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<ul><li>Cognizant first-quarter earnings were in the green but worst is yet to come with the full impact of the ransomware attack on its systems to be reflected in the coming quarters.</li><li>Management explained that there are multiple costs — including legal and consulting — associated with the investigation. </li><li>Even now, Cognizant expects that it will take at least until the end of the month to completely restore its systems.</li></ul>Cognizant’s first-quarter earnings were in the green, up by 3.5% in constant currency terms, but the shadow of the Maze ransomware attack on the company’s network still looms large. “We do anticipate the revenue and corresponding margin impact to be in the range of $50 to $70 million for the quarter [Q2],” said Cognizant’s Chief Financial Officer (CFO) Karen McLoughlin during the earnings call. <div type="Article" hostid="261" msid="75616476" title="Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year" mstype="2" mssubtype="0"></div> “With the ransomware attack now contained… We are now substantially work from enabled,” added CEO Brian Humphries explaining that the vast majority of revenue impact will only be reflected in the next quarter’s earnings and continue to bear down in the coming year. “[The] ongoing remediation cost will institute through subsequent quarters,” he said. The issue with ransomware attacks, in comparison to other malware, is that the impact goes beyond mere monetary compensation. The company’s reputation takes a hit, clients back out and there’s a huge opportunity cost while security experts try to get systems back online. “We expect to incur certain legal, consulting and other costs associated with the investigation, service restoration and remediation of the breach,” explained McLoughlin. It’s going to take till the end of the month for Cognizant to completely get its systems back online and fully functional, according to Humphries. The ripple effects of a ransomware attack Cognizant isn’t the only company to get hit by Maze ransomware. The malicious software has been blamed for extorting a number of large organisations in the past year. However, the attack on Cognizant is likely the most prolific till date. “Unlike its predecessors, the group behind Maze ransomware delivered on its promises in late 2019 — more than once,” said global cybersecurity company Kaspersky. For instance, in November, when Allied Universal refused to pay up, the criminals <a href="https://www.bleepingcomputer.com/news/security/allied-universal-breached-by-maze-ransomware-stolen-data-leaked/">leaked 700MB of internal data online</a> including contracts, termination agreements, digital certificates, and more. The blackmailers said they had published just 10% of what they had stolen and threatened to make the rest available publicly if the target did not cooperate. <div type="Article" hostid="261" msid="75271532" title="Cognizant's ransomware attack is making peers like TCS and Infosys nervous — and they are beefing up security" mstype="2" mssubtype="0"></div> For an IT services company like Cognizant, there’s a ripple effect that goes beyond simply paying the ransom. In addition to locking the company’s files behind a bitcoin paywall — sensitive information was stolen like targets for mergers and acquisitions, profit and loss reports, as well as medical records. “Ransomware attacks often rely on victims making a few basic mistakes that are often quite uncomfortable to confront,” explains Paul Ducklin, the Principal Research Scientist at Sophos. And, as is the case with most blackmail, paying the blackmailers doesn’t necessarily ensure that information won’t be leaked. All you have is a pinky promise from a bad-faith actor that they will keep their word — and Cognizant’s clients seemed to be aware of this little complication. “Some clients opted to suspend access to their networks. Billing was therefore impacted for a period of time, yet the cost of staffing projects remained on our books,” said Humphries. The approach that hackers take is called ‘steal, lock and inform’ because they understand the impact this will have on the company’s reputation. “The attack encrypted some of the internal systems, effectively defaming them and we proactively took other systems offline,” added Humphries. There’s no reset button, there’s no way to get the information back and it takes time to determine how much data has been lost since attackers erase any directories or back-ups a company may have in place. “Backing up data is just a hygiene step that needs to be taken by every data storing facility mandatorily, however it is not enough,” said Saurabh Sharma, a Senior Security Researcher for Kaspersky. See also: <a href="https://www.businessinsider.in/business/news/cognizant-q1-net-falls-16-7-pc-to-usd-367-mn-sees-challenging-demand-environment-in-2020/articleshow/75616476.cms">Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year</a> <a href="https://www.businessinsider.in/business/news/lockdown-hyundai-rolls-out-200-vehicles-from-chennai-plant-on-first-day-of-resuming-operations/articleshow/75642579.cms">Hyundai rolls out 200 vehicles from Chennai plant on first day of resuming operations</a> <a href="https://www.businessinsider.in/india/news/coranavirus-cases-in-punjab-news-and-updates/articleshow/74771047.cms">Punjab board to promote class 10 students without final exams due to Covid-19 crisis</a>

