This past week, co-defendants in a class action related to the theft of cryptocurrency engaged in their own lawsuit over alleged security failures. IRA Financial Trust, a retirement account provider offering crypto-assets, sued class action co-defendant Gemini Trust Company, LLC, a crypto-asset exchange owned by the Winklevoss twins, following a breach of IRA customer accounts.
On April 20, 2022, the cybersecurity authorities of the United States, Australia, Canada, New Zealand, and the United Kingdom—the so-called “Five Eye” governments—announced the publication of Alert AA22-110A, a Joint Cybersecurity Advisory (the “Advisory”) warning critical infrastructure organizations throughout the world that the Russian invasion of Ukraine could expose them “to increased malicious cyber activity from Russian state-sponsored cyber actors or Russian-aligned cybercrime groups.” The Advisory is intended to update a January 2022 Joint Cybersecurity Advisory, which provided an overview of Russian state-sponsored cyber operations and tactics, techniques, and procedures (“TTPs”).
In its announcement, the authorities urged critical infrastructure network defenders in particular “to prepare for and mitigate potential cyber threats by hardening their cyber defenses” as recommended in the Advisory.
Overview. The Advisory notes that “evolving intelligence” indicates that the Russian government is exploring options for potential cyber attacks and that some cybercrime groups have recently publicly pledged support for the Russian government and threatened to conduct cyber operations on behalf of the Russian government. The Advisory summarizes TTPs used by five state-sponsored advanced persistent threat (“APT”) groups, two Russian-aligned cyber threat groups, and eight Russian-aligned cybercrime groups. Additionally, it provides a list of mitigations and suggests that critical infrastructure organizations should implement certain mitigations “immediately.”
Russian State-Sponsored Cyber Operations. The Advisory notes that Russian state-sponsored cyber actors have “demonstrated capabilities” to compromise networks; maintain long-term, persistent access to networks; exfiltrate sensitive data from information technology (“IT”) and operational technology (“OT”) networks; and disrupt critical industrial control systems (“ICS”) and OT networks by deploying destructive malware. The Advisory details five Russian APT groups:…
Continue Reading International Cybersecurity Authorities Issue Joint Advisory on Russian Cyber Threats to Critical Infrastructure
Generating and sustaining the United States’ global economic and military superiority over more than the last half century has depended on a dominant U.S. global economic position and perpetual technological innovation. The United States has increasingly relied on a global industrial supply chain and a relatively open environment for foreign investment in early stage technology development to sustain this dominant position, but in so doing has built risk into the foundation of its competitive advantage. The U.S. Government has growing concerns that these past practices meant to extend the U.S. economic and military advantage are contributing to its erosion. As a result, the Department of Defense (DoD), other Executive agencies, and Congress are taking steps to mitigate risks across the defense industrial and innovation supply chains that provide hardware, software, and services to the U.S. Government.
Continue Reading How Well Do You Know Your Supply Chain? New Policy Developments Affect Defense and Security Contractors
On July 28, 2014, the U.S. House of Representatives (“House”) passed three cybersecurity bills, the National Cybersecurity and Critical Infrastructure Protection Act of 2014 (H.R. 3696) (“NCCIP Act”), the Critical Infrastructure Research and Development Advancement Act (H.R. 2952) (“CIRDA Act”), and the Homeland Security Cybersecurity Boots-on-the-Ground Act (H.R. 3107) (“Boots-on-the-Ground Act”) with broad bipartisan support.…