BlackMatter is ransomware-as-a-service tool that allows ransomware developers to profit from cybercriminal affiliates, such as BlackMatter actors, who deploy against victims. These actors have attacked numerous U.S. based organizations and have demanded ransom payments ranging from $80,000 to $15,000,000 in Bitcoin and Monero. BlackMatter may be a rebranded version of DarkSide which was seen to be very active from September 2020 – May 2021.
To reduce the risk of exposure to BlackMatter, CISA, the FBI and NSA recommend-
- Using strong passwords
- Implementing Multi-Factor Authentication
- Limiting access to resources over the network
- Employing privileged access
WHAT DOES THIS MEAN FOR ME?
As ransomware attackers continually become more sophisticated, you and your firm become more at risk. Follow expert recommendations and stay diligent.
Cybersecurity attacks expose the weak points of a company and put your client’s data at risk. To avoid being the next ransomware victim, it is important that any compliance gaps in your firm’s cybersecurity policies and procedures are addressed and that policies are tailored to the firm’s business practices and implemented in practical manner.
If your firm requires assistance with implementing cybersecurity programs to comply with industry best practices and regulatory expectations, Fairview Cyber can assist. We support registered investment advisers by creating and implementing comprehensive, sustainable cybersecurity programs with the help of our in-house regulatory experts.