Accenture Ransomware Attack Confirms The Importance Of Cybersecurity

1. Accenture Ransomware Attack Confirms The Importance Of Cybersecurity

2. TABLE OF CONTENTS What is LockBit Ransomware? How to Protect Against Ransomware: A Lesson to Learn 01 02 Final Thoughts 03

3. 00 Accenture Ransomware Attack Confirms The Importance Of Cybersecurity

4. Accenture Ransomware Attack Confirms The Importance Of Cybersecurity The news was first released by CNBC reporter Eamon Javers who noted that the group has taunted the company on the Dark Web stating “These people are beyond privacy and security. I really hope that their services are better than what I saw as an insider. If you’re interested in buying some databases, reach us.” Accenture, a global IT services and consulting company, on Aug 11, 2021, acknowledged that it was hit by a ransomware attack on its systems on July 30. The hacker group reportedly used LockBit ransomware to steal the company’s sensitive client information and work materials.

5. Accenture Ransomware Attack Confirms The Importance Of Cybersecurity In an emailed response to journalists clarifying this situation, Accenture said, “Through our security controls and protocols, we identified irregular activity in one of our environments. We immediately contained the matter and isolated the affected servers. We fully restored our affected servers from back up. There was no impact on Accenture’s operations, or on our clients’ systems.” On Aug, 11, Accenture sent an internal memo saying, “The documents stolen by hackers referenced a “small number” of clients, but “none of the information is of a highly sensitive nature.”

6. Accenture Ransomware Attack Confirms The Importance Of Cybersecurity While the company hasn’t released any official statement on ransomware amount, according to a tweet by dark web and cybercrime monitoring firm Cyble, the group has demanded $50 million from Accenture in exchange for 6 TB of data. This incident has once again brought into light the long-standing issue of cybersecurity in the business world.

7. 01 What is LockBit Ransomware?

8. What is LockBit Ransomware? LockBit, formerly known as “ABCD” ransomware, is a relatively new ransomware that encrypts files using AES encryption and blocks users from accessing infected systems until a ransom is paid. Since LockBit ransomware mainly uses automated processes, it is currently one of the most efficient ransomware variants on the market. It works as ransomware-as-a-service (RaaS) where the ransom payments are divided between the attacking affiliates and LockBit developer team. Since large enterprises and government organizations have heavy funds to put down, they are the prime targets of this ransomware rather than individuals.

9. What is LockBit Ransomware? The first attack using LockBit was reported in September 2019, and since then it has been making headlines with strikes on big players, including Cognizant. The most unfortunate fact is that there is little an organization can do once a ransomware attack has compromised its systems. This especially stands true for the double extortion ransomware attack, as in the case of Accenture, where the cybercriminal not only encrypts the data on the company’s server, but also exfiltrates it, meaning copies and transfers it to its own servers to sell the sensitive insider’s information.

10. What is LockBit Ransomware? Refusal to fulfil the ransomware demand means going through a hectic and stressful process of restoring data from backups, reinstating the functionality of systems and databases, and facing the risk of losing reputation and client humiliation if the data is exposed by the hackers.

11. 02 How to Protect Against Ransomware: A Lesson to Learn

12. How to Protect Against Ransomware: A Lesson to Learn For many companies, paying the ransom can be an easier option as this may allow them to be operational quickly without generating any headlines. However, a recent study by Cybereason has found that 80% of organizations that pay a ransom end up getting attacked again, and almost 50% of them are hit by the same hacker group.

13. How to Protect Against Ransomware: A Lesson to Learn So, the only way to protect against any ransomware attack is to have effective cybersecurity measures in place in the first place. Accenture’s incident is a strong indicator that it's high time for every business to invest in cybersecurity.

14. 03 Final Thoughts

15. What is LockBit Ransomware? The ransomware attack on Accenture comes as a shocking surprise as the company has been actively engaged in cybersecurity acquisitions since 2017, after it failed to secure its AWS S3 storage bucket, leaving sensitive company data open to public access.

16. What is LockBit Ransomware? In 2020, it acquired Context Information Security to help financial institutions and government organizations respond to advanced cyber threats. It also grabbed the headlines by acquiring Symantec Cyber Security Services Unit from Broadcom. These acquisitions confirm that Accenture has a clear roadmap for improving its security posture.

17. What is LockBit Ransomware? Recently, on July 21, Accenture completed its acquisition of French cybersecurity services provider Openminded, a strategic move that added about 100 highly skilled cybersecurity professionals to Accenture Security’s workforce and expanded Accenture’s cybersecurity presence and capabilities in France and Europe.