Exagrid, a company that specialises in anti-ransomware, has paid a $2.6 Million ransom.
Exagrid, a data security firm based in the United States, has been the latest victim of a ransomware attack, which has cost the company nearly $3 million.
Conti ransomware hackers have infected Exagrid, a company that specialises in anti-ransomware and provides backup disc storage equipment.
The cybercriminals said they had hijacked and monitored the operation of their systems for over a month.
The original ransom was $7.5 million in Bitcoin for the decryption of 800GB of ‘important information’, but after negotiation – $2.6 million in Bitcoin was paid to the hackers for the decryption of the data, and to keep it quiet.
The attackers claimed to have obtained extremely sensitive material such as employee and client personal information, tax documents, non-disclosure agreements, and contracts.
Exagrid announced at the end of 2020 that they had received seven industry awards in the security industry and had a successful year with clients despite the pandemic.
What are the key points?
- While security software is an important tool for preventing cyber attacks, nothing can ensure complete security and it can impact any business
- Enable two separate security types or two-factor authentication in your system at all times
- Invest in a number of premium cyber security software tools and education for your company
- Be aware of any dodgy e-mails, or attachments
How popular are ransomware hacks?
Ransomware hacks have been a common occurrence in recent months.
Cyber-criminals prefer to target small and medium-sized businesses because they have fewer resources for effective security, making it easier for hackers to gain access to their systems. They do, however, see an opportunity to hack major companies in exchange for a higher ransom pay.
The US gasoline pipeline company ‘Colonial Pipeline’ was recently targeted by a ransomware cyber-attack, which halted oil flow. Colonial Pipeline is in charge of 2.5 million barrels per day, or 45 percent of the East Coast’s diesel, gasoline, and jet fuel supplies. Due to a lack of fuel in several gas stations around the country, prices in America have risen.
Ireland’s Health Service Executive were forced to close its hospitals IT systems down as a precaution to their cyber-attack this month. They were also forced to cancel appointments for patients including pregnant women, as their entire system was infected. As posting this, their systems are still currently disrupted as they refused to pay a $20 million ransom.
University cyber-attacks in the United Kingdom have also increased. Ransomware hacks have lately targeted the Universities of Herefordshire, Newcastle, and Northumbria, stealing data and disabling their network for several days till the ransom was paid. They’ve now put in place procedures to teach employees and students about basic security and how to deal with frequent threats.
Who do ransomware hackers target?
First when ransomware was introduced, it targeted the everyday regular person’s computer, with screen lockers and spyware. Cybercriminals began to understand that they could make a lot more money on corporations than they could on individual machines.
Ransomware was so successful against businesses, infiltrating their network systems and using data theft as blackmail, that hackers decided to focus attacks on them.
In today’s digital age, nearly all businesses use computer network systems, that can still be hacked because of poor security, or human error.
What can System Force IT do for you?
We offer high-end premium security alongside cyber-awareness training to employees and enterprises, no matter your company size.
As shown by our UK Government’s Cyber Essentials certificate, we love to help safeguard and notify clients that their security is our top concern. We value your security and strive to offer you with the best service and systems available.
You can also request a free audit with System Force IT, in which we will examine your company IT infrastructure, including security, networking, software, and hardware compliance.
System Force IT provides 24/7 IT support and engineering help with all our services. Our IT infrastructure management team are responsible for the backbone of your business. Monitoring and maintaining both physical and virtual services in real-time.