Patelco Credit Union Hit by Ransomware Attack Affecting 726,000 Customers
Patelco Credit Union, a U.S. nonprofit financial institution, has disclosed a ransomware attack that compromised its IT systems on June 29 of this year. The attack was carried out by a ransomware group known as Ransom HUB. The breach resulted in the exposure of sensitive information, including full names, Social Security numbers, driver’s license details, dates of birth, email addresses, and other personal contact information of 726,000 customers. Patelco is advising affected individuals to sign up for free credit monitoring services offered by Experian. The credit union also cautions customers to avoid sharing credit card details, CVVs, PINs, and expiration dates with anyone posing as bank or company officials to prevent falling victim to scams or fraud.
ARRL Pays $1 Million Ransom After Ransomware Attack
The American Radio Relay League (ARRL), a national association for amateur radio enthusiasts, has made headlines by paying a $1 million ransom following a ransomware attack in May. The attack encrypted files across several desktops and laptops running on both Linux and Windows systems. As ARRL had an insurance policy in place, the organization opted to pay the ransom, with plans to recover the amount through its insurance claim. Although law enforcement generally advises against paying ransoms, many organizations find it financially viable to do so when recovery costs exceed the losses from the attack.
Decline in Cyber Insurance Premiums Despite Rising Ransomware Threats
The frequency and sophistication of ransomware attacks are on the rise, yet the 2024 Cyber Insurance report by Howden reveals a surprising trend: cyber insurance premiums are decreasing. This decline may be attributed to enhanced cybersecurity measures, increased competition among insurance providers, and market expansion. However, concerns about coverage specifics and general distrust among potential policyholders remain. To address these issues, it is advisable for individuals and organizations to carefully review insurance policies, seek clarification from providers, and fully understand the coverage terms to mitigate misunderstandings and uncertainties.
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