The internet is a vast and ever-changing place, and as technology advances, so do the ways in which cybercriminals exploit it. In recent years, we have seen cybercrime grow consistently and exponentially, with experts predicting that it will become a 13.8 trillion CAD (10.5 trillion USD) industry by 2025.
That forecast is fast gaining ground as cybercrooks continue to be relentless in their pursuit to trick users, breach security, and steal or compromise data. Let’s take a look at some of the most notable cybercrimes in the first half of 2022.
Red Cross attack further puts vulnerable people at risk
On January 19, the International Committee of the Red Cross (ICRC) confirmed that one of their third-party data storage vendors had suffered an attack. This breach compromised the data of thousands of people considered vulnerable, such as those who are missing, became homeless because of disasters, and are in detention facilities.
Due to the breach, over 60 Red Cross and Red Crescent-affiliated facilities worldwide were compromised, including over 515,000 aid recipients and 2,000 employees. Upon discovering the security compromise, the ICRC took its servers offline and initiated an investigation to mitigate damage. While no cybercrime group has been identified behind the attack, the ICRC officials worry that the stolen data will further endanger people who already live in dire conditions.
This attack is frightening, as it shows that cybercriminals will not hesitate to target even the most vulnerable sector if it means getting the data they want. It is also a reminder for every organization to partner only with trusted third-party service providers.
The attack on Red Cross is a reminder for every organization to partner only with trusted third-party service providers.
Hack on cryptocurrency platform Wormhole is the second biggest in history
On February 3, Blockchain bridge Wormhole tweeted that its network was exploited. According to investigations, the loss totals 120,000 ether (320 million USD or 410.9 million CAD), making it the second largest decentralized finance hack of all time.
Wormhole took its servers down immediately upon noticing the exploit and ensured all transactions would proceed smoothly as soon as networks were back up. The protocol also reached out to the hacker and offered them a white hat agreement: 10 million USD (12.84 million CAD) in exchange for the stolen wrapped ether and the details of the exploit. It is unknown whether the hacker has responded.
Cyberattack crashes Ukraine’s national telecom provider
Ukrtelecom, the biggest telephone and internet service provider in Ukraine, lost 87% connectivity from late March to early April. The gradual loss of connectivity meant that the downtime wasn’t caused by a power or cable cut. Instead, authorities believe that it was a “powerful cyberattack of the enemy,” which could be a distributed denial-of-service attack or even a more sophisticated intrusion.
This wasn’t the first time that Ukraine had to fend off such cyberattacks, which notably increased in number since Russia waged war on the country. Prior to the Ukrtelecom attack, Ukraine’s Computer Emergency Response Team said that the country had been targeted by at least 60 different cyberattacks focused on information gathering. Eleven of these targeted government and local authorities, while eight were launched on military and law enforcement.
Currently, the threat on Ukrtelecom has been neutralized, but not after cutting deep into Ukraine’s connectivity and inflicting heavy damage. And while Russia has been silent about whether they were responsible for the attack, allies of Ukraine, such as Canada, have already warned their constituents of the possibility that they could be targeted by Russian hackers. Small businesses, in particular, are at a higher risk of being compromised.
More than ever, it is crucial that you take steps to keep your systems protected from known and emerging threats. By partnering with a cybersecurity expert like XBASE Technologies, you will have access to a wide range of tools and resources that can help keep your data safe from hackers and other malicious actors. Our specialists are also experienced in identifying potential vulnerabilities in your IT infrastructure and providing recommendations for protecting against them. Contact us today.