French IT giant suffered a ransomware attack and lost between €40m and €50m

French IT giant suffered a ransomware attack and lost between €40m and €50m

French IT service giant Sopra Steria confirmed in an official statement issued a few days ago that it was attacked by RYUK ransomware in October this year.

This European information technology company has 46,000 employees in 25 countries or regions around the world, and mainly provides various IT services including system integration and software development.

The company’s IT and network security departments minimized losses due to timely detection of attacks, but even so, some of its group infrastructure services were locked.

Fortunately, the network security department promptly locked out the core data servers involving customers and the company, so that the ransomware failed to compromise these servers when it launched an attack.

Sopra Steria is a listed company and therefore needs to specify the impact of the attack in accordance with the regulations, and that is why we can see the damage caused by the ransomware.

The attacker launched an attack on October 21 and encrypted and locked a large number of internal servers. If the ransom is not paid, the data cannot be decrypted.

PGA ransomware

In the statement, the company stated that almost all workstations, R&D servers, production servers, internal tools, and applications were locked after the attack.

Although the potential loss is immeasurable, the company resolutely refused to pay the ransom, and then its IT and network security departments began to restore production data from the backup data.

By October 26, most of the group’s infrastructure had returned to normal and could come back online. The company’s core data and customer information were not leaked in the attack.

In the statement, the company disclosed the losses caused by the cyber attack in a timely manner in accordance with the regulations of the listed company. The current estimated direct economic loss is as high as 50 million euros.

Fortunately, this company usually purchases network security insurance, with maximum insurance coverage of 30 million euros.

In other words, in theory, the company can get up to 30 million euros paid by insurance companies, which will help reduce economic losses.

At the same time, the company also adjusted its previously released earnings outlook. The original revenue in the fiscal year 2020 may fall by 2% to 4%, but it has now been changed to a decline of 3% to 5%.

Via: channelweb