyber

Cyber Threat: Stand and Deliver – Your Money or Your Bytes

Read morePost Date: 20/08/2021

Cyber

Can We Monitor the Sound of Cyber Silence?

Read morePost Date: 11/08/2021