How much does incident response cost following a ransomware attack? Would you believe $12 million and counting?
Rackspace’s costs from last year’s ransomware infection continue to mount: the cloud hosting biz told America’s financial watchdog, the SEC, its total expenses to date regarding that cyberattack have reached $12 million – so far.
The extortionware raid on the IT provider, initially described as a “security incident,” hit Rackspace’s hosted Microsoft Exchange on December 2, 2022, shutting down email services to thousands of customers, most of whom were small and mid-sized businesses.
Four days later, the corporation determined that a ransomware infection was responsible for the email meltdown, which lasted into January. Rackspace ultimately blamed the Play crew for the intrusion, and said the miscreants broke in after exploiting CVE-2022-41080, a critical Exchange privilege escalation bug, before Microsoft could issue a fix.
Read more at The Register.
Coincidentally, The Register also reports that Royal Mail’s recovery from ransomware attack will cost business at least $12M.