In Ransomware News, Etisalat is the Newest Victim
In ransomware news, state-owned telecom company, Etisalat, is the newest cyberextortion victim, as the LockBit 3.0 ransomware group holds the stolen data hostage.
- They are demanding $100,000 by April 16th.
- The rate of cybercrime against telcos is increasing, alarming subscribers and investors alike.
State-owned Emirati telco, Etisalat, is the newest victim of the LockBit 3.0 ransomware group, which demanded $100,000 for the release of stolen data.
The ransomware news broke when the group updated its website with a sample of the stolen data, giving the telecom company until April 16th to comply with their demands. The ransomware group has been kind enough to offer a 24-hour extension for a measly $5000. How nice…
However, the company itself has yet to confirm or deny the claims. The silence has everyone, including millions of subscribers and shareholders, on edge. No one can blame them.
Etisalat is a state-owned telecommunications company. The operative word here is state-owned, which means that a cyberattack is a big deal. A cyberattack during which the attackers stole data and are asking for a six-figure ransom is as serious as a heart attack. On the one hand, coming out with a statement could send customers and anyone involved spiraling. That would not be good. On the other hand, refraining from saying anything is not good for their image. People are melodramatic in most cases; they tend to dramatize whatever is going on. So, Etisalat’s silence is only fueling conjecture. And considering that telecommunications is one of the few Emirati tech exports, no wonder they are in damage control mode right now. But on the laundry list of things that can go wrong in this situation, none of that stuff ranks very high.
In 2023 alone, cybercriminals brought in a whopping $1.1 billion in ransom payments. From the looks of things, that number is not going down anytime soon. In fact, 2024 might just be the year of cybercrime; even the FCC is trying to anticipate the cyber-attack Olympics this year. My guess? Quantum computing and quantum encryption might have something to do with it. You know swim while the water is still predator-free.
What’s really worrisome is not the cybercrime rate per se. There are always bad people out there, and we can’t control what everyone does, no matter how much the law tries. What’s actually cause for concern is why all these companies are coming up short in terms of their security. The ones getting hit are heavyweights carrying data. The type of data that could shred your existence apart if others get a hold of it. That stuff should be locked down, like Fort Knox. Meanwhile, from 2017 to 2022, Verizon experienced a breach every single year. That does not inspire confidence in those who hold the very foundation of our digital identities, does it now? I don’t doubt the skills hackers have, but a company should be able to go toe to toe with cybercriminals.
Maybe the issue is funding? I’d hate to think that the company does not want to invest in the security of its customers. Maybe, the problem is that investors would rather that their money go to shiny new toys, rather than good old security. But that would put Etisalat’s biggest investor, Mubadala Investment Company, in a very awkward position. But they should really investigate it. I’m no cybersecurity expert or anything, but I’m pretty sure malware can clandestinely move from one company to another. All it takes is one measly email. And if Mubadala Investment Company gets infected, who’s to say other companies won’t as well? They invest in companies all around the world, including another UAE-owned telco (du), a U.K. life sciences company (Envision), a U.S. dental care service provider (Dental Care Alliance), an Indian telco (Reliance Jio platforms), a Middle Eastern avian service provider (Falcon), just to name a few. Data galore.
Can you imagine the chaos one infected email could cause? I’m sweating bullets already. If this doesn’t light a fire under the telcos and their investors to strengthen their digital defense, I don’t know what will.
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