Kaseya Hack is The Largest Ransomware Attack in History

In a year that has already seen many ransomware attacks, another one has struck. In early July 2021, the IT solutions developer, Kaseya, became the latest target of a cyberattack. The supply chain attack has affected around 0.1% of the company’s clients, consisting of many managed service providers (MSPs).

According to PrivacySharks, the infamous REvil group is behind the attack, having made a post on a dark web blog asking for $70 million in ransom. This makes the Kaseya hack the largest ransomware attack in history and is a worrying indication of what the future of ransom attacks could look like.

What is Kaseya, and what happened?

Kaseya is a US-based company that provides businesses with remote monitoring and management solutions for networks. Hackers working for the REvil group managed to gain access to Kaseya’s systems on 4th July 2021 after finding a vulnerability in the software, affecting a small number of on-premise customers.

Kaseya shut down its servers to protect other customers and released a statement claiming that it was working around the clock to resolve the issue and help its customers get back online.

Unfortunately, many companies that use Kaseya’s solutions were directly affected by the attack because Kaseya provides software for MSPs. Some of the victims include the Swedish Coop supermarket, which had to close several of its stores shortly after the attack occurred as its systems went offline.

The attack immediately caught the attention of the White House, which released a statement claiming it was working alongside Kaseya to investigate the attack.

A few days after the attack, REvil made a ransom request, demanding a massive $70 million payout. As of yet, it is unknown whether Kaseya will meet the hacker group’s requests to regain access to its systems.

What are the implications of the Kaseya attack?

2021 has not been a good year regarding ransomware attacks. The Colonial Pipeline attack made headlines after a $4.4 million payout was handed to hackers, causing the US government to create a dedicated response team to cyber attacks.

If Kaseya gives in to the hackers’ requests, it spells bad news for businesses worldwide as it sets a precedent for future attacks. Hackers may increase ransom prices, knowing that companies will pay.

Furthermore, there will be a ripple effect that directly affects consumers. If companies need to prepare for ransomware attacks this could see them raising prices for services and products, which means more money coming out of customers’ pockets.