CommonSpirit Hospital Chain Faces $160 Million Financial Toll from Ransomware Attack
Hospital chain CommonSpirit has revised its assessment of the financial impact caused by a ransomware incident that occurred last autumn and disrupted patient services at some of its facilities for an extended period. The estimated cost of the incident is now believed to be around $160 million, an increase of $10 million from the previous estimate released in February.
Experian Launches Fintech-Focused Fraud Prevention Network, Hunter, in the US
Experian is preparing to introduce a specialized edition of its fraud prevention data network, Hunter, in the United States, with several prominent companies committing to participate.
Hunter functions as a cooperative data network that grants participants visibility into borrower activities within the fintech sector to identify potential fraud risks. Through secure linkage across the network, participants share real-time information regarding fraudulent activities by contributing their own data.
When fintech companies establish new customer relationships or verify existing ones, they can cross-check against the network and receive alerts about suspicious information that matches observed fraud events.
According to Experian, Hunter is already utilized by over 450 organizations in 24 different countries, spanning various industries. The platform allegedly saves clients more than $6.5 billion annually.
Prior to its launch, the US version of Hunter aimed at the fintech sector has secured the participation of nine undisclosed firms.
Robert Boxberger, President of Experian Decision Analytics in North America, states, "By embracing a collaborative approach, fintech companies can leverage this additional data to make well-informed decisions that facilitate intelligent portfolio growth, enhance the customer experience, and mitigate substantial fraud losses."
NextGen Healthcare Discloses Data Breach: Over 1 Million Patients' Personal Information Compromised
NextGen Healthcare, a company based in the United States that specializes in electronic health record software, has acknowledged a security breach in which hackers infiltrated its systems and unlawfully obtained personal data belonging to over 1 million patients.
New malware strain hits Eastern Asia
A new phishing malware strain that mimics legitimate apps to steal user credentials and banking data has emerged in Eastern Asia.
FS-ISAC Leads NATO Live-Fire Cyber Defense Exercise with 30 Financial Firms
The FS-ISAC has organized a cyber defense exercise called Locked Shields, in which almost 30 financial firms, including Barclays, CME Group, and Mastercard, will participate. The exercise will span multiple days and involve a series of intricate and interconnected cyber attacks on a fictional country, targeting its military, government, critical infrastructure, and financial services.
Wisconsin Court System's Computer Network Attacked by Hackers
The Wisconsin court system's computer network was recently targeted by hackers, according to court officials who made a statement on Thursday.
Ferrari Refuses to Pay Ransom Demand After Data Breach
Luxury sports car manufacturer, Ferrari, has confirmed that it recently suffered a data breach resulting in a threat actor contacting the company with a ransom demand related to certain client contact details. The company claims that no ransomware was deployed on its systems and that the operational functions of the company have not been impacted.
Worldwide IT Security Spending to Approach $300 Billion by 2026, Says IDC
According to IDC, worldwide spending on security solutions and services is predicted to increase by 12.1% in 2023 compared to the previous year, reaching $219 billion. By 2026, it is estimated that investments in hardware, software, and services related to cybersecurity will almost reach $300 billion due to the ongoing threat of cyberattacks, the need to provide a secure hybrid work environment, and the requirement to comply with data privacy and governance regulations.
