NEWS ALERT:  Ransomware attack affects over 300 Australian Businesses  

Backups and End-Point Detection Response solutions are no longer negotiable.  

Kaseya a common IT management software used globally by Managed IT Service providers (MSPs) or technology partners has been a victim of a cyber attack. 

At least 300 customers from 5 Australian-based MSPs were affected by the attack which hit a number of Kaseya’s on-premise customers with ransomware.   

Ransomware operator REvil, which is behind the attack has made the largest ransom demand of all time, demanding US$70 million (approximately $AU93.5 million) to decrypt the 1000+ victims in the Kaseya ransomware attack.   

It is believed an across-the-board decryption solution would provide victims with an easier and quicker recovery and it is assumed likely that REvil is hoping insurers see that US$70 million is a small price to pay to eradicate downtime. 

Kaseya released communications via Telstra asking for all partners to report any data breaches. 

Related:  Australian Businesses are being targeted by cyber-attacks now more than ever in 2021 

No Australian business is safe from Ransomware 

Whilst Kaine Mathrick Tech was not affected by this attack, no business is safe from a cyber breach, including Managed IT Service providers in Australia.  

Kaseya provides IT management software globally to other MSPs.  In July this year, their VSA product became the victim of a sophisticated cyberattack.  Whilst Kaseya acted fast and worked around the clock in all geographies to resolve the issues 5 Australian MSPs and their customers were affected.   

Related:  What is Ransomware and how to safeguard against it.  

A standard Managed Service contract is not enough 

Many businesses believe that by signing up with a technology partner or Managed IT Service provider (MSP), their business is automatically protected from a cyber attack – this is simply not the case. 

A standard Managed IT Services contract does not cover your business from a cyber attack, nor does basic antivirus software. 

In the world of MSPs, like anything, there are good suppliers and bad suppliers.  It is important that you ask your MSP what their cyber security practice is to protect their own network from basic intrusion attempts.   

Thankfully in the case of KMT, we have a robust cyber security posture and deploy our own managed cyber security practices across our business.  As a client of ours, you can be assured that our defences and yours are as secure as possible. 

Related:  Our approach to Managed Cyber Security (NIST) – what is it and how does it work?  

Cyber attacks are surging in Australia with 66% of SMBs having been breached in the last 12 months 

Cyber attacks are an increasing threat for Australian small and medium businesses.  Effectively, they are well known as an easier target with limited IT budgets and resources.  According to a State of Cyber Security Report {link:  https://www.keepersecurity.com/ponemon2019.html} by Ponemon Institute, only 14% of SMBs are adequately prepared to defend their businesses from a cyber-attack.  Furthermore, businesses are ignoring the need to invest in adequate backups and cyber security programs and hence are an easy target for cyber criminals. 

Business leaders need to come to terms with the enormous consequences.  A cyber attack not only interrupts routine functions of a business but can also bring permanent damage to IT infrastructure and assets making them irrecoverable in the absence of required resources or budget.   

 What can I do to ensure my business is protected from a cyber attack? 

It is evident that cyber criminals are a constant threat to businesses, vendors of other businesses, and consumers alike.  However, thankfully if you follow industry best practices and implementing managed cyber security solutions will help prevent you from being affected by an attack or recovering quickly if one does get through your defences. 

We recommend as a first line of defence regular and effective backups are non-negotiable.  In an event of a cyber attack, having a recent back up will ensure you recover your data quickly. 

However, if you would like to protect your business from experiencing a cyber attack in the first place, our recommendation is a managed cyber security service. 

Next Steps 

If you are interested in understanding your cyber security posture our experts can conduct a free cyber security assessment and provide you with quality advice. 

Contact us today.