Ransomware criminals have become highly adept at detecting victims’ problems. Healthcare facilities, schools, local governments, and critical infrastructures such as water treatment and fuel pipelines have all been targets. Criminal organizations with well-funded teams of developers have managed to turn ransomware into a lucrative business. Cyber attacks are also among the largest and most serious attacks in recent years. This article at CIO Insight by Devin Partida discusses the latest ransomware attacks and how an organization can bolster its security posture.
Victims of Latest Ransomware Attacks
Ransomware is an increasing threat to businesses of all sizes. Here are five of the latest attacks that provide valuable lessons:
MediaMarktKaseyaJBSColonial PipelineThe University of California at San Francisco
Lessons From the Recent Ransomware Attacks
In early November 2021, approximately 3,100 servers of Media Markt were hacked. The ransom demanded by Hive was initially $240 million but was later negotiated to $50 million. Thus, it signifies that small businesses are the target of cyberattacks since they lack substantial security resources.
In July 2021, Kaseya was hit by another ransomware attack. By infecting roughly 50 managed service providers that use Kaseya’s products, the attack trickled down to 1,500 organizations. Later the infamous REvil group demanded $70 million for the restoration of the damage. While Kaseya refused to pay the ransom, a third-party company developed a universal decryption key to resolve the situation. This incident sheds light on the importance of not paying the ransom and how service providers can become the link in spreading these attacks.
A ransomware attack disrupted five of JBS Foods’ primary plants on May 20, 2021. JBS chose to pay the $11 million ransom. The corporation claims it paid the ransoms to avoid additional disruptions. For instance, meat shortages in grocery stores and restaurants, despite security experts warning against it. Thus, the security measures for industrial technology should be at par with modern security because these increasing cyberattacks are difficult to undo.
This author also discusses two more ransomware events of Colonial Pipelines and The University of California at San Francisco.
To read the original article, click on https://www.cioinsight.com/security/recent-ransomware-attacks/
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