Garmin reportedly paid millions in ransom for cyberattack

05 August 2020 Garmin reportedly paid millions in ransom for cyberattack
OLATHE, Aug 5 — Garmin’s database suffered a ransomware attack — a common form of cyberattack — on July 23, leading to many of the fitness tech company’s services going offline.

The only way to recuperate the data was to obtain the decryption key, held by the hackers and the subject of costly negotiations. And according to documents obtained by Bleeping Computer, the company acquiesced to the payment.

The ransomware at the origin of the attack took offline all the brand’s services — the Connect and flyGarmin platforms on the web as well as via the application, the call centers and the Garmin Pilot app were also offline.

The brand is believed to have yielded to the demands and discreetly paid the ransom demanded by the hackers, via a company specialising in this type of situation.

Increasingly frequent attacks

According to the annual Hiscox report, 17 per cent of companies end up paying ransoms. The same report claims that the total amount paid for cyber ransoms throughout the world totals US$1.8 billion (RM7.6 billion), around 50 per cent more than the amount paid the previous year.

Cybersecurity becomes essential

As a result, companies are spending more of their budget on countering malevolent attacks, with spending on cybersecurity up 39 per cent in comparison with the previous year.

The report also notes an increase in risks tied to teleworking: The number of cyberattacks targeting employees working at home is on the rise. In such cases phishing is the technique most often used to gain access to a system. — AFP-Relaxnews

Source: MalayMail