Tag: held to ransom

Ransomware Driving Crime | Ransomware

Ransomware Driving Crime – Porsche SA Hits the Brakes After Faust Attack 

High profile cyber attacks on prominent companies continue with no end in sight, and the famous luxury sports car manufacturer Porsche has become their latest victim.

Known for its fast, high performance cars that combine speed and styling, Porsche South Africa saw its operations screech to a halt recently when the company’s critical information was held to ransom by cybercriminals.

Porsche headquarters in Johannesburg fell prey to the Faust ransomware variant which has been wreaking havoc in organisations around the world. Managers were shocked to find their company data compromised, encrypted, and inaccessible.

Porsche has declined to comment about what data was involved and whether it was fully recovered or not. Nonetheless, internet users and business owners in particular should be on high alert for the Faust ransomware variant.

why is Faust so dangerous?

Losing access to vital company information and computer systems can cost a business up to seven figures or more in no time at all.

  • Faust, the version of ransomware that was used to attack Porsche, is especially damaging because it’s difficult to decrypt files that have been encrypted using the system.
  • File names can also be changed by Faust, which modifies file data and extensions.
  • The usual MO of this highly effective type of ransomware is to encrypt the user’s data and then contact the company, demanding a ransom payable in bitcoin.

Unfortunately, cybercriminals can extort companies twice using Faust since the data that was compromised could have already been sold on the dark web by the time the ransom is paid in exchange for decryption.

To date, Porsche hasn’t said whether the company paid a ransom or not.

Cybersecurity best practices encourage companies to keep the details of the ransom private to deter cybercriminals from attempting repeat attacks on organisations that are more likely to pay up.

keep your data safe from Faust and other malware

Faust, like many other types of viruses and malware, often infiltrates company computer systems through malicious downloads. This makes it crucial for all staff to be trained in cybersecurity best practices and avoid downloading files whenever possible.

To avoid a scenario like Porsche has just experienced, your business needs to have a full backup of all important data with secure cloud storage and encryption to keep it safe. To learn how you can protect your vital information from cybercriminals, browse our range of cloud storage packages today.

Held to Ransom | Ransomware

Never too small to be held to ransom

Ransomware attacks affect businesses of all sizes, and although it’s usually the big names that make it into the media reports an increasing number of SMEs are falling prey to cybercrime and being held to ransom.

As a small business owner, online security needs to be one of your biggest priorities. Here’s why ransomware attacks are something that could affect your enterprise directly – and what you can do to reduce your chances of losing crucial information to cybercriminals.

Ransomware is on the rise and our alertness should be too

Recent reports indicate that ransomware attacks against South African businesses have increased sharply over the past year and this trend shows no sign of reversing.

Large cyberattacks on retail giants like Shoprite and banks such as Absa may give the impression that only large corporations are being targeted by criminals, but this isn’t necessarily the case.

  • SMEs are easy pickings for cybercriminals and particularly vulnerable to being held to ransom
  • Many SMEs believe that their small business is not worth targeting, and consequently, haven’t made the necessary preparations to protect themselves against a ransomware attack
  • A typical South African SME may have invested in antivirus software, a firewall or basic email security, but these measures may not be enough to keep a ransomware attack from happening – especially if they haven’t been updated recently.

Cybersecurity awareness may be lower in small businesses that don’t have a dedicated IT department. This can cause employees to be lax when it comes to their online behaviour, opening the door for a cyberattack.

Secure your business against online threats

SMEs make up almost 98% of business in South Africa and employ nearly 60% of our workforce. With the Covid lockdown companies moved to remote working, which came at a big cost to small businesses. Many have opted to keep a hybrid model which opens them up to an additional range of cybersecurity issues and makes them particularly vulnerable to ransom attacks.

To reduce the risk of a ransomware attack, small businesses should ensure that they have the following security measures in place.

  • A high-quality up-to-date firewall
  • Commercial grade antivirus software
  • Encrypted secure cloud storage
  • A comprehensive data security policy with training for employees
  • A communications policy that is designed to prevent unintended data leaks, including sensitive information like passwords.

No matter what size your business is, secure cloud storage is one of the best first tips you can take to keep your data safe. Get started with cloud backup today by browsing one of our packages for enterprise users.