14. Coinbase
When: May
What happened?
Cybercriminals attempted to extort this cryptocurrency firm to the tune of $20m after bribing and recruiting a group of rogue overseas support agents to steal Coinbase customer data.
Who nominated it, and why?
This attack caught the eye of Chorus MD Nicola Saner due to the eye-watering financial damage Coinbase sustained.
Although the cryptocurrency giant resolutely opted not to pay the $20m ransom demanded, it estimated that the ransomware attack could end up costing it up to $400m.
Channel takeaway:
The Coinbase attack highlights the threat from “insider risk” channel partners must now help customers navigate, Saner argued.
“Our understanding from public records seems to suggest that a third-party contractor had staff who were simply ‘paid’ to hand over credentials and access,” Saner said.
“For companies which operate globally or with offshore support desks in particular, this highlights additional risks which may need to be considered.”
13 cyber-attacks were considered more significant by our leadership panel. See next page for more…
