Ransomware Disruption at Pharmaceutical Firm Inotiv Highlights the Serious Impact of Ransomware on Companies
Pharmaceutical company Inotiv experienced a ransomware attack that encrypted its data and disrupted operations, highlighting the growing risk and impact of ransomware on businesses and the importance of strong cybersecurity measures.
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Inotiv Inc., a pharmaceutical and biotechnology company, states it is investigating into a cyberattack that caused difficulties with its business earlier this month. On Monday, the company disclosed to the U.S. Securities and Exchange Commission (SEC) about the event.
The attackers encrypted Inotiv's data during the attack on August 8, which made some of its systems and business applications inaccessible. The company has moved some operations to offline alternatives as it works to fix the systems that were damaged.
Inotiv has done a number of actions to deal with the situation. It has restricted access to its networks, hired cybersecurity specialists, and notified the law enforcement about the situation.The company also said that it is working hard to get back to normal, but it doesn't have a clear idea of when that will happen yet. It further stated that it is promptly to tell if the attack will have a big effect on its overall business.
Researchers believe that the ransomware group Qilin is responsible for the attack. According to them, Qilin has taken credit for the theft and declared online that it had stolen 176 GB of Inotiv's data. However, professionals from the cybersecurity company Huntress and investigators from Kroll stated that these data have not been independently verified as real.
Qilin is a well-known ransomware group that has done major security breaches in the past.One of its most notable attacks was on Lee Enterprises, a big media company. It caused a lot of problems for the newspaper company and cost around $2 million to fix.
The Inotiv case is another example of how ransomware is becoming a bigger and bigger problem for firms in all fields. Attacks like this don't simply cause problems, they can also put sensitive data at danger, break trust, and cost a lot of money.
Cybersecurity experts say that businesses should make their defenses stronger by constantly updating their systems, teaching personnel how to avoid phishing scams, and, most crucially, making backups of their vital data. Having effective backup and recovery strategies can make the difference between a speedy recovery and long-term damage in a world where ransomware assaults are growing more common and complex.
Information referenced in this article is from Cyber Security Dive
