Black Basta Ransomware attack on ABB Group LTD

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ABB Group that is into the business field of offering Automation Technology was reportedly hit by Black Basta Ransomware attack. The Swiss based multinational company said that the attack hits its business operations and has been contained. However, some of the core factory functions have been stalled until the malware encryption is removed.

Information is out that the attack was identified on May 7th,2023 and Black Basta, the crime group identified in April 2022 by the law enforcement was linked to the attack.

Black Basta is a ransomware as a service group that is into the theme of launching double ex-tortion attacks. Where the hacker first steals data from the company servers and then encrypts it until a ransom is paid. If the victim fails to pay the ransom, then the data is released into the dark web causing an embarrassment to the company among the competitors.

Moreover, if the information is leaked into the web, customers of the victimized company start to distrust the services offered by the firm, thus causing monetary loss to the firm on a long-term note.

Abb Group is been discussed to be aware of the consequences and so has already a business continuity plan in place to cater to the operational needs for the time being or until its security officers mitigate the risks to the core.

NOTE: Some hacking groups like LockBit convince the victim until a ransom is paid and thereafter leak their siphoned data to the web. Meaning, they do not stand by their words of re-turning the data after a ransom is paid……so, it’s better we all be aware of this fact!

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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