The Cognizant Maze ransomware saga will show its full impact for many months to come

<ul><li>US-based Grubman Shire Meiselas &amp; Sacks, which manages celebrities like <keyword id="1655" type="PERSON" weightage="20" keywordseo="Priyanka-Chopra">Priyanka Chopra</keyword>, Drake, <keyword id="15313" type="PERSON" weightage="20" keywordseo="Madonna">Madonna</keyword> and many others, has been the victim of a <keyword id="9211816" type="UNKNOWN" weightage="20" keywordseo="revil-ransomware">REvil ransomware</keyword> attack. </li><li>The law firm has confirmed the breach and cybersecurity firm Emisoft claims the hackers posted evidence of data theft on the dark web.</li><li>Cybersecurity experts told Business Insider that ransomware attacks are now a ‘double-barrelled weapon’ and having mitigation policies in place is the only way to prevent them.</li></ul>After reports of a <keyword id="6465154" type="UNKNOWN" weightage="20" keywordseo="ransomware-attack">ransomware attack</keyword> on leading IT company Cognizant, hackers have now breached the US-based Grubman Shire Meiselas &amp; Sacks law firm. It manages cases for several prominent celebrities — including Priyanka Chopra, <keyword id="6358169" type="UNKNOWN" weightage="20" keywordseo="Lady-GaGa">Lady Gaga</keyword>, Drake, Madonna, Jessica Simpson, Bruce Springsteen and several others. “REVil, also known as Sodin or Sodinokibi, isn’t just operating on the old-school ransomware model of ‘scramble your files and offer to sell you back the decryption key’. The latest trend in ransomware attacks is to use a double-barrelled weapon that gives victims two reasons to pay up,” said Paul Ducklin, the Principal Research Scientist at Sophos. In March, operators of REvil ransomware <a href="https://nakedsecurity.sophos.com/2020/03/23/stolen-data-of-company-that-refused-revil-ransom-payment-now-on-sale/">published over 12 GB of data</a> that allegedly belongs to one of its victims – Brooks International – after they refused to pay the ransom. “You need to hand it over to the experts for a forensic investigation. They will be able to determine what is jeopardized, what is not erased. They will take over potentially communicating with the attackers after they understand the depth of the attack,” Cyberproof President Yuval Wollman, the former Director General of the Israeli Intelligence Ministry— who has been working with customers who were affected, can potentially be targets of ransomware — told Business Insider. Emisoft told <a href="https://variety.com/2020/digital/news/entertainment-law-firm-hacked-data-breach-lady-gaga-madonna-bruce-springsteen-1234602737/">Variety</a> that the evidence of the 756-gigabyte (GB) data theft was posted via a forum on the dark web. The treasure trove of information including contracts, nondisclosure agreements, phone numbers, email addresses and personal correspondence. “Today we see attackers taking advantage of the new normality,” said Wollman. Digital blackmail — to pay or not to pay? The basis of the ransomware attack is not unlike conventional blackmail, except that its online. The hackers steal information that can then be used to extort the victims for compensation, normally monetary in the form of bitcoins. The question then is whether or not the victims should pay up since all they have to go on is a pinky promise from a thief that they won’t release the data even after payment is made. “My recommendation would be, do not communicate directly with the hacker. This is exactly why you have security teams, whether it’s an in-house team or a combination of the IT security team in collaboration with an external partner,” said Wollman. The cybercriminals behind the REvil ransomware attack are threatening to release the data stolen from Grubman Shire Meiselas &amp; Sacks in nine instalments. “The crooks quietly upload huge troves of so-called ‘trophy data’ that they use to blackmail anyone who is hesitant to pay up,” said Ducklin. “In other words, the financial extortion is no longer just a “kidnap ransom” to get your files back, but also a blackmail demand to stop the crooks leaking your data – or, worse still, your customers’ data – to the world,” he explained. Prevention is better than the cure Right now, <a href="http://www.gsmlaw.com/">Grubman Shire Meiselas &amp; Sacks</a> website is nothing more than their logo. Even though the law firm has confirmed the hack, they are yet to disclose how much of their data has been lost for good. While backing up data is a good mitigation strategy, it’s not full-proof, according to Wollman. “Ransomware attacks that steal masses of data first, and where the crooks carefully learn their way around your network, very often leave telltale signs that someone is hanging around where they shouldn’t,” said Ducklin. “Crooks who pull off all-your-network-at-once attacks can afford to spend time probing for any existing holes they know about. Make it harder for them by patching known bugs as soon as you can,” he explained. In the case of Cognizant, the ransomware attack was initiated by Maze — another cybercrime gang — using a phishing email, according to Wollman. The source of the ransomware attack on Grubman Shire Meiselas &amp; Sacks is still unknown. The issue with such attacks is that it’s not only the firm or the company that’s put at risk but also its customers. The information that’s stolen can lead to identity theft, impersonation and a number of other fraudulent activities. They serve as important reminders for companies to stay on their toes and not take cybersecurity lightly. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/experts-explain-the-legal-and-moral-pitfalls-in-aarogya-setu-app-despite-the-governments-insistence-that-a-protocol-has-been-put-in-place/articleshow/75690239.cms">Experts explain the legal and moral pitfalls in Aarogya Setu app ⁠— despite the government’s insistence that a protocol has been put in place</a> <a href="https://www.businessinsider.in/tech/news/twitter-just-told-employees-they-can-work-from-home-permanently/articleshow/75703049.cms">Twitter just told employees they can work from home permanently</a> <a href="https://www.businessinsider.in/entertainment/news/ellen-degeneres-reportedly-once-called-steve-jobs-to-complain-about-her-iphone-she-just-lives-in-an-incredibly-privileged-bubble/articleshow/75681999.cms">Ellen DeGeneres reportedly once called Steve Jobs to complain about her iPhone: 'She just lives in an incredibly privileged bubble'</a>

