UK Retailers and Carmaker Fall Victim to Surge in Cyberattacks
The UK has witnessed a surge in cyberattacks, with prominent retailers like M&S and Co-op, and carmaker Jaguar Land Rover, falling victim. The incidents caused significant disruption and financial losses, yet the culprits remain unidentified. Meanwhile, a UK nursery chain, Kido, faced threats involving personal data of young children and families.
The attacks exploited known vulnerabilities, such as the SAP NetWeaver flaw targeted in Jaguar Land Rover's breach. Despite the sophistication, no specific hacker group or individual has been named. This follows a trend of cybercrime targeting various sectors, from retail to manufacturing, over the past year.
The cybercrime ecosystem operates like a business, with hackers selling ready-made malware, renting out botnets, and providing customer support. This model thrives due to its low-risk and high-profit nature. Criminals, known as 'initial access brokers', act as middlemen, selling stolen data or network access.
Experts warn that nearly half of businesses pay ransoms to cybercriminals, fueling the crime and encouraging more attacks. To disrupt this cycle, businesses are urged to stop paying ransoms and invest more in resilience, such as AI, to minimize disruption.
Cybercrime has evolved into an organized industry with its own supply chains and customer support. As businesses continue to pay ransoms, the problem persists. To combat this, businesses must prioritize resilience and security, and law enforcement must work towards identifying and prosecuting the perpetrators behind these attacks.
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