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Cyber Threat Report: Cyber Security News for 05/12/22

150-Year-Old Historically Black College Closes After Ransomware Attack
A renowned university will shut down after falling victim to ransomware amid efforts to recover from the pandemic. Read More

Aerojet Rocketdyne Cybersecurity Trial & Settlement
A relator attempted to hold his former employer accountable using the False Claims Act for its alleged cybersecurity fraud. A bellwether test case for cyber-related FCA liability. Read More

Beware of State Actors Stepping up Attacks on Managed Service Providers: Cyber Agencies
Cyber agencies advise users to check contracts to ensure providers have sufficient security controls in place. Read More

Clearview AI Agrees to Restrict Sales of Facial Recognition Technology
The settlement reigns in a technology criticized for threatening Americans' privacy rights. Clearview AI is known for downloading billions of photos to build a face-search database for use by law enforcement. Read More

Business Email Compromise Scams Netted $43 Billion in Losses
More advanced scam artists are using deep fake voice technology, website spoofing, fraudulent social media, and employee profiles to support their phishing emails and make them appear more believable. Read More

US Government Proposes $1 Million Fine for Colonial Pipeline Ransomware Attack
Respondent’s failure to test and verify its internal communication plan contributed to the consequences. The cyberattack resulted in an immediate shutdown. Read More

Hackers are Hiding Malware in Windows Event Logs
The method enabled the threat actor behind the attack to plant fileless malware in the file system in an attack filled with techniques and modules designed to keep the activity as stealthy as possible. Read More

It’s Just $7 to Rent DCRat to Backdoor Your Network
This backdoor-friendly malware offers a Remote Access Trojan (RAT) being sold on underground Russian forums according to BlackBerry researchers today. Read More

New REvil Samples Indicate Ransomware Gang is Back
Analysis of these samples indicates that a developer has access to REvil's source code, reinforcing the likelihood that the threat group has reemerged. Read More

Cybersecurity Highlights Q1 2022 Cyber Attacks Statistics
In the first three months of 2022, cybercrime continues to lead the Motivations chart with 70.3%, see the aggregated data analysis by HACKMAGEDDON here. Read More

Headline Privacy & IT Security Compliance News

This week marks a sad chapter in Ransomware history, causing the demise of a 150-year-old well-established historically black institution. This unfortunate event speaks to what our team of experts at JANUS Associates has recommended to organizations throughout. The closing of Lincoln College is just another example of what can happen to an organization or institution when they are not adequately prepared for a ransomware attack. Now is the time for organizations to validate their data system backups and devise an updated Incident Response Plan (IRC).

The courts have affirmed that an organization can be held accountable under the False Claims Act for its alleged cybersecurity fraud. In a recent case, Brian Markus, former senior director of cybersecurity and compliance at Aerojet Rocketdyne, alleged his employer fraudulently concealed its failure to comply with government regulations, requiring defense contractors to implement cybersecurity measures, report incidents, and breaches. As a result, Aerojet agreed to pay $9 million to settle (FCA) claims, plus a confidential amount for attorney’s fees and an additional confidential amount to settle a separate dispute between Brian Markus and Aerojet.

Get in touch with Tom Bausenwein, Senior Client vCISO Specialist, to learn more about how the team of experts at JANUS can help protect your business effectively. Follow us on Twitter and LinkedIn.

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