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Fourlis Group Confirms €20 Million Loss from IKEA Ransomware Attack

 

Fourlis Group, the retail operator responsible for IKEA stores across Greece, Cyprus, Romania, and Bulgaria, has revealed that a ransomware attack targeting its systems in late November 2024 led to significant financial losses. The cyber incident, which coincided with the busy Black Friday shopping period, disrupted critical parts of the business and caused damages estimated at €20 million (around $22.8 million). 

The breach initially surfaced as unexplained technical problems affecting IKEA’s e-commerce platforms. Days later, on December 3, the company confirmed that the disruptions were due to an external cyberattack. The attack affected digital infrastructure used for inventory restocking, online transactions, and broader retail operations, mainly impacting IKEA’s business. Other brands under the Fourlis umbrella, including Intersport and Holland & Barrett, were largely unaffected.  

According to CEO Dimitris Valachis, the company experienced a loss of approximately €15 million in revenue by the end of 2024, with an additional €5 million impact spilling into early 2025. Fourlis decided not to comply with the attackers’ demands and instead focused on system recovery through support from external cybersecurity professionals. The company also reported that it successfully blocked a number of follow-up attacks attempted after the initial breach. 

Despite the scale of the attack, an internal investigation supported by forensic analysts found no evidence that customer data had been stolen or exposed. The incident caused only a brief period of data unavailability, which was resolved swiftly. As part of its compliance obligations, Fourlis reported the breach to data protection authorities in all four affected countries, reassuring stakeholders that personal information remained secure. Interestingly, no known ransomware group has taken responsibility for the attack. This may suggest that the attackers were unable to extract valuable data or are holding out hope for an undisclosed settlement—though Fourlis maintains that no ransom was paid. 

The incident highlights the growing risks faced by digital retail ecosystems, especially during peak sales periods when system uptime is critical. As online platforms become more central to retail operations, businesses like Fourlis must invest heavily in cybersecurity defenses. Their experience reinforces the importance of swift response strategies, external threat mitigation support, and robust data protection practices to safeguard operations and maintain customer trust in the face of evolving cyber threats.

Ransomware Attacks Surge in Q1 2025 as Immutable Backup Emerges as Critical Defense

Ransomware attacks have seen a dramatic rise in the first quarter of 2025, with new research from Object First revealing an 84% increase compared to the same period in 2024. This alarming trend highlights the growing sophistication and frequency of ransomware campaigns, with nearly two-thirds of organizations reporting at least one attack in the past two years. 

The findings suggest that ransomware is no longer a matter of “if” but “when” for most businesses. Despite the increased threat, Object First’s study offers a silver lining. A large majority—81% of IT decision-makers—now recognize that immutable backup storage is the most effective defense against ransomware. Immutable storage ensures that once data is written, it cannot be changed or deleted, offering a critical safety net when other security measures fail. This form of storage plays a key role in enabling organizations to recover their data without yielding to ransom demands. 

However, the report also highlights a concerning gap between awareness and action. While most IT professionals acknowledge the benefits of immutable backups, only 59% of organizations have actually implemented such storage. Additionally, just 58% maintain multiple copies of their data in separate locations, falling short of the recommended 3-2-1 backup strategy. This gap leaves many companies dangerously exposed. The report also shows that ransomware actors are evolving their methods. A staggering 96% of organizations that experienced ransomware attacks in the last two years had their backup systems targeted at least once. Even more concerning, 10% of them had their backup storage compromised in every incident. 

These findings demonstrate how attackers now routinely seek to destroy recovery options, increasing pressure on victims to pay ransoms. Many businesses still place heavy reliance on traditional IT security hardening. In fact, 61% of respondents believe this approach is sufficient. But ransomware attackers are adept at bypassing such defenses using phishing emails, stolen credentials, and remote access tools. That’s why Object First recommends adopting a “breach mentality”—an approach that assumes an eventual breach and focuses on limiting damage. 

A Zero Trust architecture, paired with immutable backup, is essential. Organizations are urged to segment networks, restrict user access to essential data only, and implement multi-factor authentication. As cloud services grow, many companies are also turning to immutable cloud storage for flexible, scalable protection. Together, these steps offer a stronger, more resilient defense against today’s aggressive ransomware landscape.

Why Securing Online Accounts is Critical in Today’s Cybersecurity Landscape

 

In an era where cybercriminals are increasingly targeting passwords through phishing attacks, data breaches, and other malicious tactics, securing online accounts has never been more important. Relying solely on single-factor authentication, such as a password, is no longer sufficient to protect sensitive information. Multi-factor authentication (MFA) has emerged as a vital tool for enhancing security by requiring verification from multiple sources. Among the most effective MFA methods are hardware security keys, which provide robust protection against unauthorized access.

