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.
