5 Ransomware Breaches that Affect the Business
Ransomware is a type of malicious software that encrypts the victim’s data and demands a ransom for its decryption. It can cause severe damage to businesses of all sizes and industries, as well as their customers, partners, and employees. In this article, we will explore five real-life examples of ransomware breaches that have impacted businesses in different ways, and how you can protect your business from becoming a victim.
1. Colonial Pipeline: Disruption of Critical Infrastructure
The Colonial Pipeline ransomware attack occurred in May 2021 and affected the largest fuel pipeline in the United States, which supplies about 45% of the East Coast’s fuel. The attack forced the company to shut down its operations for several days, leading to fuel shortages, price spikes, and panic buying in some states. The company paid a ransom of $4.4 million in Bitcoin to the hackers, but later recovered most of it with the help of the FBI. The attack exposed the vulnerability of critical infrastructure to cyberattacks and the potential consequences for national security and public safety.
2. JBS: Loss of Productivity and Revenue
JBS is a Brazilian-based meat processing company that operates in several countries, including the United States, Canada, and Australia. In June 2021, the company was hit by a ransomware attack that affected its IT systems and disrupted its production and distribution. The company had to temporarily close some of its plants and cancel orders from customers, resulting in significant losses of productivity and revenue. The company paid a ransom of $11 million in Bitcoin to the hackers, hoping to prevent further damage and restore its operations. The attack highlighted the importance of business continuity and resilience in the face of cyber threats.
3. Garmin: Damage to Brand Reputation and Customer Trust
Garmin is a global leader in GPS navigation and wearable technology, serving customers in various sectors, such as aviation, marine, fitness, and outdoor. In July 2020, the company suffered a ransomware attack that encrypted its internal network and online services, affecting millions of users around the world. The attack disrupted the company’s website, customer support, cloud storage, and software updates, as well as some of its products and features, such as flight planning, activity tracking, and smartwatch payments. The company reportedly paid a ransom of $10 million in Bitcoin to the hackers, using a third-party intermediary, to obtain the decryption key and restore its services. The attack damaged the company’s brand reputation and customer trust, as well as its competitive advantage in the market.
4. Travelex: Legal and Regulatory Penalties
Travelex is a UK-based foreign exchange company that operates in over 70 countries, providing currency exchange, money transfer, and travel insurance services. In December 2019, the company was targeted by a ransomware attack that encrypted its IT systems and data, affecting its online and in-store operations, as well as its partners and customers. The attack also compromised the personal and financial information of thousands of customers, exposing them to identity theft and fraud. The company paid a ransom of $2.3 million in Bitcoin to the hackers, but it took weeks to restore its services and recover from the incident. The attack resulted in legal and regulatory penalties for the company, as well as lawsuits from customers and partners, for failing to protect their data and comply with the GDPR and other privacy laws.
5. University of California San Francisco: Compromise of Sensitive Research Data
The University of California San Francisco (UCSF) is a leading academic and research institution, specializing in health sciences and biotechnology. In June 2020, the university was hit by a ransomware attack that encrypted some of its servers and data, affecting its School of Medicine and some of its research projects. The attack did not affect the patient care, clinical operations, or COVID-19 work of the university, but it did compromise some of its sensitive research data, such as genetic, medical, and financial information. The university paid a ransom of $1.14 million in Bitcoin to the hackers, after negotiating with them, to retrieve a subset of the data that was important for its academic work. The attack demonstrated the value and vulnerability of research data in the academic sector, and the ethical dilemmas of paying ransom to cybercriminals.
Conclusion: How to Protect Your Business from Ransomware
Ransomware is a serious and growing threat to businesses of all sizes and industries, as the above examples show. It can cause various impacts, such as disruption of operations, loss of revenue, damage to reputation, legal penalties, and compromise of sensitive data.
However, no matter how well you prepare, you may still face the risk of a ransomware attack. In that case, you need a reliable and professional partner who can help you recover from the incident and minimize the damage. That’s where Uprite IT comes in. Uprite IT is a leading IT service provider that specializes in ransomware recovery and prevention. We have the expertise, experience, and tools to help you restore your data and systems, and protect your business from future attacks.
