The Biggest Corporate Hacks of 2021
Connect with us

Datastream

The Biggest Corporate Hacks of 2021

Published

on

The following content is sponsored by Global X ETFs.

Global X BUG ETF

The Biggest Corporate Hacks of 2021

Businesses are a prime target for cybercriminals, regardless of their size, industry, or location.

In this graphic sponsored by Global X ETFs, we’ve visualized the largest corporate hacks of 2021, as measured by ransom size. The full list is also tabulated below.

VictimCountryIndustryAmount paid or requested (USD millions)
MicrosoftU.S.TechnologyUndisclosed
Kia MotorsSouth KoreaAutomotive$20M*
BombardierCanadaAviationUndisclosed
CNA FinancialU.S.Financial Services$40M
Harris FederationUKEducation$8M*
Colonial PipelineU.S.Energy$4.4M
BrenntagGermanChemicals$4.4M
JBSCanadaFood$11M
KaseyaU.S.Technology$70M*
AccentureU.S.Technology$50M*
AcerTaiwanTechnology$50M*

*Requested but not paid in full. Source: Microsoft (2021), CRN (2021)

Continue reading below for details on some of these extraordinary hacks.

Energy: Colonial Pipeline Co.

The Colonial Pipeline ransomware attack was the largest ever cyberattack on an American oil infrastructure target.

On May 7, hackers took down the company’s billing system and threatened to release stolen data if a ransom was not paid. During negotiations, the company halted its pipelines, resulting in gas shortages across the Southeastern United States.

It’s been reported that Colonial Pipeline promptly paid a ransom of $4.4 million in bitcoin (based on prices at the time). The FBI managed to retrieve some of these bitcoins, but their exact method was not revealed.

Technology: Accenture

Accenture, one of the world’s largest IT consultants, fell victim to a ransomware attack in August of 2021. While this may seem ironic, it further proves that any business, regardless of industry, can be susceptible to hackers.

“There was no impact on Accenture’s operations, or on our client’s systems. As soon as we detected the presence of this threat, we isolated the affected servers.”
– Accenture spokesperson

The hack was traced back to LockBit, which claims to have stolen several terabytes of data from Accenture’s servers. A $50 million ransom was demanded, though it’s unknown whether the company actually made any payments.

Automotive: Kia Motors

Kia’s American business fell victim to a ransomware attack in February by a group called DoppelPaymer. Hackers threatened to release stolen data within 2 to 3 weeks if a ransom of $20 million (in bitcoin) was not paid.

This hack affected various systems including the Kia Owner Portal, Kia Connect (a mobile app for Kia owners), and internal programs used by dealerships. This also prevented buyers from picking up their new cars.

Kia denied it was hacked, but the timing of the ransom note and Kia’s service outages was suspicious. According to the FBI, DoppelPaymer has been responsible for numerous attacks since 2020. Victims include U.S. police departments, community colleges, and even a hospital in Germany.

Food: JBS

JBS, one of the world’s largest meat processing companies, experienced disruptions at its North American facilities in May. Shortly after, the company confirmed it had paid hackers a ransom of $11 million in bitcoin.

“This was a very difficult decision to make for our company and for me personally.”
– Andre Nogueira, CEO, JBS USA

This attack, along with the Colonial Pipeline hack, represents an alarming trend of critical industries being targeted. For context, JBS claims it has an annual IT budget of over $200 million, and employs over 850 IT personnel globally. The group responsible for this attack is known as REvil, a now defunct hacker group based in Russia.

Increased Spending on the Menu

The rising frequency and sophistication of corporate hacks is a major threat to the world. In fact, recent research from PricewaterhouseCoopers has highlighted that 69% of businesses predict a rise in future cybersecurity spending.

The Global X Cybersecurity ETF is a passively managed solution that can be used to gain exposure to the rising adoption of cybersecurity technologies. Click the link to learn more.

Subscribe to Visual Capitalist
Click for Comments

Datastream

Visualizing the Five Drivers of Forest Loss

Approximately 15 billion trees are cut down annually across the world. Here’s a look at the five major drivers of forest loss. (Sponsored)

Published

on

drivers of forest loss

The Briefing

  • On average, the world loses more than 20 million hectares of forests annually.
  • Agriculture and commodity-driven deforestation each account for approximately a quarter of annual forest loss.

Visualizing the Five Drivers of Forest Loss

The world has lost one-third of its forests since the ice age, and today, approximately 15 billion trees are cut down annually.

Forests are wellsprings of biodiversity and an essential buffer against climate change, absorbing billions of tonnes of carbon dioxide emissions every year. Yet, forest loss continues to grow.

The above infographic sponsored by Carbon Streaming Corporation highlights the five primary drivers behind forest loss.

Deforestation vs. Degradation

‘Forest loss’ is a broad term that captures the impacts of both permanent deforestation and forest degradation. There is an important distinction between the two:

  • Permanent deforestation: Refers to the complete removal of trees or conversion of forests to another land use (like buildings), where forests cannot regrow.
  • Forest degradation: Refers to a reduction in the density of trees in the area without a change in land use. Forests are expected to regrow.

Forest degradation accounts for over 70% or 15 million hectares of annual forest loss. The other 30% of lost forests are permanently deforested.

