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Comment on Acer hit by biggest ransom demand to date

March 2021 by Joseph Carson, Chief Security Scientist at Thycotic

Following the news that computer giant Acer has been hit by a ransomware attack in which the hackers are asking for the largest known ransom to date - $50 million – the comment from Joseph Carson, Chief Security Scientist at Thycotic.

“Ransomware is no longer just about encrypting files but also stealing the data making it a multifunctional weapon. If a company has a solid backup to restore systems then the criminal gang can threaten to disclose damaging data that could directly impact the stock price, brand, employees and potential customers.

What we are seeing with ransomware is that cybercriminals continue to abuse privileged access which enables them to steal sensitive data and deploy malicious ransomware. This means that organizations should prioritize privileged access as a top security measure to reduce the risks of ransomware and ensure strong access controls and encryption for sensitive data.

Companies must take ransomware very seriously as it will continue to be the biggest cyber threats, and as we can see from this eye-wateringly high ransom demand - the price you pay for not being prepared is on the rise. It only takes one employee with local admin privileges clicking on a malicious email attachment to take down an entire company.”

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