'Valuable information for cyber criminals': Expert weighs in on recent cyberattacks

A cybersecurity expert is weighing in on recent cyberattacks on Federated Co-op Ltd. (FCL), among others.

Ethical hacker Terry Cutler told CTV News the market for information is growing, increasing the appetite for hacking.

“Their goal is to take this data and sell it on the dark web,” Cutler said. “Then reuse that data and target more people.”

In recent weeks, Saskatchewan residents have felt the effects of sweeping outages from an alleged cyberattack on FCL.

In an update Wednesday, FCL said they are investigating what data was targeted in the incident.

“If the investigation determines that data was in fact compromised, as previously stated, we will take appropriate action,” FCL spokesperson Brad DeLorey said in a response to CTV News.

FCL noted the attack has been contained. 

It adds to a growing list of cybersecurity events.

Thousands of car dealerships across the country are still recovering after an attack in late June, while Saskatchewan Liquor and Gaming Corp. and the Regina Public School Division also fell victim in the past few years.

A University of Maryland study found more than 2,200 cyberattacks happen every day. That’s one every 39 seconds.

Many are on larger corporations.

“They have a lot of personal information,” Cutler explained. “It’s supplier lists, data, maybe some analytics of how to properly optimize their businesses.”

“It’s very valuable information for cybercriminals,” he added.

• Get the CTV News app for Saskatchewan breaking news alerts and top stories 

However, when it comes to ease of target, smaller businesses could also be in the crosshairs to a cyberattack.

The Insurance Information Institute says one in 10 small businesses fall victim to a cyber incident each year.

“Hackers know small to medium sized businesses don’t have the time, money or resources to deal with cybersecurity,” Cutler said. “They’re the number one target.”

Despite an increase in events, Cutler suggested some very simple ways the public can ensure they don’t become a part of the carnage.

“New cybercrimes and phishing emails are very, very, very difficult to spot,” he said. “Awareness training is key.”

“Be aware of the latest fraud scams to watch out for,” Cutler added.

It may be as easy as changing a password.

“A lot of people have lousy passwords that can be decoded in minutes,” Cutler said. “You need to be on your toes.”