Driving factorCategoryAverage annual forest loss (2001-2015, million hectares)
Commodity-driven deforestationPermanent deforestation5.7
UrbanizationPermanent deforestation0.1
Forestry productsForest degradation5.4
Shifting agricultureForest degradation5
WildfiresForest degradation4.8
TotalN/A21

Commodity-driven deforestation, which includes removal of forests for farming and mining, is the largest driver of forest loss. Agriculture alone accounts for three-fourths of all commodity-driven deforestation, where forests are often converted into land for cattle ranches and plantations.

The harvesting of forestry products like timber, paper, pulp, and rubber accounts for the largest share of forest loss from degradation. This process is often managed and planned so that forests can regrow after the harvest.

Shifting agriculture and wildfires each account for around 5 million hectares or one-fourth of annual forest loss. In both cases, forests can replenish if the land is left unused.

Urbanization—the conversion of forests into land for cities and infrastructure—is by far the smallest contributor, accounting for less than 1% of annual forest loss.

How Much Carbon Do Forests Absorb?

The world’s forests absorbed nearly twice as much carbon dioxide (CO2) as they emitted between 2001 and 2019, according to research published in Nature.

On a net basis, forests sequester 7.6 billion tonnes of CO2 equivalent (CO2e) annually, which equates to around 15% of global CO2e emissions. As the impacts of climate change intensify, protecting forests from deforestation and degradation is increasingly critical.

Carbon Streaming Corporation accelerates climate action through carbon credit streams on REDD+ projects that protect the Earth’s forests. Click here to learn more now.

Where does this data come from?

Source: Our World in Data

Continue Reading

Datastream

Ranked: Top 10 Foreign Policy Concerns of Americans

As the world’s superpower, the U.S. has major influence in world events. Which foreign policy concerns stand out for Americans?

Published

on

america's foreign policy

The Briefing

  • Political leanings aside, terrorism remains a top issue of concern for Americans
  • Previous top issues, such as disinformation and U.S.–China relations, now rank lower

In the United States, there is a distinct difference on top foreign policy concerns between Democrats and Republicans.

This chart uses data from Morning Consult to assess the top policy concerns of Americans.

The Top Concerns

Overall, the average American is most concerned about terrorism, immigration, and drug trafficking. Interestingly, this list corresponds with the concerns of the average Republican, though falling in a different order.

Meanwhile, Democrats are chiefly worried about climate change, another global pandemic, and terrorism.

Here’s a breakdown of the policy concerns at large and across political parties.

Overall Rank with AmericansForeign Policy ConcernShare of Voters Listing it as a Top ConcernShare of Democrats Listing it as a Top ConcernShare of Republicans Listing it as a Top Concern
#1Terrorism49%38%62%
#2Immigration43%22%67%
#3Drug trafficking43%30%59%
#4Cyberattacks39%35%40%
#5Climate change38%54%17%
#6Preventing a global economic crisis32%33%31%
#7Securing critical supply chains30%27%34%
#8Preventing another global pandemic30%38%22%
#9Russia's invasion of Ukraine27%33%21%
#10Protecting human rights globally25%31%18%
#11Preventing disinformation24%29%21%
#12U.S.-China relations24%19%31%
#13Iran nuclear deal21%19%24%
#14Upholding democracy globally15%22%8%

Notably, the concern around U.S.-China relations ranks considerably low, as does preventing disinformation. Upholding democracy worldwide ranks extremely low with Republicans.

America’s Foreign Policy

Along party lines, the results are not surprising. Democrats skew towards multilateralism and want to engage with foreign bodies and other countries to tackle global issues. Republicans are generally more concerned with what’s happening at home.

Looking at the country as a whole and its relations with other nations, however, Americans lean more towards an America-first focus. According to Morning Consult, 39% of registered voters want to decrease U.S. involvement in other countries’ affairs, whereas 20% want to increase it; 30% want to keep the status quo.

Here’s a closer look at Americans’ desire to get involved in a variety of foreign policy initiatives:

IssueIncrease EffortsDecrease EffortsNeither
Overseas Troop Deployment21%37%30%
Trade and Tariffs41%15%29%
Involvement with International Organizations35%21%32%
Resolution of Military Disputes38%16%33%
Resolution of Economic Disputes43%13%31%

As of October 2022

The U.S. Midterm Elections

With midterm elections underway, America’s foreign policy may not be the most important factor for voters. Pew Research Center found that in these congressional elections, foreign policy only ranked 12th among other key issues considered “very important” by registered voters.

The top five concerns of voters in these midterms are:

  1. The economy
  2. The future of democracy within the U.S.
  3. Education
  4. Healthcare
  5. Energy policy

Regardless, the U.S. has a massive impact in foreign affairs and the results of the country’s midterm elections will likely cause a ripple effect globally. If Republicans win the House—which is looking extremely likely—and the Senate, President Biden’s foreign policy initiatives and priorities could be drastically restricted.

Where does this data come from?

Source: Morning Consult

Data notes: This ranking is made using the share of registered U.S. voters who identified the given issue as a top 5 concern for the country. For example, only 30% of registered voters said securing critical supply chains was a top 5 concern which is why it’s #7, whereas 43% said immigration was a top concern, ranking it at #2.

Continue Reading

Subscribe

Popular