Allianz warns of new threat – share weakens

Another target of attack are IT service providers whose systems are networked with a large number of computers in customer companies. In this way, cyber criminals could quickly install blackmail software on many computers from different companies, write the AGCS experts in their “Cyber ​​Report” published on Wednesday. Attacks on supply chains are the “next big trend”, said AGCS manager Jens Krickhahn.

Important government meeting

The governments are also alarmed. A two-day virtual meeting was to begin in Washington on Wednesday, at which representatives from over 30 countries wanted to discuss strategies against the steadily increasing cybercrime.

The main focus of the Washington meeting is on improving defensive skills. “It is important that the international community work together to ensure that critical infrastructures are resilient to malicious cyber activity (…) and that we strengthen our collective cyber defenses,” US government officials said. Russia is missing from the meeting. In recent years, US politicians have repeatedly accused the Russian government of cooperating with cyber criminals or of standing behind hacker groups themselves. Russia rejects that.

Number of attacks increased significantly

Because such ransomware attacks have already taken place several times in the past few months. In May, hackers paralyzed the systems of the US gasoline supplier Colonial Pipeline; The result was a temporary restriction of the gasoline supply on the east coast. This attack had a lot of political echo in the United States.

The AGCS experts expect the number of cases to continue to rise. Ransomware means that hackers encrypt the computers of the attacked companies and charge large sums for the release of the systems. A common method is to send emails with encryption software in an attached file to authorities and companies.

Increasing ransom demands

Both the damage and the sums required are getting higher and higher. Five years ago, “5,000, 6,000, 7,000 euros” were still being asked for online extortion cases, reported Krickhahn. In 2020 there were already claims of $ 30 million. “We are seeing $ 50 million in receivables these days.”

According to AGCS, the criminal boom is being promoted by the fact that hacker groups are now acting as service providers. “As an average IT-savvy person, you can actually go and rent ransomware attacks,” said Krickhahn. “In some cases, you get a hotline function.”

Not only would the extorted sums be higher, the effort to restore blocked systems would also become more expensive and time-consuming, according to the Cyber ​​Report. AGCS cites research that shows the cost of recovery and downtime for a blocked system has more than doubled since 2020, from an average of $ 761,000 to $ 1.85 million.

That’s what Allianz shares do

In the middle of the week, Allianz shares were recently trading around 1.8 percent weaker at 194.64 euros. The shares thus fell again below the 50-day line at EUR 196.48 and sent a sell signal. From a technical chart point of view, the share could now target the August low of 189.00 euros.

With material from dpa-AFX.

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