Ransomware Causes Massive Layoffs

Ransomware Causes 300 People To Lose Their Jobs

Ransomware Forces An Organization To Let Go Of 300 Employees

Ransomware has been known to cause a lot of monetary loss. Typically used to exploit the chaos caused by locking a person out of their own system, never before has it affected so many people at once. According to a cybersecurity report, 2019 has been the ‘the year of ransomware attacks on municipalities.’ Research has shown that in 2019, at least 174 municipal institutions, with more than 3,000 subset organisations, were targeted by ransomware, representing a 60 per cent increase from the last year’s figure.

1.1      The Incident

A ransomware attack on a telemarketing company in Sherwood, Arkansas forced the CEO of the company to let go off 300 employees. A couple of months after the ransomware attacks, the company was still struggling to recover from the losses, which triggered a massive layoff of 300 people. The company could not regain its footing in the industry and resorted to firing its staff to cut its losses.

In a glum, apologetic letter to the employees, CEO Sandra Franecke wrote:

“Unfortunately, approximately two months ago our Heritage servers were attacked by malicious software that basically “held us hostage for ransom” and we were forced to pay the crooks to get the “key” just to get our systems back up and running.”

The last line is an indicator of the resentment the CEO harbours towards the cybercriminals who caused this unfortunate domino effect. Along with the layoff, what took a serious hit was the organization’s reputation. It raises the question, “Should I do business with this organization?” which is a very vulnerable position for an organization to be in.

1.2      The Antidote

Here is a short list of immediate actions you can take to protect your organization against a ransomware attack:

  1. Take frequent backups of your data and mailboxes in case an attack causes you to format your entire system, or the attack itself corrupts your data. Consequently, also create restore points in your system so you can return to a fairly latest system configuration in case of an attack or wipe out.
  2. Put strict filters on your email that prevent malicious attachments from causing any damage.
  3. Make sure all your systems (including your employees’ home devices) are fortified with the latest security updates.
  4. Elicit the services of a third-party Cyber Security service provider.
  5. Do not panic in case of an attack. It is advised not to give in to the demands of ransom, not because it is a ‘rebel’ act or anything, but because it is logical. The criminal on the other end is under no obligation to give the proper decryption key or give one at all. It is highly likely he/she will disappear into the wind after you’ve wired the money. Instead, seek the help of security specialists to regain access to your system.

 

1.2.1     Logix Services

Logix since 1999, is a committed and acknowledged provider of managed Cyber Security services, solutions and products. With a dedicated team of nearly 20+ professionals supporting our round-the-clock security, we have successfully delivered to business enterprises across PAN India from Banks, Government entities to Financial Institutions. With a strong focus on research and innovation, we have built extensive capability around Big Data for Security Analytics, Response, and Security Automation.

Our prime focus lies in managing & deploying NGFW solutions of multiple OEMs. We manage over 1500 + SMB/Mid-Enterprise / Enterprise Customers, providing constant monitoring & handhold support 24*7*365.

Nip problems in the bud and prevent the further cascading negative events from damaging your system. Take one more step towards a safer organization, today.

 

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