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Ransomware attacks are increasing the demand for MSP security

Investing in Managed Service Provider (MSP) security has never been so important. Between July 2020 and July 2021, more than one-third of all organisations globally reported that they experienced a ransomware incident that prevented access to data or systems. The survey was conducted by a research firm, International Data Corporation (IDC), sending a strong message that ransomware is likely to remain one of the top threats to businesses globally.

What is a ransomware attack?

A ransomware attack is a form of malware assault in which an attacker seizes the user’s data, folders or entire device until a ‘ransom’ fee is paidA ransomware attack exploits the open security vulnerabilities by infecting a PC or a network with a phishing attack or malicious websites. A ransomware assault compromises a user’s computer by either locking the user out of the system or encrypting the files on the computer and then demanding a payment (usually in Bitcoin) to restore the system or files. 

How serious was the Kaseya ransomware attack?

The Kaseya ransomware attack in July 2021 derailed 60 MSPs and over 1,500 end-users. At least three Australian MSPs and 300 customer sites were hit. The onslaught was carried out by Russia-linked ransomware operator ‘REvil’.

Do ransomware victims pay a ransom?

According to the IDC survey, just 13% of ransomware victims said they did not pay a ransom. The average ransom payment was nearly $250,000, though IDC pointed out that several large ransom payments skewed the average. In the Kaseya example, ‘REvil’ demanded $70 million to decrypt victim files. Kaseya later said it obtained a decryptor for the ransomware but did not pay the ransom. The Kaseya incident was followed by an attack on billion-dollar tech firm Accenture. The LockBit 2.0 ransomware group demanded $50 million from Accenture in exchange for 6 TB of data, according to Cyble, a dark web and cybercrime monitoring firm. At the time of writing, Accenture had not confirmed the ransom demand nor whether a ransom had been paid.

How Uwannawat IT Mornington can safeguard your business from a ransomware attack

Because of incidents like the Kaseya ransomware attack, Uwannawat IT Mornington has taken steps to ensure businesses are protected. As a leading Managed Services Provider, we’ve not only reinforced our remote monitoring and management software but have focused on effective and affordable recovery solutions from an attack. Our focus areas include backup and disaster recovery, cloud backup and endpoint protection.

Our other IT services include:

  • Installations
  • Remote support
  • Cloud services
  • Help desk
  • Network connections
  • IT support
  • IT managed services
  • Hardware and software sales
  • Internet and phones

To find out how we can help your organisation, please call our experienced team on 1300 UWANNA or email us. We operate Victoria wide with clients currently from Geelong to Ballarat to Kyneton to Whittlesea to Lakes Entrance to McCrea and many points in between.

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