Cybersecurity news: Honda encounters a ransomware attack

It may seem impossible that a large international company could be subject to a ransomware attack, but no organization is completely safe as hackers find new ways to gain access to even the most secure networks.

As reported in CPO Magazine, Honda was subject to a suspected ransomware attack in early June utilizing a “relatively new variety of ransomware is reportedly unique in that it lays siege to an entire network, rather than to individual workstations,” reported Byron Mühlberg.

The attack appeared to target an internal Honda subdomain, and is believed to be the result of the ransomware Snake. The attackers gained access to internal files and hold them in exchange for money or cryptocurrency, though Honda claims no personal data was lost in the attack.

Honda is not the only corporation to experience such an attack.

“According to a May 2020 survey by cybersecurity firm Sophos, 51% of organizations have suffered at the whims of a ransomware attack over the past twelve months, with cybercriminals managing to encrypt company data in 73% of these cases,” reports Mühlberg.

With the increase in telework due to COVID-19, more companies have found themselves increasingly vulnerable to ransomware and other cybersecurity attacks as a larger group of employees are working outside of a company network.

Attacks of the size and scope of the one on Honda have long-lasting effects. Publicly tweeting about “technical difficulties” at the time of the attack, the presumed ransomware attempt impacted production, sales, and development on systems outside of Japan.

One of the suspected causes of the wide-reaching impact of the attack is Honda’s network structure. If the network is not segmented, it makes it easier for hackers to move between various business functions, causing a greater variety of damage.

Chris Kennedy, CISO at AttackIQ, believes that Honda will be dealing with the significant impact of the attack for some time.

“Ransomware is a tremendously growing threat. More powerful variants and strains are constantly emerging, and there are more capabilities for it to be remotely (and confidentially) managed,” says Kennedy.

To fight the ever-changing landscape of ransomware, cybersecurity experts need to be knowledgeable of best practices, such as network segmentation, and up to date on the latest trends and potential threats.

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