British Businesses Lost $55 Billion To Cyberattacks Over The Past Five Years - 1

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British Businesses Lost $55 Billion To Cyberattacks Over The Past Five Years

  • Written by Andrea Miliani Former Tech News Expert

The insurance company Howden revealed that British businesses have lost around $55 billion— £44 billion— to cyberattacks during the last five years in a recent study.

In a Rush? Here are the Quick Facts!

  • Howden revealed that British companies have lost $55 billion to cyberattacks in the past 5 years in a recent study
  • The insurance company told Reuters that 20% of the cases were compromised emails and 18% identity theft
  • Cyberattacks have cost on average 1.9% of the companies revenue, around $125 million

According to Reuters , Howden explained that cyberattacks have cost, on average, about 1.9% of the companies’ revenues. The businesses that surpass 100 million pounds—around $125 million—in annual revenue are most likely to be targeted by malicious actors.

“Cybercrime is on the rise, with malicious actors continuing to take advantage of cybersecurity vulnerabilities, particularly as firms become ever more reliant on technology for their operations,” said Sarah Neild, head of UK cyber retail at Howden, to Reuters.

The insurance experts also shared statistics and more data related to the survey conducted by YouGov in September which considered 905 British IT Leaders.

According to Howden’s study, compromised emails were the most common cause of cyberattacks and 20% of the British companies analyzed have been victims of hackers through this method.

The second most common attack, 18% of the cases studied, was data theft. Among the main vulnerabilities, the insurance company noted that most businesses weren’t investing enough in cybersecurity and internal IT resources.

Around 60% of the businesses had deployed anti-virus software and 55% had network firewalls. Howden suggested these percentages should be higher and businesses should consider improving their cybersecurity programs.

Gen Digital Inc. recently released its Q3/2024 Threat Report revealing that “Scam-Yourself Attacks” rose 614% , data-theft malware 39%, and phishing emails 9.6%. Another recent report by BleepingComputer revealed a growing trend among hackers exploiting SVG files to bypass security systems and conduct phishing attacks.

Cyberespionage Campaign Using New Linux Malware - 2

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Cyberespionage Campaign Using New Linux Malware

  • Written by Kiara Fabbri Former Tech News Writer
  • Fact-Checked by Sarah Frazier Former Content Manager

ESET reveals Linux malware linked to China’s Gelsemium group, with WolfsBane and FireWood backdoors targeting sensitive data for cyberespionage.

In a Rush? Here are the Quick Facts!

  • WolfsBane is the Linux version of the Gelsevirine Windows backdoor.
  • Gelsemium targets sensitive data for cyberespionage, aiming to evade detection.
  • Linux malware is gaining attention as hackers shift focus due to stronger Windows defenses.

ESET cybersecurity researchers have discovered a new type of malware designed for Linux systems, named “WolfsBane,” which they believe is connected to a Chinese hacker group called Gelsemium.

This group, known for its sophisticated attacks, has been active since 2014, primarily targeting Windows systems. This new malware marks the first time Gelsemium has been linked to Linux, a platform increasingly targeted by hackers, says ESET.

ESET reports that the WolfsBane backdoor is similar to an earlier malware, Gelsevirine, used by Gelsemium to gain unauthorized access to systems.

Both tools share key features, including the way they communicate with hacker-controlled servers, execute commands, and hide their presence within infected systems.

WolfsBane uses a specialized library and encryption methods to evade detection, allowing the hackers to monitor the victim’s system and steal sensitive information over an extended period without being noticed, says ESET.

Alongside WolfsBane, the researchers also found another backdoor named “FireWood,” which may also be linked to Gelsemium, though the connection is less certain.

FireWood shares similarities with malware used in past cyberattacks by the group, including its structure and encryption methods. However, due to the potential for shared tools among different hacker groups, the link to Gelsemium is not confirmed, says ESET.

ESET explains that these malware tools are designed for cyberespionage, allowing attackers to steal system data, credentials, and files.

The shift toward Linux malware comes as hackers look for new attack vectors after increased security measures on Windows systems, such as endpoint detection tools and changes to Microsoft’s email security. ESET points out that many internet-facing systems run on Linux, making them an attractive target for cybercriminals.

The malware was found in archives uploaded to VirusTotal, a service used by security experts to analyze suspicious files, and it appears to have been deployed on servers in Taiwan, the Philippines, and Singapore. The investigation suggests the hackers may have gained access to these servers through vulnerabilities in web applications.

While ESET researchers continue to analyze the malware, they have confirmed that the attackers use advanced techniques to maintain long-term access to compromised systems, making them difficult to detect and remove.

The discovery of WolfsBane and FireWood highlights the growing threat of Linux-targeted cyberattacks, underscoring the need for stronger security measures across all platforms.