What Are Hardware Security Keys?

A hardware security key is a small physical device designed to enhance account security using public key cryptography. This method generates a pair of keys: a public key that encrypts data and a private key that decrypts it. The private key is securely stored on the hardware device, making it nearly impossible for hackers to access or replicate. Unlike SMS-based authentication, which is vulnerable to interception, hardware security keys offer a direct, offline authentication method that significantly reduces the risk of compromise.

Hardware security keys are compatible with major online platforms, including Google, Microsoft, Facebook, GitHub, and many financial institutions. They connect to devices via USB, NFC, or Bluetooth, ensuring compatibility with a wide range of hardware. Popular options include Yubico’s YubiKey, Google’s Titan Security Key, and Thetis. Setting up a hardware security key is straightforward. Users simply register the key with an online account that supports security keys. For example, in Google’s security settings, users can enable 2-Step Verification and add a security key.

Once linked, logging in requires inserting or tapping the key, making the process both highly secure and faster than receiving verification codes via email or SMS. When selecting a security key, compatibility is a key consideration. Newer devices often require USB-C keys, while older ones may need USB-A or NFC options. Security certifications also matter—FIDO U2F provides basic security, while FIDO2/WebAuthn offers advanced protection against phishing and unauthorized access. Some security keys even include biometric authentication, such as fingerprint recognition, for added security.

Prices for hardware security keys typically range from $30 to $100. It’s recommended to purchase a backup key in case the primary key is lost. Losing a security key does not mean being locked out of accounts, as most platforms allow backup authentication methods, such as SMS or authentication apps. However, having a secondary security key ensures uninterrupted access without relying on less secure recovery methods.

Maintaining Strong Online Security Habits

While hardware security keys provide excellent protection, maintaining strong online security habits is equally important. This includes creating complex passwords, being cautious with email links and attachments, and avoiding oversharing personal information on social media. For those seeking additional protection, identity theft monitoring services can offer alerts and assistance in case of a security breach.

By using a hardware security key alongside other cybersecurity measures, individuals can significantly reduce their risk of falling victim to online attacks. These keys not only enhance security but also ensure convenient and secure access to their most important accounts. As cyber threats continue to evolve, adopting advanced tools like hardware security keys is a proactive step toward safeguarding your digital life.

Smart Meter Privacy Under Scrutiny as Warnings Reach Millions in UK

 


According to a campaign group that has criticized government net zero policies, smart meters may become the next step in "snooping" on household energy consumption. Ministers are discussing the possibility of sharing household energy usage with third parties who can assist customers in finding cheaper energy deals and lower carbon tariffs from competitors. 

The European watchdog responsible for protecting personal data has been concerned that high-tech monitors that track households' energy use are likely to pose a major privacy concern. A recent report released by the European Data Protection Supervisor (EDPS) states that smart meters, which must be installed in every home in the UK by the year 2021, will be used not only to monitor energy consumption but also to track a great deal more data. 

According to the EDPS, "while the widespread rollout of smart meters will bring some substantial benefits, it will also provide us with the opportunity to collect huge amounts of personal information." Smart meters have been claimed to be a means of spying on homes by net zero campaigners. A privacy dispute has broken out in response to government proposals that will allow energy companies to harvest household smart meter data to promote net zero energy. 

In the UK, the Telegraph newspaper reports that the government is consulting on the idea of letting consumers share their energy usage with third parties who can direct them to lower-cost deals and lower carbon tariffs from competing suppliers. The Telegraph quoted Neil Record, the former economist for the Bank of England and currently chairman of Net Zero Watch, as saying that smart meters could potentially have serious privacy implications, which he expressed concerns to the paper. 

According to him, energy companies collect a large amount of consumer information, which is why he advised the public to remain vigilant about the increasing number of external entities getting access to household information. Further, Record explained that, once these measures are authorized, the public would be able to view detailed details of the activities of households in real-time. 

The record even stated that the public might not fully comprehend the extent to which the data is being shared and the possible consequences of this access. Nick Hunn, founder of the wireless technology consulting firm WiFore, also commented on the matter, highlighting the original intent behind the smart meter rollout, He noted that the initiative was designed to enable consumers to access their energy usage data, thereby empowering them to make informed decisions regarding energy consumption and associated costs. Getting to net zero targets will be impossible without smart meters. 

