Costa Rica Battles Cybersecurity Threat as Ransomware Attack Disrupts Financial Institutions

Costa Rican President Declares State of Emergency Amidst Widespread Ransomware Attacks

In a sudden move, Costa Rican President Rodrigo Chaves declared a state of emergency after weeks of devastating ransomware attacks that have crippled the country’s financial institutions. The Russian-based Conti gang has claimed responsibility for the attack, prompting the US Department of State to offer a $10 million reward for information leading to the capture of key leadership members.

The Attack: A Devastating Blow to Costa Rica’s Financial Sector

The ransomware attack has disrupted automatic payment services, forcing civil servants to apply for their salaries via email or in person. Foreign trade has also been severely impacted, with import and export logistics collapsing due to the shutdown of tax and customs systems.

Motives Behind the Attack Unclear

The motives behind the attack are unclear, with some speculating that Costa Rica’s decision to support Ukraine in its conflict with Russia may have played a role. Others believe the attackers were motivated by financial gain or a desire to disrupt Costa Rica’s presidential election.

Experts Warn of a New Trend: Smaller Countries Vulnerable to Cyberattacks

However, experts warn that this attack may be just the beginning of a new trend, as smaller countries with limited resources and capacity for retaliation become increasingly vulnerable to cyberattacks.

Analysis of Leaked Files Reveals Extent of Damage

Ransomware analyst Brett Callow has analyzed leaked files from the Costa Rican Finance Ministry and concluded that the data is genuine. Conti’s extortion site claims to have published 50% of the stolen data, including sensitive information from institutions’ databases.

Response and Recovery Efforts Underway

As the situation continues to unfold, experts are urging caution and providing resources for those affected by the attack. The US Department of State has offered a $5 million reward for information leading to the arrest and conviction of individuals conspiring to participate in or attempting to participate in Conti variant ransomware incidents.

President Chaves: “We Are at War” with the Attackers

In response to the attack, President Chaves declared that his country is “at war” with the attackers, emphasizing the gravity of the situation. As Costa Rica works to recover from this devastating cyberattack, it remains unclear how long it will take to restore systems and services, or what measures will be taken to prevent future attacks.

Key Points:

• The Costa Rican government has refused to pay the demanded $20 million ransom.
• Automatic payment services have been halted, and civil servants are forced to apply for their salaries via email or in person.
• Foreign trade has been severely impacted, with import and export logistics collapsing due to the shutdown of tax and customs systems.
• The motives behind the attack are unclear, but experts warn that this may be a new trend for smaller countries vulnerable to cyberattacks.
• The US Department of State is offering rewards for information leading to the capture of key leadership members and the arrest and conviction of individuals conspiring to participate in Conti variant ransomware incidents.