News and Updates on Information Technology

Australia – Manheim

Exploit: Ransomware

Manheim: Wholesale automotive retailer

Risk to Small Business: 1.333 = Severe

A ransomware attack has disrupted Manheim’s computer systems and workflows. Although the company can operate in a limited capacity, the company will still incur high costs to decrypt their hardware and update their cybersecurity standards plus unrecoverable productivity losses. At the same time, ransomware attacks can cause significant reputational damage, ensuring that the company will grapple with the fallout for much longer than hackers hold their systems hostage.

Individual Risk: At this time, no personal information was compromised in the breach.

Customers Impacted: Unknown

How it Could Affect Your Customers’ Business: Ransomware attacks are not only becoming more costly, they are also becoming frighteningly familiar. Unfortunately, there are no good response methodologies once an attack happens. The best defense is for every company to take meaningful steps to prevent ransomware from worming its way into their systems. The cost of assessing your organization’s readiness and enacting preventative measures is a small price to pay in order to repel these potentially devastating attacks.