They allow energy companies to get real-time data on how much energy they are using and can be used to manage demand as needed. Using smart meters, for instance, households will be rewarded for cutting energy use during peak hours, thereby reducing the need for the construction of new gas-fired power plants. Energy firms can also offer free electricity to households when wind energy is in abundance. Using smart meters as a means of controlling household energy usage, the Government has ambitions to install them in three-quarters of all households by the end of 2025, at the cost of £13.5 billion. 

A recent study by WiFore, which is a wireless technology consulting firm, revealed that approximately four million devices are broken in homes. According to Nick Hunn, who is the founder of the firm: "This is essentially what was intended at the beginning of the rollout of smart meters: that consumers would be able to see what energy data was affecting them so that they could make rational decisions about how much they were spending and how much they were using."

U.S. soldier linked to BSNL data breach: Arrest reveals cybercrime

 

The arrest of Cameron John Wagenius, a U.S. Army communications specialist, has unveiled potential connections to a significant data breach targeting India’s state-owned telecom provider, BSNL. The breach highlights the global reach of cybercrime networks and raises concerns about the security of sensitive data across continents. 

Wagenius, stationed in South Korea, was apprehended on December 20, 2023, for allegedly selling hacked data from U.S. telecom companies. According to cybersecurity experts, he may also be the individual behind the alias “kiberphant0m” on a dark web marketplace. In May 2023, “kiberphant0m” reportedly attempted to sell 278 GB of BSNL’s critical data, including subscriber details, SIM numbers, and server snapshots, for $5,000. Indian authorities confirmed that one of BSNL’s servers was breached in May 2023. 

While the Indian Computer Emergency Response Team (CERT-In) reported the intrusion, the identity of the perpetrator remained elusive until Wagenius’s arrest. Efforts to verify the hacker’s access to BSNL servers through Telegram communication and sample data proved inconclusive. The breach exposes vulnerabilities in telecom providers’ security measures, as sensitive data such as health records, payment details, and government-issued identification was targeted. 

Additionally, Wagenius is accused of selling call records of prominent U.S. political figures and data from telecom providers across Asia. The arrest also sheds light on Wagenius’s links to a broader criminal network led by Connor Riley Moucka. Moucka and his associates reportedly breached multiple organizations, extorting millions of dollars and selling stolen data. Wagenius’s involvement with this network underscores the organized nature of cybercrime operations targeting telecom infrastructure. 

Cybersecurity researchers, including Allison Nixon of Unit 221B, identified Wagenius as the individual behind illicit sales of BSNL data. However, she clarified that these activities differ from state-sponsored cyberattacks by groups such as Salt Typhoon, a Chinese-linked advanced persistent threat actor known for targeting major U.S. telecom providers. The case has also exposed challenges in prosecuting international cybercriminals. Indian authorities have yet to file a First Information Report (FIR) or engage with U.S. counterparts on Wagenius’s case, limiting legal recourse. 

Experts suggest leveraging international treaties and cross-border collaboration to address such incidents. As the investigation unfolds, the breach serves as a stark reminder of the growing threat posed by insider actions and sophisticated cybercriminal networks. It underscores the urgent need for robust data protection measures and international cooperation to counter cybercrime.

T-Mobile Thwarts Cyberattack Amid Growing Telecom Threats

 

Between September and November, T-Mobile successfully defended against a cyberattack attributed to the Chinese state-sponsored group Salt Typhoon. Unlike previous incidents, this time, no data was compromised. However, the attack highlights growing cybersecurity vulnerabilities in the U.S. telecom sector. 

The Federal Bureau of Investigation (FBI) has identified nine telecom carriers targeted by cyberattacks, with Verizon, AT&T, and Lumen among the known victims. The identity of the ninth carrier remains undisclosed. Hackers reportedly accessed SMS metadata and communication patterns from millions of Americans, including high-profile figures such as presidential candidates and government officials. 

While China denies any involvement in the cyberattacks, its alleged role in the breach underscores the persistent threat of state-sponsored cyber espionage. Though the attackers did not obtain classified information, they managed to collect substantial data for analyzing communication patterns, fueling concerns over national security. 

In response, the Federal Communications Commission (FCC) is weighing penalties for carriers that fail to secure their networks. The agency is also considering a ban on China Telecom operations within the United States. Additionally, the U.S. government has advised citizens to use encrypted telecom services to bolster their privacy and security. 

