The recent cyberattack on approximately 40 French tourist spots, including the iconic Grand Palais, which hosting events for the Paris 2024 Olympics, has raised significant concerns about cybersecurity during the ongoing Olympic Games.

Occurring over the weekend of August 3-4, 2024, the attackers exploited the data processing systems of museum shops and boutiques across France, gaining unauthorised access to sensitive financial information. This incident has left many institutions vulnerable and exposed.

The Grand Palais, known for hosting fencing and martial arts events for the Olympics, confirmed that it was among the victims of the cyberattack.

The director of information systems for the Grand Palais discovered the breach on August 3, and the attackers have since demanded a ransom to be paid in cryptocurrency.

They have threatened to leak the collected financial data within 48 hours if their demands are not met. The specific details of the ransom amount and the type of cryptocurrency requested remain undisclosed, and it’s unclear whether any of the affected institutions plan to comply with the ransom demands.

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Bitcoin is responsible for around 98% of ransomware payments. Like other cryptocurrencies, Bitcoin enables cybercriminals to receive funds anonymously, making it challenging to trace transactions.

The recognition of Bitcoin as the primary currency of the Dark Web has made it a popular choice for cybercriminals. Its ease of use and wide acceptance make it the preferred cryptocurrency for threat actors, as they believe victims are more likely to comply and pay.

Although cyber threat actors occasionally demand alternative cryptocurrencies such as Monero and Zcash, which offer additional privacy features, these are exceptions to the norm.

The anonymity provided by Bitcoin and other cryptocurrencies has positioned them as the preferred method of payment for ransomware attacks and other cybercrimes.

French authorities have taken swift action in response to the cyberattack. The French Anti-Cybercrime Brigade (BL2C) has launched an investigation into what they describe as an attack on an automated data processing system, organised extortion, and criminal association with a view to committing a crime or offence punishable by five years’ imprisonment.

Additionally, the French National Agency for Information Systems Security (ANSSI) has been alerted to the situation and has reassured the public that the cyberattack does not affect the information systems crucial to the operation of the Olympic and Paralympic Games.

It’s worth noting that the museum shops targeted in the incident remain operational as of the time of reporting, and the Louvre Museum, which was initially reported to have been impacted, has since denied any involvement in the breach.

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This cyberattack is just one of several incidents that have occurred in the context of the Paris 2024 Olympic Games. French Prime Minister Gabriel Attal revealed in late July that nearly 70 cyberattacks linked to the Olympics had already been dealt with. This emphasises the growing threat of cyberattacks on major events and institutions around the world.

The recent attack serves as a sharp reminder of the vulnerabilities in the tourism and entertainment industry to such malicious activities. It reflects a growing trend where various sectors, including the gaming and tourism industry, have fallen victim to ransomware attacks.

These incidents highlight the need for enhanced cybersecurity measures and vigilance in protecting sensitive data and information systems.