Firstly, the news headlines which are trending on Google and related to Cybersecurity happens to be an agreement made between Estonia and the United States. According to sources, both countries have recently signed an agreement to share cyber threat intelligence in order to automate the data exchange related to cyber threats.
A company named Cybernetica has been employed to develop a platform in this regard by the Estonian Center for Defense Investment. The goal is to develop an automated platform to enhance the cyber defense capabilities of two nations.
Formerly, the system will be used by only two countries. But in years to come, adding allies such as Canada to the data exchange alliance related to Cybersecurity might be explored.
Coming to the second Cybersecurity related news which is trending on Google, Belgian based company Picanol has released a press statement early today that it has become a victim of a ransomware attack. The statement says that the company fell victim to a cyberattack on January 13th,2020 and all its services based in Romania, China and Ypres were reported to have been disrupted due to the attack.
Picanol Group which is basically into cloth weaving industry has made all arrangements to lessen the impact on its production units and minimize the impact on a financial note.
A ransomware attack is a kind of malware attack where hackers manage to infiltrate a network database with malware and encrypt data until a ransom is paid. However, the developers of ransomware have evolved differently nowadays. As they are seen first infecting the database, siphoning a portion of data and then encrypting the database till a ransom is paid.
Now the third news is related to a cyber alert issued by the Federal Reserve Bank of New York. According to a paper released by the security researchers related to the financial exchange, a well planned cyber attack on the US banking system is due to be launched in mid-2020. And the repercussions can be devastating and could lead to US Financial instability.
Termed as a “Pre-Morten Analysis” the research report released by a team of analysts led by Thomas Eisenbach, Anna Kovner and Micheal Junho Lee essays on how banks would respond to cyberattacks that diminished their cognition to process transactions between banks.
Analysts stressed the fact in the paper that a cyber attack on the financial system will neutralize the servers of banks making customers run from pillar to pole for money- impacting the GDP by 2.5 times on a daily note.