Senator Ben Ray Luján called the Salt Typhoon incident one of the most significant cyberattacks on the U.S. telecom industry. He stressed the urgent need to address vulnerabilities within national infrastructure to prevent future breaches. 

Anne Neuberger, Deputy National Security Advisor, highlighted the inadequacy of voluntary cybersecurity measures. The FCC is now working on a proposed rule requiring telecom companies to submit annual cybersecurity reports, with penalties for non-compliance. The rule aims to make it harder for hackers to exploit weak networks by encouraging stronger protections.  

Neuberger also emphasized the importance of network segmentation to limit the damage from potential breaches. By isolating sections of a network, companies can contain attackers and reduce the scope of compromised data. She cited a troubling example where a single administrative account controlling 100,000 routers was breached, granting attackers widespread access. 

The FCC’s proposed rule is expected to be voted on by January 15. If passed, it could mandate fundamental security practices to protect critical infrastructure from cyberattacks by adversarial nations. 

The telecom industry’s repeated exposure to breaches highlights the necessity of robust security frameworks and accountability measures. As hackers evolve their tactics, stronger regulations and proactive measures are essential to safeguarding sensitive data and national security. By adopting stricter cybersecurity practices, telecom companies can mitigate risks and enhance their resilience against state-sponsored threats.

AMD Systems Vulnerability Could Threaten Encrypted Data Protection

 


There has been an announcement of a new technique for bypassing key security protections used in AMD chips to gain access to the clients of those services. Researchers believe that hackers will be able to spy on clients through physical access to cloud computing environments. Known as the "badRAM" security flaw, it has been described as a $10 hack that undermines the trust that the cloud has in it. 

This vulnerability was announced on Tuesday. Like other branded vulnerabilities, this vulnerability is being disclosed on a website with a logo and will be explained in a paper to be presented at next May's IEEE Symposium on Security and Privacy 2025. 

There is an increasing use of encryption in today's computers to protect sensitive data in their DRAM, especially in shared cloud environments with multiple data breaches and insider threats, which are commonplace. The Secure Encrypted Virtualization (SEV) technology of AMD enables users to protect privacy and trust in cloud computing by encrypting the memory of virtual machines (VMs) and isolating them from advanced attackers, including those who compromise critical infrastructure like the virtual machine manager and firmware, which is a cutting-edge technology. 

According to researchers, AMD's Secure Encrypted Virtualization (SEV) program, which protects processor memory from prying eyes in virtual machine (VM) environments, is capable of being tricked into letting someone access the contents of its encrypted memory using a test rig which costs less than $10 and does not require additional hardware. It is important to note that AMD is among the first companies to leverage the capabilities of chipset architecture to improve processor performance, efficiency, and flexibility. 

It has been instrumental in extending and building upon Moore's Law performance gains and extending them further. As a result of the firm's research, performance gains under Moore's Law have been extended and built upon, and the company announced in 2018 that the first processor would have a chipset-based x86 CPU design that was available. Researchers at the University of Lübeck, KU Leven, and the University of Birmingham have proposed a conceptually easy and cheap attack called “BadRAM”. 

It consists of a rogue memory module used to trick the CPU into believing that it has more memory than it does. Using this rogue memory module, you get it to write its supposedly secret memory contents into a "ghost" space that is supposed to contain the hidden memory contents. In order to accomplish this task, researchers used a test rig anyone could afford to buy, composed of a Raspberry Pi Pico, which costs a couple of dollars, and a DIMM socket for DDR4/5 RAM modules. 

The first thing they did was manipulate the serial presence detection (SPD) chip within the memory module so that it would misreport the amount of memory onboard when the device was booted up – the “BadRAM” attack. Using reverse engineering techniques to locate these memory aliases, they had access to memory contents by bypassing the system's trusted execution environment (TEE), as this created two physical addresses referencing the same DRAM location. 

According to the CVE description, the issue results from improper input validation of DIM SPD metadata, which could potentially allow an attacker with certain access levels to overwrite guest memory, as the issue is described as a result of improper input validation. It has been deemed a medium severity threat on the CVSS, receiving a 5.3 rating owing to the high level of access that a potential attacker would need to engage to successfully exploit the problem. 

According to AMD, the issue may be a memory implementation issue rather than a product vulnerability, and the barriers to committing the attack are a lot higher than they would be if it were a software product vulnerability. AMD was informed of the vulnerability by the researchers in February, which has been dubbed CVE-2024-21944, as well as relates specifically to the company’s third and fourth-generation EPYC enterprise processors. According to AMD’s advisory, the recommendation is to use memory modules that lock SPD and to follow physical security best practices. 

