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article imageREvil: Looking behind the new ransomware threat Special

By Tim Sandle     Nov 26, 2020 in Technology
Managed web hosting provider Managed.com has taken their servers and web hosting systems offline as they struggle to recover from a weekend REvil ransomware attack. We take a look at the form of the attack.
Managed.com disclosed in November 2020 that they were hit with a ransomware attack and, to protect the "integrity of our customer's data," they decided to take their entire system down, including clients' websites. According to Bleeping Computer, REvil is demanding a $500,000 ransom in Monero to receive a decryptor.
Managed.com took their servers and web hosting systems offline, including client websites, to protect customer data. Managed.com sites hosting clients are still offline, causing clients to switch to other web hosting providers. Managed.com believed the attack was unscheduled maintenance at first, leaving more time for malicious actors to cause harm. This form of attack highlights the importance of ongoing vigilance.
REvil', who are based in Russia, deploy a signature tactic of encrypting a company's servers and then threatening to release or auction off their data. This is an increasingly common scam among ransomware groups.
Looking at the issue for Digital Journal is Sanjay Jagad, Sr. Director Products and Solutions, Cloudian.
Jagad begins by assessing the impact of this form of attack: "This incident spotlights the devastating impact ransomware can have on a company and its customers. As the threat of ransomware continues to grow, businesses must take steps to protect themselves and their customers, or risk damage to brand reputation."
In terms of the implications, Jagad says: "This is especially critical for managed service providers who not only have their own brand to think about, but the many others that rely on their services. To ensure full protection against ransomware, it is imperative that businesses invest in data protection at the storage level."
Jagad's recommendation is that "By leveraging a feature called Object Lock, companies maintain an immutable copy of backup data that will remain invulnerable in the case of an attack. If the system is accessed by malicious actors, the business can simply revert to that uninfected backup."
More about Ransomware, REvil, Hackers, Cybersecurity
 
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