Ransomware attack puts Priyanka Chopra, Lady Gaga, Madonna and other celebrities’ data at risk — and REvil hackers are known to follow through on their threats

<ul><li>The Maze <keyword id="6465154" type="UNKNOWN" weightage="20" keywordseo="ransomware-attack">ransomware attack</keyword> on <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> workers will have an impact on its revenue and operations in the coming year, according to the company filings with the Securities and Exchange Commission (SEC) in the US.</li><li>The attack has put <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> like Infosys, Wipro and Tata Consultancy Services (TCS) on alert to continuously monitor their own systems.</li><li>According to Infosys’ chief operating officer, the ransomware attack had nothing to do with working from home. The same attack could have just as easily occurred even if employees were working from an office.</li><li>Other ways to exploit the systems, like phishing and malware, are a greater risk to a network when working from home.</li></ul>The Fortune 500 company <a href="https://www.businessinsider.in/tech/news/cognizant-hit-by-maze-ransomware-service-disrupted-for-some-clients/articleshow/75234787.cms">Cognizant</a> was the victim of a ransomware attack last week on Friday, April 17. This has put Indian IT companies like Infosys on high alert. Even though cybercriminals seem to have become more active during the coronavirus lockdown, working from home isn’t the primary issue. It’s about ensuring that networks have advanced threat protection and that they’re continuously monitored for breaches. “We have looked at our own networks and found out that our networks are secure. We’ve invested in advanced protection software which has been deployed at all the endpoints and across the networks,” said <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-q4-2020-revenue-dividend-profit-and-margins/articleshow/75252356.cms">Pravin Rao</a>, the chief operating officer of Infosys, during the fourth-quarter earnings call on April 20. Tata Consultancy Services (<a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">TCS</a>) has shifted from the concept of offshore development centres (ODCs) to secure borderless workspaces (<a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">SBWS</a>). It is also looking into solutions that can help its employees work from home without compromising on security. However, that was already in the works even before news of the Cognizant ransomware broke. "We rejigged our cyber security posture, and all our project management practices and systems to ensure that proper work allocation, work monitoring and reporting continued, so that the high quality and delivery certainty that our customers have come to expect from us was never compromised," TCS CEO Rajesh Gopinathan explained during the company's earnings call on April 16. The ransomware may hit Cognizant’s revenue, according to company filings made with the US Securities and Exchange Commission (<a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&amp;CIK=0001446811&amp;owner=exclude&amp;count=40&amp;hidefilings=0">SEC</a>). Not only did the attack have an immediate impact, but continues to cause disruption in parts of its business processes. The Maze ransomware has been around for less than a year, but its damage to businesses and government has only escalated. Ransomware attacks don’t have anything to do with working from home Those behind Maze are known to target IT support companies in the past as well. In October last year, it tried to infiltrate a management service provider (MSP) in Italy by impersonating the Italian Revenue Agency via email, according to a report by Proofpoint. Experts believe this may have been an attempt to gain backdoor access to the MSPs, so that the ransomware could be pushed out to their clients. With the coronavirus pandemic, more employees than ever are working from home. Across the board — for Infosys, HCL Technologies, Wipro and TCS — more than 90% of their employees are working from home. However, working from home isn’t what is making the networks weaker. The same could have just as easily occurred even when employees were working from offices, according to Rao. “Whatever has happened with this ransomware threat, it has nothing to do with work from home. If I look at the vulnerability, it could have happened anywhere irrespective of work from home because it exploited a particular version of a product,” Rao said. IT giants are beefing up their own security Ransomware is persistent enough to attack anywhere but that doesn’t mean that there’s a greater risk to a network when working from home. “Work from home may have a higher impact, less from a security perspective, but more from phishing attacks than data leaks. Security breaches can happen even when you’re working from the office,” said Rao. Last week, between April 13 and April 19, hackers attacked businesses over 22 million times, according to data compiled with Atlas VPN. There were at least 2 million attacks on average per day. During the last 30 days, cybercriminals have tried to infiltrate corporate networks nearly 100 million times. Wipro was already a <a href="https://www.businessinsider.in/wipro-phishing-attack-computer-system-hacked/articleshow/68918449.cms">victim of one such phishing attack</a> in April last year when employee accounts were used to gain access to customer information. “Successful ongoing cyber resilience will require the strategic alignment of cyber strategies with incident response, business continuity and disaster recovery planning. We’ve got to involve the entire enterprise — from the front office to back,” said Akhilesh Tuteja, co-leader of global <keyword id="6361948" type="UNKNOWN" weightage="20" keywordseo="cybersecurity">cybersecurity</keyword> at KPMG International. Going forward, businesses will need to invest more in cybersecurity, both on having the right tools as well as the right manpower in place. Business-driven risk scenarios are currently lacking, according to a KPMG report on key cybersecurity considerations for 2020. Companies’ operating model needs to be in line with cybersecurity. Not only is that important for IT service companies to keep their networks and revenues secure but also maintain trust with their clients. Note: Story was edited to add TCS CEO Rajesh Gopinathan quote from earnings call. See also: <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-q4-2020-revenue-dividend-profit-and-margins/articleshow/75252356.cms">Infosys’ revenue, profit and margin in the red as Coronavirus sweeps over the global economy</a> <a href="https://www.businessinsider.in/tech/news/cognizant-hit-by-maze-ransomware-service-disrupted-for-some-clients/articleshow/75234787.cms">Cognizant hit by Maze ransomware, service disrupted for some clients</a> <a href="https://www.businessinsider.in/business/news/companies-might-look-to-bring-in-a-new-set-of-workforce-after-covid-19-crisis-bots/articleshow/75263915.cms">Companies might look to bring in a new set of workforce after COVID-19 crisis — bots</a>

Cognizant's ransomware attack is making peers like TCS and Infosys nervous — and they are beefing up security

