On January 14, 2022, the Russian Federal Security Service detained members of the REvil ransomware group at the request of the United States, according to public press reports.
As we previously reported, REvil is accused of staging numerous attacks on major companies and organizations, including against JBS S.A. and Kaseya. On November 8, 2021, law enforcement agencies in the U.S. and the European Union announced a series of actions against REvil, including indictments and arrests.
The latest law enforcement action against REvil in Russia reportedly involved raiding the homes of over a dozen REvil members and seizing approximately $7 million in various currencies, crypto wallets and vehicles.
These actions come on the heels of reports that, in July 2021, President Biden threatened consequences against Russia if it failed to take action against ransomware gangs such as REvil.
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In today’s digital world, data breaches due to vendor failures are becoming increasingly common, often resulting in costly fallout. While insurance can provide a safety net, the interaction between cyber insurance and vendor contracts is crucial for effective recovery and risk management. Vendor contracts should not be treated as mere formalities but as vital frameworks that contain specific, detailed provisions regarding data security obligations to ensure accountability and minimize vulnerabilities.
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