The IT Industry Reacts To The New Ransomware Record

cyber-attack

A new record for the highest amount ever paid for a ransomware attack – $1m – has been set by the South Korean web hosting firm Nayana. It has come as a shock that a company could be so desperate to recover data that it pays the extortionate amount demanded, but it also shows how valuable data is. In the wake of this ransomware attack, two IT industry experts have come together to comment on and give advice on the situation.

It’s a matter of ‘when’, not ‘if’

“News of another ransomware attack isn’t surprising, as it’s a matter of ‘when’ not ‘if’ for most businesses,” states Gary Watson, VP technical engagement at Nexsan. “What is surprising is that Nayana opted to pay the $1m ransom to restore its data. This illuminates just how valuable data is and how far businesses are willing to go to protect it and rescue it.

“Unfortunately, this habit of companies paying ransoms, only encourages more hacks and larger ransoms and represents an approach that is outdated and unsustainable. Instead, companies need to have an infrastructure in place that can quickly and easily restore data to the point just before an attack, allowing IT teams to simply ignore ransom demands. Investing in such an infrastructure means you have an insurance policy against, not just ransomware, but any data damaging incident or issue.”

bitcoinBecome IT resilient

“As ransomware continues to gain notoriety well beyond IT circles, the stories of those impacted continues to astound,” believes Peter Godden, VP of EMEA at Zerto.

“The recent exploit targeting a single managed service provider, Nayana, and impacting thousands of their customers is unique because it impacted such a broad scope of companies with just one attack. Nayana’s $1m payment is also the largest ransomware payment ever made. This is quite a gamble considering there is a very high likelihood the hackers still won’t remove the encryption that blocks Nayana’s access to their data.

“This serves as a heavy gut check for business and IT leaders – especially for MSPs and CSPs – to fully assess their disaster recovery capabilities. They need to make sure their IT resilience strategy can easily nullify ransomware attacks with technology that allows for critical applications and data to be recovered to the point just before an attack happens.”

With the recent global WannaCry attack only just behind us, not only are these attacks becoming more frequent, no industry or country is safe. It is up to businesses to make sure they aren’t caught off guard by any kind of cyber attack. Following the above advice can ensure companies, including MSPs, are not forced to pay any kind of ransom.

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