New Delhi, At least 61 entities from the Asia Pacific (APAC) region were breached by a targeted <keyword id="10424866" type="UNKNOWN" weightage="20" keywordseo="ransomware-group">ransomware group</keyword> in 2020, <keyword id="10424865" type="UNKNOWN" weightage="20" keywordseo="global-cybersecurity-company-kaspersky">global cybersecurity company Kaspersky</keyword> has revealed. Also dubbed as "Ransomware 2.0", this type of attack goes beyond keeping a company's or an organization's data hostage. These groups are now utilizing the increasingly valued <keyword id="2820782" type="PERSON" weightage="20" keywordseo="digital-reputation">digital reputation</keyword> to force their prey to pay a hefty ransom. Australia and India logged the highest number of incidents across APAC, the company said. "Targeted ransomware has been a problem for many Asian enterprises. Over 61 companies were breached this way in Asia alone. In some cases, the Maze ransomware gang claimed responsibility and published stolen data from the compromised companies," Vitaly Kamluk, Director of <keyword id="2650255" type="COMPANY" weightage="20" keywordseo="Global-Research-and-Analysis-Team">Global Research and Analysis Team</keyword> (GReAT) for APAC at Kaspersky, said in a statement. In terms of industries, Kaspersky's data showed that organizations that were breached belonged to sectors including the light industry, including the manufacturing of clothes, shoes, furniture, consumer electronics, and home appliances; public service; media and technology, heavy industry; consulting; finance and logistics. "Pressure tactic is a serious threat to public and private organizations. This attack plays on companies' digital reputation as it threatens to divulge data of a breached entity, compromising its security and its name at the same time," Kamluk added. Kamluk noted that digitalization has birthed different pressure points for a company. Earlier, enterprises' main concerns only included business continuity and, depending on the industry, government regulation. Now, surviving in the era of the digital reputation economy means that they should also be aware of business trust -- with their partners and customers -- as well as public opinion. A recent survey conducted by Kaspersky showed that 51 percent of users in APAC agree that a company's online reputation is essential. Almost half also admitted that they avoid companies who were involved in a scandal or had received negative news coverage online. To stay ahead of their enemies, organizations need to make backups, simulate attacks, and prepare an action plan for disaster recovery, Kamluk said. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/dos-and-donts-during-solar-eclipse-surya-grahan/articleshow/76436997.cms">The do’s and don’ts of a Solar Eclipse — here what you need to know to protect yourself</a> <a href="https://www.businessinsider.in/science/space/news/solar-eclipse-december-2020-time-date-everything-you-need-to-know/articleshow/79697355.cms">The total solar eclipse and its 'diamond rings' won't be visible in India on December 14</a>

Ransomware 2.0 breaches 61 companies across the Asia-Pacific —India and Australia log the highest number of incidents

