Medibank won't pay ransom to hackers / Zurich settles insurance case with Mondez / FBI warns of imminent Russia-backed hacks

Plus: Beosin raises $20M to offer blockchain cybersecurity services

Inside.com Part of   Network November 07, 2022

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Medibank does not plan on paying ransom to the hackers who leaked the data of 9.7 million users, according to a company statement. The company believes paying a ransom would encourage the threat actor to present even more demands. More: The company was hit by a ransomware cyberattack on Oct. 12.  Hackers managed to steal details such as names, dates of birth, addresses, phone numbers, email addresses, Medicare numbers, and passport numbers. Medibank claims that no debit card details have been breached by the threat actor. The cyberattack is believed to have caused the company around $25M in damages. Zoom Out: Medibank is not the first Australian company to be hit by a cyberattack. Optus, one of the largest telecom companies in the country, was breached by hackers who stole data from 2.1 million customers.

Insurance company Zurich has settled the case with Mondelez International and agreed to cover damages in a landmark case for the cyber insurance industry. Mondelez had asked for a $100M payment to cover damages from a cyber attack. More: Mondelez International was cyberattacked by a Russian threat actor named Not Petya.  The company was insured by Zurich, which claimed that it would cover the company's damages in case an "act of war" happened.  Considering that Mondelez was attacked by what is believed to be a state-backed group, the company asked for a $100M payment to cover its damages, something that Zurich Insurance refuted. A trial that concluded today forced the two companies to settle. Cyber insurance companies are expected to have to change their policies and be more honest about their financial limits. Insurance companies around the world have focused on the case, as it could prove to be a landmark verdict that determines future outcomes of similar events at a time when cyberattacks against private and public organizations are increasing rapidly.

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The FBI has warned of imminent Russia-backed cyberattacks that may be deployed using DDoS campaigns. These hacking campaigns are likely to target critical national infrastructure. More: The FBI has warned operators that are in charge of managing the national infrastructure that the hacking campaigns may be deployed by hacktivists, private citizens with access to malicious cyber tools and knowledge on how to use them. According to the FBI guideline, operators must be prepared to not only anticipate and thwart any attacks but also deal with the psychological effect DDoS attacks have on the general public. The FBI urged all CNI firms to enroll in DDoS mitigation services, adhere to all of the recent guidelines set by CISA and other respective cybersecurity authorities, and report any issues they have as soon as possible.

Beosin has raised a $20M funding round to provide blockchain security services such as anti-money laundering, smart contract auditing, risk monitoring, etc. The investors remain undisclosed. More: Beosin offers four main products: Beosin Vas, also called The Smart Contract Formal Verification. The platform scans code for potential vulnerabilities. Beosin EagleEye. Beosin Trace, a platform that scans crypto wallets and finds potential irregularities for their owners. Beosin KYT, analyzes over 1 billion data labels with AI in order to assess risk for the clients. The company claims that it protects over $500B in assets, has audited 2,426 smart contracts, and has over 1 million ecosystem users.

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Worldr has raised an $11M Seed funding round to provide security products that can be integrated with WhatsApp, Slack, and Microsoft Teams. The company, which also provides help with regulation, is based in London. More: The company develops software that enables companies and users to store data independently. Worldr aims to use the capital to expand its presence in New York and the Middle East. Molten Ventures led the funding round with participation from IQ Capital, Playfair Capital, Pretiosum Ventures, Navigate VC, and MD One Ventures.

Quick Hits: Looking to upgrade your expense management software AND planning a flight in the near future? Demo Divvy by Nov. 10 and get a $250 Delta Airlines gift card.* A Russian phishing service that steals banking information, known as Robin Banks, has been tracked by researchers. The phishing tool was inactive for a while after Cloudflare's infrastructure update caused the threat actors operating it to shut it down temporarily. Security protocol Elusive has raised a $3.5M Seed round co-led by Long Hash Ventures and Staking Facilities Ventures. A threat actor named Justice Blade has hacked Smart Link BPO Solutions. The latter is an IT contractor for the Kingdom of Saudi Arabia and other countries in the GCC region. *This is sponsored content.

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Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords.

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