Konica Minolta, a Japanese multinational technology company, has become the latest victim of the notorious STORMOUS ransomware group. The group claimed to have published 14% of the company’s data, making Konica Minolta cyber attack another incident on the long list of businesses and organizations that have fallen prey to cybersecurity incidents in recent years.
Konica Minolta Co Ltd. is a printing solutions and IT services company headquartered in Tokyo. The company results from a merger between Minolta and Konica and has subsidiaries based in around fifty countries. With 43,299 employees, its products and services are distributed in 150 countries.
Konica Minolta cyber attack explained
Similar to other ransomware groups, the STORMOUS ransomware group is known for using ransomware attacks to encrypt victims’ data and demand payment for its release. Sometimes, the group also threatens to publish sensitive information if the ransom demands are not met. This tactic can be particularly damaging for companies that handle confidential information, as data breaches can result in lost business, damaged reputation, and legal action.
Konica Minolta has not disclosed the extent of the damage caused by the attack, but the fact that 14% of the company’s data has been published suggests that the breach may have been significant. The Cyber Express has contacted the Japanese megacorp but has not received any response about the cyber attack.
The Konica Minolta cyber attack highlights the growing threat of cybercrime to businesses and organizations worldwide. As the global economy increasingly relies on digital technology, companies must prioritize cybersecurity and proactively protect themselves and their customers from cyber-attacks.
Konica Minolta’s cyber attack is just the tip of the iceberg
The STORMOUS ransomware group is one of many threat actors targeting businesses and organizations with cyber attacks. According to Check Point Research (CPR) report, last year witnessed a substantial surge in cyberattacks around the world, with a staggering 38% increase reported in 2022 compared to the previous year.
The surge in cyberattacks observed in 2022 can be attributed to the emergence of small and nimble hacker and ransomware groups, who capitalized on vulnerabilities in collaboration tools frequently utilized in work-from-home settings.
Additionally, there was a marked increase in attacks targeting educational institutions that shifted to e-learning post-COVID-19, as well as healthcare organizations that saw the highest surge in cyberattacks compared to all other industries. It is important to note that the growth of AI technology, including powerful platforms like CHATGPT, has prompted concerns that cyberattacks may continue escalating in 2023 and beyond.