Vectra comments on ransomware attack on MediaMarkt
The serious ransomware attack on MediaMarkt is the preliminary culmination of a spiraling escalation of cyber attacks on companies. Some of the recent attacks targeted public institutions such as public offices & authorities as well as the health sector. The current attack on a retail company stands out from this above all by the high ransom demand of the attackers … even if this has probably been reduced from 240 million to 50 million dollars by now.
Andreas Riepen, Head Central & Eastern Europe at the IT security provider Vectra AI , explains the attractiveness of companies such as MediaMarkt for cybercriminals:
Andreas Riepen from Vectra AI
“As an industry, trade is a particularly lucrative target, as the direct connection between an operational disruption and the costs in the form of lost sales is crystal clear. With every second in which important IT systems are offline and no transactions are possible, the costs or damages for those affected increase. The criminals speculate that the attacked organization considers its ability to quickly restore the systems to be so weak that it prefers to pay a large amount of money to be able to resume work and to contain further losses – including in terms of image and reputation.
With an initial claim of 240 million US dollars, it becomes clear how powerful the attackers consider their attack to be and how much they assess the damage they could cause. At the same time, it becomes clear to those affected how costly insufficient transparency and control in the IT systems can become.“