Businesses Hit by Historic Global Cyberattack

Businesses Hit by Historic Global Cyberattack

(USNewsBreak.com) – US businesses have had it rough this year with multiple cyberattacks causing several major disruptions. On July 2, 2021, yet another ransomware ambush took place — and the group behind it is demanding $70 million in Bitcoin to clear up the mess.

Some experts say this is one of the largest cyberattacks in history. Here’s what we know about this developing story.

Who Is Behind the Strike?

Nobody took responsibility for the most recent incident until July 4, when REvil stepped up to claim ownership of the misdeed. Cybersecurity experts believe the group, who is also responsible for the JBS ransomware hit in June, operates out of Russia. The organization even bragged about its “accomplishments” on the dark web.

The Details

The latest attack targeted IT software provider, Kaseya. REvil was able to use code to hack into cloud service platforms. They then enabled the malicious program to masquerade as trusted software, allowing it to spread without drawing attention — a method previously used only by government intelligence services.

Experts believe the assault likely affected businesses in at least 17 countries. About 200 of those businesses are located right here on home soil. Sweden, South Africa, Canada, Argentina, Mexico, Spain, and the UK also reported severe impacts.

Cleaning Up the Mess

In an earlier response, President Joe Biden confirmed he would dedicate full resources to resolving this sensitive issue. At the time, he also dismissed suspicions that Russia had any ties to the incident, but also stated he would be quick to respond if experts confirmed such a link. This occurred prior to the Sunday announcement by REvil. It’s still unknown whether or not the group is connected to the Russian government.

Biden also planned to attend an intelligence briefing about the event on Sunday. There have been no further announcements from the White House since then.

Sen. Mark Warner (D-VA) said he expects the president will hold Putin to the terms of the current UN agreement on the subject. It states that countries, including Russia, will neither house cybercriminals nor allow related activities to occur within their borders.

The Russian government all but failed to make any significant move to correct cybersecurity concerns after previous attacks. Furthermore, foreign law enforcement agencies generally won’t target such criminals unless they set their sights on domestic entities, which means there is little hope Putin will take action on this latest strike.

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