Two Insurance companies come under the influence of Ransomware Attacks

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Sabre Insurance, a London-based company specializing in motor insurance services, fell victim to a ransomware attack that resulted in a breach of information and data theft by hackers. Although the company asserts that the accessed information was non-critical and related to archival data, IT experts have been mobilized to conduct a thorough investigation into the incident. Initial findings indicate that the compromise originated at the IT management company providing technological services to the insurance business.

The prime suspects behind the attack are believed to be either the LockBit Ransomware group or the BlackCat, also known as the ALPHV gang. However, concrete evidence linking them to the incident is yet to be recovered.

In a separate incident, Fidelity National Finance (FNF), a Fortune 500 business, reported to the SEC that it had fallen prey to a cyber attack, seemingly involving a variant of ransomware. The company disclosed that certain data systems were compromised, leading to disruptions in applications and downtime.

Typically, in a ransomware attack, hackers encrypt server data and demand a ransom for its release, mirroring the situation with FNF. The common thread between these incidents is the utilization of file-encrypting malware as the primary means of compromise. Addressing this growing threat may require concerted global efforts against nations and governments supporting these criminal activities. Until such measures are taken, the spread of malware may persist unabated.

Law enforcement agencies can respond to instances of ransomware, but their ability to preemptively thwart the intentions of cybercriminals remains limited. As these incidents underscore the need for enhanced cybersecurity measures, businesses and governments alike must collaborate on proactive strategies to counter the evolving tactics of malicious actors in the digital realm.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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