<ul><li>The tech major expects a $50 million to $70 million hit in the ongoing quarter due to the ransomware attack.</li><li>The management projected margins to remain below 16-17% in 2020. </li><li>Cognizant shares are down 17.80% from the recent peak on February 6. They have under-performed the Nasdaq which is down 0.66% year to date. </li></ul>IT major Cognizant has reported a 16.7% drop in its March quarter net income at $367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic. Cognizant follows January-December as financial year. Its net profit was at $441 million in the March 2019 quarter. In 2020, the company plans to continue investments in developing digital skills and wants to hire about 20,000 entry-level hires to adjust the employee cost structure. 41% of the first-quarter revenue came from digital services and they grew by 19% compared to the same time last year. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/cognizant-ransomware-attack-impact-to-get-worse-in-q2-and-coming-quarters/articleshow/75644164.cms" data-type="tilCustomLink" target="_blank">The Cognizant Maze ransomware saga will show its full impact for many months to come</a> The US-headquartered company, which has about 2 lakh employees based in India, had previously withdrawn its FY20 guidance amid uncertainties on account of COVID-19 pandemic. Cognizant shares are down 17.80% from the recent peak on February 6. They have under-performed the Nasdaq which is down 0.66% year to date. The quarterly revenue was at $4.2 billion, up 2.8% (3.5% rise in constant currency) from the year-ago period. "We executed well in what was a challenging quarter, and posted our strongest quarterly signings since 2017," <keyword id="7606578" type="UNKNOWN" weightage="20" keywordseo="Cognizant-CEO-Brian-Humphries">Cognizant CEO Brian Humphries</keyword> said. The company projected margins to remain below 16-17% in 2020. The second quarter (April-June 2020) including a $50-70 million impact due to the Maze ransomware attack, apart from business demand uncertainty and increased costs due to the COVID-19 pandemic. "Since becoming aware of the attack, the company has taken decisive actions to remediate the threat while keeping clients regularly informed. The company believes these measures enabled it to continue its operations in a timely and secure manner," it said. Cognizant noted that since over 60% of its business is in financial services and healthcare, it is less exposed to some of the hardest hit industries, including travel, hospitality, retail and automotive. Coronavirus-related disruptions reduced revenue in March, reflecting delays in project fulfillment as Cognizant rapidly enabled the shift to work-from-home capabilities across its delivery teams. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-follows-tcs-and-infosys-lead-says-50-of-its-employees-will-work-from-home-even-after-the-lockdown-is-lifted/articleshow/75593968.cms" data-type="tilCustomLink" target="_blank">HCL Tech follows TCS and Infosys' lead — says 50% of its employees will work from home even after the lockdown is lifted</a> <a href="https://www.businessinsider.in/tech/news/sudhir-krishnaswamy-on-facebook-oversight-board-which-will-control-controversial-content-on-facebook-and-instagram/articleshow/75593282.cms" data-type="tilCustomLink" target="_blank">Meet the Indian on Facebook's oversight board which will police content on Facebook and Instagram</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms" data-type="tilCustomLink" target="_blank">TCS CEO says the business model is 20 years old — hinting that it may be time to go employee-lite</a>

Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year

New Delhi, May 8 () IT services major Cognizant on Friday said it anticipates the revenue and corresponding margin impact of the ransomware attack, reported in April, to be in the range of USD 50-70 million in the second quarter. Last month, Cognizant had said it has become a victim of the 'Maze' ransomware attack that has caused disruptions to some of its clients. It had said it is in communication with clients and had provided them with indicators of compromise (IOCs) and other technical information of a defensive nature. "...the ransomware attack in April negatively impacted our work-from-home enablement schedule. As a result of this ransomware attack, our Q2 revenue and margins will both be negatively impacted," Cognizant CFO Karen McLoughlin said during an investor call. McLoughlin said while the revenue impact related to this issue is expected to be largely resolved by the middle of the quarter, the company anticipates the revenue and corresponding margin impact to be in the range of USD 50 million to USD 70 million for the quarter. "Additionally, we expect to incur certain legal, consulting and other costs associated with the investigation, service restoration and remediation of the breach," she said. Cognizant CEO Brian Humphries said the attack has been contained. "...the attack encrypted some of our internal systems, effectively disabling them, and we proactively took other systems offline. This disruption included both, select system supporting our work-from-home enablement such as VDI and the provisioning of laptops that have been expected to further increase our work-from-home capabilities in April," he explained. Humphries said in the wake of the ransomware attack, some clients had opted to suspend Cognizant's access to their networks. "Billing was therefore impacted for a period of time, yet the cost of staffing these projects remained on our books...following the containment of the ransomware attack, we have meaningfully progressed in addressing the concerns of clients that have suspended our access to their networks. We expect to substantially complete this by the end of the month," he added. Speaking to , Humphries said no clients have been lost on account of the incident. "On the contrary, a number of the clients have said the manner in which we managed (the situation), it gives them even more confidence in Cognizant because we were extremely client-centric throughout and very communicative. So sometimes in times like this, you can actually strengthen your relationship with clients," he said. Asked if the company will consider work-from-home (WFH) as a practice in the long term, Humphries said the company's first priority is the health and safety of its associates. "In the weeks and months ahead, I think what we'll see is, of course, societies around the world, including in India, determining when to free up social distancing and lockdowns. "Part of our responsibility as a leadership team is to contemplate future workplace environments and be prepared for the return of employees safely to the new reality," he said. He added that experiencing work from home environment can allow companies to retain more employees, and foster a more diverse workforce (especially women employees). "So, there are some positives to work from home environment, but we also need to understand what the new rules are," he said, adding that it will be important to see how WFH functions in a non-lockdown environment. Humphries said there had been no material impact on account of transitioning to WFH, and in fact, the March quarter was big from bookings perspective. Cognizant has reported a revenue growth of 2.8 per cent (3.5 per cent rise in constant currency) to USD 4.2 billion in the March quarter, and said it expects a challenging demand environment throughout 2020 amid the coronavirus outbreak. Cognizant, which follows the January-December financial year, had previously withdrawn its FY20 guidance amid uncertainties on account of the pandemic. Humphries said the company remains confident that its strong business mix, balance sheet and liquidity will help it weather the storm. He said since over 60 per cent of Cognizant's business is in financial services and healthcare, it is less exposed to some of the hardest hit industries like travel, hospitality, retail and automotive. Also, a majority of its business comes from North America, which tends to be more resilient in overseas markets. "We feel very good about our position, we know we can weather the storm, and we will continue to hire in India as evidenced by the 20,000 hiring commitment we've made, as well as other key initiatives," he said. In 2020, the company plans to continue investments in developing digital skills, build the commercial team, and correct the employee pyramid by onboarding about 20,000 entry-level hires. The company also aims to significantly decrease other costs including corporate overhead, travel, marketing, relocations and non-commercial lateral hires, it said. SR ABMABM

Cognizant expects revenue, margin impact of ransomware attack to be USD 50-70 mn in Q2

