In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.
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With lockdown restrictions finally easing, and the public looking forward to enjoying the different activities they have been deprived of for the past two years, it's certainly an exciting time for the UK's Hospitality & Leisure sector. But as hotels get ready to open their doors again, it is essential that hospitality professionals do not lose sight of the challenges that will be involved.
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For some years now, Cloud adoption has been steadily on the rise across the UK's Finance sector, with organisations including banks, insurers, and investment firms phasing out increasingly cumbersome legacy systems in favour of more scalable, agile, and cost-effective infrastructure. Indeed, more than 48% of UK banking services are now built on Cloud infrastructure.
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In light of numerous dramatic shifts in the geopolitical landscape in recent months, this blog has reiterated the need for organisations across all sectors to strengthen and - if necessary - reconsider their cyber security postures, in order to prepare for the anticipated attacks by global bad actors. The legal sector is no exception, particularly as these attacks are anticipated to specifically target the most high-value data.
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The turbulence of the current geopolitical situation has affected numerous sectors, who must not only consider how to protect their infrastructure from anticipated cyber-attacks, but also ensure that they are able to maintain business-as-usual as possible against a backdrop of global disruption to supply chains. As a sector that depends on the ready availability of materials, the UK's AEC sector has been particularly affected.
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As a long-standing technology partner for multiple financial organisations across the UK, the team at Exponential-e have been observing the sector's evolving relationship with technology for some time - both the growing demand for a higher standard of operational resilience, and an increasing awareness of the challenges and opportunities that Cloud transformation presents.
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After several years of serious global upheaval, it is clear that resilience, agility, and the ability to adapt to the unexpected are critical priorities for all organisations – regardless of size or sector. However, this accelerated pace of change has, in many cases, revealed the limitations of existing IT services. With an increasing emphasis on on-demand services and a highly fluid workforce, legacy services and their systems often struggle to support new propositions and customers' evolving needs, which will – in turn – make maintaining a competitive advantage difficult, if not near impossible.
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Retailers - be they small local shops, online sellers, or top global brands - generate, transfer, and store more data than ever before, ranging from customer data (both online and in-store, as we have considered in previous articles), to supply chain and asset tracking data. Whether it's shopping online or utilising in-store apps to access the latest savings and special offers, the way customers shop has fundamentally changed forever, with the data they generate online and in person allowing retailers to build up unique personas that drive truly bespoke experiences.
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The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.
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Any organisation that has tried to recover from a ransomware attack knows that it can be time-consuming and costly. Companies hit by an attack must choose between paying a ransom or recovering encrypted data from a backup.
Unfortunately, ransomware gangs are too aware that they can leverage significantly higher ransoms from their corporate victims if they have also compromise the company's backups. For this reason, we are seeing more and more cyber attacks targeting backups because they know that organisations desperately need them to recover if they want to avoid paying a ransom to cybercriminals.
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Newly-released research indicates that ransomware attacks reached a record high in May, with the surge primarily fueled by a massive increase in the number of attacks perpetrated by the LockBit ransomware group and its affiliates.
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Car dealerships have been brought to a standstill across the United States after a software provider was hit by a ransomware attack.
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Secure Access Service Edge (SASE) is rapidly establishing itself as the solution of choice for the next generation of enterprise networks, where optimal control, visibility, and scalability are essential. In the first quarter of 2024 alone, the SASE market experienced a 23% surge, as more and more organisations began taking advantage of its capabilities.
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The Challenge
In Q3 of 2024, the CEO of a UK-based bank received an email from a ransomware group, informing him that the bank's data had been encrypted and would be released on the dark web unless a ransom demand was paid. Although several insurers and consultants were engaged to resolve the situation, the slow response times made it clear that an alternative approach would be needed.
Finally, in order to minimise the resulting downtime and resume operations as soon as possible, without giving in to the criminals' ransom demand, the organisation engaged Exponential-e to restore and secure their critical servers. With even the shortest period of downtime resulting in serious financial and reputational damage, a team of incident response specialists immediately began the restoration process, aiming to have the bank's systems back online in days rather than weeks.
The Solution
The restoration process began with a thorough audit of the IT ecosystem to establish which servers had been impacted, after which the affected VMs were powered down. A new, fully isolated VDC was created to store these VMs once they were recovered, along with a completely new firewall zone.
With the affected servers restored into this new VDC zone, firewalls were established to allow for the most basic access, after which malware scans were conducted. These scans continued for two days, during which the customer was granted initial access to the servers via a temporary SSL VPN with Azure MFA, allowing them to resume operations in just three days.
At this point, Zerto replication was set up for the new VMs, while Exponential-e simultaneously engaged with the third party that was conducting a forensic investigation.
Connectivity was soon re-established for the customer's other offices, at which point users were brought back online. Firewall logs were provided for the forensic team, along with initial access to VM images via vCloud Director.
Finally, a test rebuild of the affected VMs was conducted and finalised within two days, and additional firewall policies established.
Exponential-e has repeated variations of this process for multiple other organisations affected by ransomware attacks, allowing them to resume operations as quickly as possible and ensure their critical infrastructure is secured against future attacks.
The Result
Ongoing communication between all parties involved ,including a dedicated team of incident response specialists at Exponential-e with a defined action plan ensured a seamless restoration process. Day-to-day operations resumed in just seven days, without paying the criminals' ransom demand.
Don't wait for a crisis to expose the cracks, fortify your defences today. Discover how expert response turned seven days of chaos into operational recovery.
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