Another Cybersecurity Risk: Mergers and Acquisitions

It is pretty clear that any type of financial transaction anywhere can become a target for hackers looking to make money from stealing data.

The example below also shows that hackers are beginning to do more research in order to make a larger profit from their hacking endeavors.

See this:

In its Nov. 1 notification Ransomware Actors Use Significant Financial Events and Stock Valuation to Facilitate Targeting and Extortion of Victims, the FBI warns: “Ransomware actors are very likely using significant financial events, such as mergers and acquisitions, to target and leverage victim companies for ransomware infections. Prior to an attack, ransomware actors research publicly available information, such as a victim's stock valuation, as well as material nonpublic information. If victims do not pay a ransom quickly, ransomware actors will threaten to disclose this information publicly, causing potential investor backlash.” Gurucul CEO Saryu Nayyar provides comments.

From, Saryu Nayyar, CEO, Gurucul:
“It’s no surprise that ransomware attackers follow the stock market in choosing their victims. The FBI reports that ransomware is often based on financial information published by the enterprise, coupled with insider information found once the attack has occurred. Often it is less about locking up the network than holding enterprises hostage to non-public information.

“Ransomware attackers are increasingly going after profit, using their attacks to target companies who have had a run-up in their stock price, or who have received significant VC funding. These enterprises may have money to use to pay ransomware attackers based on ready cash. Attackers often find that it’s easier to pay for non-public information rather than make that information available to the world. Enterprises can be stuck between paying attackers versus making public potentially material information.

“Every enterprise needs to keep financial information private. The best way to do so is to keep attackers out of your network. Failing that, you need to find and eject them before they get harmful data.”