Ukraine fall-out and new ransomware tactics elevate cyber risks

The cyber threat landscape is evolving with new ransomware tactics, fallout from the war in Ukraine and threats created by unprecedented nation state activity in cyberspace among the chief concerns, according to research by CyberCube.

Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies. 

William Altman, CyberCube’s Principal Cyber Security consultant, said: “Ransomware gangs are currently targeting lower-profile critical infrastructure operations and small and medium-sized businesses (SMBs) in healthcare, agriculture, and food supply chains.

”Businesses in these industries are among those who can least afford the downtime associated with ransomware and extortion attacks, and often lack resources for effective cyber security in the face of well-resourced and determined attackers.”

State-sponsored attacks

The report analyses cyber activity following the Russian invasion of Ukraine, noting since February, both sides have been amassing cyber armies and hacktivists have pooled their efforts to attack Russia.

There are currently more than 70 different cyber threat actors related to the war in Ukraine - double the number identified at the beginning of March.

The use of wiper-malware attacks is also spreading globally, erasing hard drives and severely damaging devices it encounters.

Lea Hricikova, Cyber Security Consultant at CyberCube said: “Russia has normalised the use of wiper malware in its attacks on targets in Ukraine, pushing the boundaries of acceptable behavior in cyberspace beyond historic norms. 

”Prior to 2022, the most notable use of wiper malware on the world stage was NotPetya (2017). Five years later, this attack type is proliferating. Wiper malware has been used previously in a targeted way in Ukraine, but the audacity and sophistication of these threats should not be underestimated.”

The maritime sector and satellite infrastructure are sectors most likely to be targeted by cyber criminals and in particular ransomware threat actors, as well as state-sponsored threats during the remainder of 2022 and beyond, warns the report.