Trending Topics Cybersecurity – August 2024

The 2024 Economic Security Study by the digital association Bitkom once again confirms a significant escalation in the threat landscape for German companies. According to the study, 81 percent of companies were affected by data theft, industrial espionage or sabotage in the past 12 months. The total damage rose by 29 percent to 266.6 billion euros, which is a new high. Of this amount, 178.6 billion euros is attributable to damage caused by cyberattacks.

The majority of companies (9 out of 10) expect the number of cyberattacks to continue to increase over the next 12 months. At the same time, a growing willingness to invest in securing corporate IT can be observed. On average, companies now spend 17 percent of their total IT budget on IT security (previous year: 14 percent).

Malicious traffic on the rise

The trends in the economic protection study match the analyses from Myra's Security Operations Center (SOC). For the first half of 2024 alone, the defense statistics show an increase in malicious requests of 53.2 percent. This malicious traffic is made up of DDoS attacks, attacks on vulnerabilities in online applications and bot-based attacks.

The majority of attacks are aimed at organizations in the public sector and critical facilities. One reason for the tense threat landscape is the increasing professionalization of cybercriminals and the trend towards cybercrime-as-a-service offerings. In addition, attackers are increasingly using artificial intelligence (AI) to create malicious code or phishing campaigns cheaply and quickly – every second company is already worried about AI-supported attacks.

The figures underline the need for increased protective measures and closer cooperation between industry and authorities in the area of cybersecurity.

The Top IT Security Topics in August:

German economy: Cyberattacks cause damage amounting to 179 billion euros

According to a recent study by the industry association Bitkom, attacks on the German economy are increasing massively. 8 out of 10 companies have been affected by data theft, espionage or sabotage in the past twelve months. The total costs amount to a record loss of around 267 billion euros, with 67 percent of the costs attributable to cyberattacks (178.6 billion euros).

Cyberattack on an automotive supplier

The German automotive supplier Optibelt was the victim of an attack that disrupted the company's IT systems and led to production restrictions. In response, Optibelt has set up a task force to gradually restore the systems and is working with external IT forensic experts to investigate the incident and improve security.

IBM study: Costs of data breaches reach new high  

In Germany, the average cost of a data leak has risen to 4.9 million euros per case this year. This corresponds to an increase of 14 percent and represents a new high. Worldwide, the increase is 10 percent, according to the latest IBM study “Cost of a Data Breach Report 2024”.

European Privacy Seal: GDPR certification is on its way

With the “European Privacy Seal” (EuroPriSe) certificate, companies in Europe will in future be able to prove the conformity of their order processing with the requirements of the General Data Protection Regulation. “GDPR certification contributes to proof of compliance efforts and to greater transparency and trust,” says the European Data Protection Board (EDPB).

Uber faces multi-million fine for illegal data transfer to the USA

The ride-hailing service provider Uber is to pay a fine of 290 million euros because the company illegally transferred personal data of European users to the USA. The Dutch Data Protection Authority accuses Uber of violating the General Data Protection Regulation (GDPR) by transferring data without adequate safeguards to a country without an equivalent level of data protection.

CPU vulnerability “Sinkclose” affects systems with AMD processors  

Security researchers have discovered a serious security vulnerability in hundreds of millions of AMD processors that can be misused as a gateway for malware – without extensive modification of the firmware. The vulnerability, dubbed “Sinkclose”, affects at least all CPU models from the past ten years, up to and including the Ryzen 7000 series.

Critical security flaws at British nuclear power plant operator

The operator of the Sellafield nuclear plant admits massive failures in cybersecurity. 75 percent of the plant's servers were vulnerable to cyberattacks. This was revealed as part of the investigation into the incidents at Westminster Court in London. According to the Guardian, data on the operator's servers was unprotected for four years. In addition, Sellafield claimed to have carried out critical IT security checks, which in reality had not taken place.

Universities are working on AI-based attack detection

The Saxony-Anhalt CyberSecurity Network, consisting of Harz University of Applied Sciences, Martin Luther University Halle-Wittenberg and Otto von Guericke University Magdeburg, has received new funding from the European Regional Development Fund (ERDF) to develop IT security solutions for public institutions and SMEs. One focus of the project is the use of AI to detect cyberattacks at network level.

Possible cyberattack disrupts Seattle airport and port

Travelers in Seattle are being asked to do as much pre-flight activity as possible from home after a cyberattack left Seattle-Tacoma International Airport without internet and web systems. The Port of Seattle, which includes the airport, released a statement warning of system outages indicating a possible cyberattack. Due to the incident, some airlines had to manually sort more than 8,000 pieces of luggage and issue handwritten boarding passes.

Cyberattack on plant manufacturer Schlatter

Schlatter Industries AG was the victim of a cyberattack with malware that compromised the company's IT network. The company responded with security measures and involved internal and external security experts as well as the relevant authorities. A detailed investigation of the incident is underway to identify possible data leaks and restore the systems.

Attack on oilfield service provider: operational disruptions at Halliburton

The oilfield services provider Halliburton is struggling with the consequences of a cyberattack. As a precautionary measure, several of the company's systems were shut down to investigate the incident. The attack locked employees out of their systems. According to the news agency Reuters, the attack was mainly limited to business operations on the company's campus in north Houston and some internal networks. The exact extent of the damage is still unclear.

Ransomware kills dairy cow

Due to a ransomware infection, a Swiss farmer was no longer able to read the data from his milking robots in real time. As the systems also record the animals' vital data, a medical emergency could only be detected at a late stage. This led to the death of a pregnant dairy cow.

UN Convention on Combating Cybercrime adopted  

The relevant United Nations ad hoc committee has launched a convention to combat cybercrime. It is intended to be the first legally binding instrument worldwide to take action against the increasing crime in cyberspace at international level. The UN General Assembly is expected to adopt the draft before the end of this year.

Security check: Baden-Württemberg advises SMEs on cybersecurity  

The state of Baden-Württemberg has launched a cybersecurity advisory service for small and medium-sized enterprises (SMEs). The “CyberSicherheitsCheck für KMU” is designed to help companies identify specific areas where action is needed to improve their cybersecurity. After the initial consultation, which lasts around one hour, those seeking help receive an assessment of their current security status.

New standards for post-quantum cryptography published

The U.S. National Institute of Standards and Technology (NIST) has published new encryption standards designed to address the threat of quantum computing and AI-based attacks. The new standards are called ML-KEM (Kyber), ML-DAS (Dilithium) and SLH-DAS (Sphinx+).

Bremen expands cooperation with the BSI

The Free Hanseatic City of Bremen wants to cooperate more closely with the Federal Office for Information Security (BSI) in the future. Over the next few years, joint efforts will be concentrated in ten specific areas – for example, the targeted exchange of cybersecurity information or measures to raise public awareness.

Why public authorities should implement external protection infrastructure

The use of external protection infrastructure enables public administration organizations to scale their business processes while benefiting from a high level of cybersecurity expertise. By outsourcing to specialist service providers, internal resources are freed up, allowing an increased focus on the core business.

Myra Cybersecurity Report H1 2024

The new Cybersecurity Report H1 2024 from Myra provides IT decision-makers with a comprehensive overview of current trends and challenges in the field of cybersecurity. Find out more about cyberattacks on critical infrastructure, threats to web applications, DDoS threat insights, the challenge of NIS-2 and the opportunities and risks associated with AI.