In about a week, hackers have collected just over $1.2 million from only three victims. It started with Riviera Beach, Florida paying hackers $600,000 last week. Within days, two more victims have opted to pay ransomware demands also.
Three MSPs Compromised
A ransomware attack hit three MSPs (managed IT services provider) last week. These attacks were a result of compromised credentials from the MSPs. Hackers then used those credentials to install malicious software wherever possible. While most devices were unaffected, nearly 200 devices were encrypted, and ransom demands followed.
UBX Cloud reported that one unnamed MSP surrendered and paid hackers $150,000 on June 25. The MSP successfully recovered 30% of impacted systems from backups. However, 70% remain encrypted and inaccessible. Keep in mind this is just one of the three MSPs affected. We don’t know much about the other two.
Another Florida City Pays
Less than 24 hours later, Lake City, Florida voted to pay $460,000 after suffering a separate ransomware attack. This attack encrypted their email and other servers two weeks ago. If this keeps up, hackers may be moving to Florida for early retirement.
Just like Riviera Beach, the city’s insurance company will cover the majority of the payment. The mayor, Stephen Witt, told a reporter from Jacksonville, “I would’ve never dreamed this could’ve happened, especially in a small town like this.”
Payment Offers No Guarantees
Now that Riviera Beach, Lake City, and the MSP have paid the ransom, all they can do is wait. Hackers offer decryption keys in exchange for payment. As of right now, none of the victims have reported receiving those keys. The hackers may not send them at all. Even if they do, there’s no guarantee they won’t turn around and attack them again.
Plan For The Worst
Yes, you should protect your network as best you can. Preventing ransomware is far better than suffering from it. However, it only takes one malicious email for ransomware to gain access. In a short amount of time, the damage is done. Trusting in protection alone is just hoping you’ll be lucky.
According to Louis Pasteur, luck favors the prepared. Don’t just hope that you won’t be hacked. Know that your organization will be fine no matter what happens. We can help get you there. Request a free consultation below, and put your mind at ease. Send hackers disappointment, not money.