Omar Marques/SOPA Images/LightRocket via Getty Images<ul class="summary-list"><li>Ransomware gangs have recently posted highly sensitive documents they have stolen from companies, including classified business information, a confidential diagram from a defense contractor, and documents related to power plants. </li><li>Some of the business documents discuss multi-billion-dollar strategies, key vulnerabilities, and deals of Fortune 50 firms.</li><li>The recent tactic of releasing data as well as locking it up with encryption turns up the heat on victims of ransomware, a $170 billion global problem. </li><li>Once ransomware has struck an organization it has few good options - experts urge them not to pay for release of their information - and now they also face the release of confidential information. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Cybercriminals are hitting businesses with a ruthless new trend in ransomware - public dumps of the companies' highly sensitive documents, including some with national security implications and others that lay out classified vulnerabilities of Fortune 50 firms.Documents from some of the biggest names in the industries of oil and gas, defense contracting, energy, and restaurants are present in the data dumps, as reviewed by Business Insider.According to Brett Callow, a researcher at the Japan-based cybersecurity firm Emsisoft, key documents were leaked after three recent ransomware attacks by well-known ransomware groups. Visser Precision, an aerospace parts manufacturer, was <a href="https://threatpost.com/doppelpaymer-ransomware-used-to-steal-data-from-supplier-to-spacex-tesla/153393/">hit by the DoppelPaymer ransom group</a>, which posted Visser's data relating to Lockheed Martin and other companies on a website the group created to pressure its ransomware victims. An international consulting firm was hit by the REvil ransomware group, which posted the consultants' data on Fortune 50 companies on its blog on the dark web, Emsisoft found. And the firm found an industrial power systems manufacturer was hit by the Maze ransomware group, which posted information about power plants' machinery on a website that group maintains. Ransomware attacks have traditionally locked up an organizations' computer systems by encrypting their data and making it inaccessible. The attacks are often triggered by employees clicking on links or attachments in "phishing" emails, which lure victims into engaging with messages made to look like important information. The recent attacks steal the documents as well as encrypting them, then post them to websites with threats to reveal even more if payment is not made soon.The documents, as reviewed by Business Insider, can be jaw-dropping in their sensitivity:<ul><li>Confidential consultant reports that describe Fortune 50 companies' greatest vulnerabilities and the risks in multi-billion-dollar deals. </li><li>Credit card information, tax records, and banking information for individuals and small towns. </li><li>Paperwork and diagrams related to the machinery, processes, staffing, and repair needs of power plants, including a nuclear power plant. </li></ul>This recent tactic has turned up the heat on organizations caught in a perilous dilemma: Pay criminals to release their data - which they often don't do, anyway - or suffer downtime as they try to bring their computer systems back up and reclaim their data. Now they have little time to find a solution, because the clock is ticking as their biggest secrets are slowly revealed to the world. One of the ransomware gangs recently added this message to a data dump that included passwords linked to Defense Department files:"Every day more and more information will be uploaded." <h2>Weapons plans posted publicly </h2>Early this month a ransomware gang posted data that included what appears to be a diagram from a large weapons project. The document, reviewed by Business Insider, includes the warning "DESTROY BY ANY METHOD THAT WILL PREVENT DISCLOSURE." The document says that it contains Lockheed Martin proprietary information. The defense contractor said it was "aware of the situation," which was a data dump of information from one of its suppliers, Visser Precision. Lockheed Martin said it was "following our standard response process for potential cyber incidents related to our supply chain. Lockheed Martin has made and continues to make significant investments in cybersecurity, and uses industry-leading information security practices to protect sensitive information." Visser said it "was the recent target of a criminal cybersecurity incident, including access to or theft of data. The company continues its comprehensive investigation of the attack, and business is operating normally."