Luis Alvarez Discusses Double Ransom Attacks: A New Kind Of Ransomware
Organizations have sensitive data. The information can be the details of their clients and financial information. Safeguarding the data is critical. It protects the organization from ransomware attacks, financial losses, downtimes, and reputational damage.
Many organizations are opting for cloud solutions to cushion them from the limitations of on-site servers. Cloud technology offers backups for entities. If attackers infect their networks with ransomware and demand ransom, organizations can get their information from backups. Cybercriminals are getting smarter and are launching double ransom attacks.
Clients always ask Alvarez Technology Group how they can protect themselves against these advanced threats. Alvarez Technology Group provides IT solutions and IT services to organizations. This article will ensure you are safe from the new kind of ransomware.
Watch our video to learn more about this new kind of ransomware:
A Case Of Stevenson School
Stevenson School is a non-profit organization that relies on Blackbaud for its software. Blackbaud offers software with useful features for fundraising community needs. Charitable organizations, such as schools, churches, art, and cultural organizations, use Blackbaud technologies to manage their donors. They can also use the software to find new donors.
Blackbaud offered an on-premise solution for its clients. As ransomware attacks became rampant, and organizations had other needs, Blackbaud opted to provide hosted solutions for businesses. Blackbaud’s clients moved their data to the cloud-hosted environment.
The switch to the cloud-hosted environment excited many businesses. They thought an off-site solution would protect them if cybercriminals infected their networks. If attackers encrypted an organization’s system and demanded ransom before providing the decryption key, the entity would be safe. Organizations would restore data from the backup and avoid paying substantial sums to ransomware attackers.
Ransomware attackers understand the strategies that organizations use to protect their networks and data. They changed their tact and launched double ransom attacks. Stevenson School was a victim of this attack.
What Is A Double Ransom Attack?
A double ransom attack is a new style of blackmail that some ransomware attackers use. Cybercriminals infect a system with ransomware and steal the organization’s data. Once they have the data, they encrypt the network and demand that the entity pay a ransom to access their system. Unlike earlier ransomware attacks, they have the company’s data and ask for an additional sum. If the firm does not pay, they will not access their network, and the attackers threaten to publish or sell the clients’ data.
Attackers in Stevenson’s case threatened to publish the details of donors and the school’s financial information. While the school does not have credit card information of donors, it has the donors’ private information. Attackers held this data, such as addresses and contributions of donors.
What Would Stevenson School Lose If The Attackers Published Their Data?
Stevenson School would have the following loss if attackers published its data:
- Stakeholders Would Have Been Unhappy: The school would disappoint donors if attackers leaked their private information. Donors would question the school’s commitment to protecting their privacy. This occurrence would make them examine their ties with the school.
- Stakeholders Could Sue The School: Some stakeholders may have sued the school. If they chose not to do it, they could have gone after Blackbaud. Any engagement in the suit would not be favorable to Stevenson School.
- They Would Have Lost Money: Stevenson School would have to pay to get their networks and data, which would affect their financial standing, primarily as they rely on donors. They would lose fees they paid to Blackbaud to offer IT solutions and protect their infrastructure.
- The Loss Would Damage Its Reputation: For a school that relies on donors, Stevenson School needs the best image. The inability to protect donors’ confidentiality would make future donors hesitant to fund the school. Donors would not trust the school with their donations or information, which would hamper their operations.
Lessons Your Business Can Learn From The Attack On Stevenson School’s IT Infrastructure
- Cloud Technology Offers A Lot Of Benefits To Your Organization: One of its significant advantages is that it provides an off-premise hosted solution. You can back up your data and retrieve them if attackers infiltrate your network.
- Cybercriminals Know Your Protocols And Strategies Against Ransomware Attacks: Attackers develop their scams by launching double ransom attacks. The onslaught involves blackmailing you into regaining access to your network and for your data. Your business can be a victim of these attacks.
- Partner With The Right IT Services Provider: One key reason you may be a victim of double ransom attacks is choosing the wrong cloud services company. Some organizations offering cloud solutions focus on what their technology can do and neglect to secure them. Organizations do not ask how the provider will secure their data. This omission may haunt them as they spend to get the best cloud solutions.
- Double Ransomware Attacks Can Cause Your Business A Lot Of Losses: Hefty payments to the attackers to get decryption keys and for your data affect your financial standing. You may also get lawsuits from clients whose information you lost, have downtimes, and ruin your reputation.
How Can You Protect Your Organization?
Alvarez Technology Group offers cloud solutions, VoIP, security, business continuity, and managed IT services. Our experts will provide customized, responsive, and reliable IT solutions and IT services for you.
We can protect your business from double ransom attacks. We can offer the following services to protect you:
- Vet any cloud service provider before you seek their services
- Analyze the security protocols and measures that protect you from double ransom attacks
- Eliminate most liabilities for your business that double ransom attacks can cause
Click here to get in touch with us and let us help you protect yourself from double ransom attacks.