A firmware update has also been issued, although each OEM's BIOS is different, according to AMD. As the company has stated on several occasions, it will make mitigations more prominent in the system; there is specific information on the condition of a Host OS/Hypervisor, and there is also information available on the condition of a Virtual Machine (Guest) to indicate that mitigation has been applied.

The AMD company has provided an in-depth explanation of the types of access an attacker would need to exploit this issue in a statement given to ITPro, advising clients to follow some mitigation strategies to prevent the problem from becoming a problem. The badRAM website states that this kind of tampering may occur in several ways — either through corrupt or hostile employees at cloud providers or by law enforcement officers with physical access to the computer. 

In addition, the badRAM bug may also be exploited remotely, although the AMD memory modules are not included in this process. All manufacturers, however, that fail to lock the SPD chip in their memory modules, will be at risk of being able to modify their modules after boot as a result of operating system software, and thus by remote hackers who can control them remotely. 

According to Recorded Future News, Oswald has said that there has been no evidence of this vulnerability being exploited in the wild. However, the team discovered that Intel chips already had mitigations against badRAM attacks. They could not test Arm's modules because they were unavailable commercially. An international consortium of experts led by researchers from KU Leuven in Belgium; the University of Luebeck in Germany; and the University of Birmingham in the United Kingdom conducted the research.

Amazon Fined for Twitch Data Breach Impacting Turkish Nationals

 

Türkiye has imposed a $58,000 fine on Amazon for a data breach that occurred on its subsidiary, Twitch, in 2021. The breach exposed sensitive personal information of thousands of Turkish citizens, drawing scrutiny from the country’s Personal Data Protection Board (KVKK). The incident began when an anonymous hacker leaked Twitch’s entire source code, along with personally identifiable information (PII) of users, in a massive 125 GB torrent posted on the 4chan imageboard. The KVKK investigation revealed that 35,274 Turkish nationals were directly affected by the leak. 

As a result, KVKK levied fines totaling 2 million lira, including 1.75 million lira for Amazon’s failure to implement adequate preemptive security measures and 250,000 lira for not reporting the breach in a timely manner. According to the regulatory body, Twitch’s risk and threat assessments were insufficient, leaving users’ data vulnerable to exploitation. The board concluded that the company only addressed the vulnerabilities after the breach had already occurred. Twitch, acquired by Amazon in 2014 for $970 million, attempted to minimize concerns by assuring users that critical login credentials and payment information had not been exposed. The company stated that passwords were securely hashed with bcrypt, a strong encryption method, and claimed that systems storing sensitive financial data were not accessed. 

However, the leaked information still contained sensitive PII, leading to significant privacy concerns, particularly for Turkish users who were impacted. The motivation behind the hack was reportedly ideological rather than financial. According to reports from the time, the hacker expressed dissatisfaction with the Twitch community and aimed to disrupt the platform by leaking the data. The individual claimed their intent was to “foster more disruption and competition in the online video streaming space.” While this rationale highlighted frustrations with Twitch’s dominance in the industry, the data breach had far-reaching consequences, including legal action, reputational damage, and increased regulatory scrutiny. Türkiye’s actions against Amazon and Twitch underline the growing importance of adhering to local data protection laws in an increasingly interconnected world. 

The fines imposed by KVKK serve as a reminder that global corporations must ensure compliance with regional regulations to avoid significant penalties and reputational harm. Türkiye’s regulations align with broader trends, as data privacy and security become critical components of global business practices. This incident also underscores the evolving nature of cybersecurity challenges. Hackers continue to exploit vulnerabilities in popular platforms, putting pressure on companies to proactively identify and address risks before they lead to breaches. As regulatory bodies like KVKK become more assertive in holding companies accountable, the need for robust data protection frameworks has never been more urgent. The Twitch breach also serves as a case study for the importance of transparency and swift response in the aftermath of cyberattacks. 

While Twitch’s reassurances regarding encrypted data helped mitigate some concerns, the lack of prompt reporting to Turkish authorities drew criticism. Companies handling large amounts of user data must prioritize both preventive measures and clear communication strategies to regain user trust after incidents. Looking forward, the Twitch data breach highlights the necessity for all companies—especially those managing sensitive user data—to invest in proactive cybersecurity strategies. As hackers grow increasingly sophisticated, businesses must adopt a forward-thinking approach to safeguard their platforms, comply with local laws, and ensure users’ privacy remains uncompromised.