<h2>Risk to national security and Fortune 50 companies</h2>Cybersecurity analysts do not take these document leaks lightly. "The data that was stolen in these incidents could pose a risk to national security," says Callow, the threat researcher at Emsisoft who found the documents. "The data could be sold to foreign governments or possibly even simply downloaded by them. It is almost a given that other governments are monitoring these websites in case sensitive and usable information is posted."But Callow believes the cost to businesses could be a bigger and more widespread problem. Recent data dumps Callow has found that have been reviewed by Business Insider include confidential corporate guidance that consultants gave Fortune 50 companies in deals estimated at $12 billion and $20 billion. Some of the advice was later quoted by stock analysts after significant moves by the companies. <h2>In data dumps, clients' information is spilled, too </h2>"In data-exfiltration cases, it may not only be the victim company's own data that it is compromised, but also the data of its clients," Callow says. "This is a nightmare scenario for any business, especially as threat actors post stolen data."Callow believes companies have an obligation to disclose such attacks, and treat them as they would a data breach. "Incidents must be disclosed promptly to clients and business partners. A company that does not do so is exposing their clients and partners to risk and depriving them of the opportunity to devise a mitigatory strategy in response to the breach." But what should those strategies be? As Baltimore's painfully expensive experience shows, not paying can be a difficult approach. But paying ransoms encourages more attacks, experts say. <h2>No More Ransom Project offers tools - and hope</h2>The <a href="https://www.nomoreransom.org/en/index.html">No More Ransom Project</a>, an initiative by the Netherlands' police, Europol, and the cybersecurity companies Kaspersky and McAfee aims to help victims of ransomware retrieve their encrypted data without having to pay the criminals."We don't encourage payment, as it helps feed a vicious business model that impacts and damages society with devastating consequences," says Raj Samani, McAfee's chief scientist. "It's important to establish a working plan which you practice if or when you are a victim of ransomware. This means you want to be absolutely clear about the latest tactics, and your plan considers a possible escalation in hostilities." Forrester recently reported that most large companies are practicing how they respond to cyberattacks, and investing in expert guidance in this growing area. In a recent report, Forrester found that "62% of global enterprise security decision-makers indicated that they have implemented incident-response-as-a-service and a further 17% plan to do so in the next 12 months."<h2>A $170 billion global problem </h2>The costs can be staggering. Emsisoft found that In 2019, the US was hit by "an unprecedented and unrelenting barrage of ransomware attacks that impacted at least 966 government agencies, educational establishments and healthcare providers at a potential cost in excess of $7.5 billion" - just for those three sectors. <a href="https://blog.emsisoft.com/en/34822/the-state-of-ransomware-in-the-us-report-and-statistics-2019/">The company found</a> that a third of companies said they paid a ransom - even though payment, often through cryptocurrency, often does not buy them decryption of their data. Criminals often provide a faulty computer program "key" that doesn't release files, or no key at all. Payments average $84,000 apiece. But the ransom payments are often nothing compared to the cost of computer downtime, which Emsisoft estimated at $10,000 a day for organizations. The total cost of ransomware this year, <a href="https://blog.emsisoft.com/en/35583/report-the-cost-of-ransomware-in-2020-a-country-by-country-analysis/">Emsisoft estimates</a>, will be at least $9.3 billion for the US and $170 billion globally. <h2>Baltimore's painful - and expensive - lesson </h2>Perhaps no organization has felt the dilemma of whether to pay a ransom more keenly than the City of Baltimore. In May 2019, the city was hit with a ransomware attack demanding $76,000, and it decided not to pay - following the guidance of many cybersecurity companies. As recovery from the attacks dragged on, that decision cost the city at least $18.2 million in restoration costs and lost revenues, according to new research released Wednesday by Deloitte. The research found that ransomware attacks may be inevitable for many organizations, and governments in particular, and urged companies to practice ransomware situations. "Rehearse with a realistic scenario so that you're able to simulate the decisions that you might have to make," the Deloitte report says. "You don't want to be forced to decide under duress." Callow, the Emsisoft researcher who has made a study of the documents, says the most concerning thing about the documents is that "it could be that only less-sensitive data has been published so far. Were an actor to publish a company's 'crown jewels,' it would have far less incentive to pay to prevent the remaining data being published." <h3>NOW WATCH: <a href="https://www.businessinsider.com/salomon-recycles-shoes-ski-boots-2020-2">How running shoes can be recycled into ski boots</a></h3>

Ransomware gangs are posting highly-sensitive stolen documents to pressure victims to pay up, including classified reports on multi-billion-dollar strategies of Fortune 50 companies and other dangerous secrets

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Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year

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Cognizant expects revenue, margin impact of ransomware attack to be USD 50-70 mn in Q2

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Ransomware gangs are posting highly-sensitive stolen documents to pressure victims to pay up, including classified reports on multi-billion-dollar strategies of Fortune 50 companies and other dangerous secrets

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