blackbyte attacks South Pacific Inc.
Incident Date:
September 19, 2022
Overview
Title
blackbyte attacks South Pacific Inc.
Victim
South Pacific Inc.
Attacker
Blackbyte
Location
First Reported
September 19, 2022
Ransomware Attack on South Pacific Inc.
Company Overview
South Pacific Inc. (SPI) stands as a pivotal entity within the Energy, Utilities & Waste sector, boasting one of the largest import terminals in the Philippines. The firm's commitment to the downstream wholesale of premium LPG products underscores its significance to its clientele.
Vulnerabilities and Impact
Ransomware attacks have escalated into a predominant risk for global businesses, with a staggering 71% encountering at least one incident in 2022. The financial repercussions are profound, with the average cost of an attack reaching $4.3 million. While specific details of the South Pacific Inc. breach remain undisclosed, it is a known strategy for ransomware entities like Blackbyte to leverage the threat of selling or leaking sensitive data to coerce ransom payments.
Mitigation Strategies
Combatting the menace of ransomware necessitates a blend of technical and organizational safeguards. Key measures include the renewal of anti-virus, security event management, and intrusion detection systems. Awareness and adherence to sector-specific regulatory requirements for incident reporting are also crucial in mitigating potential impacts.
The incident involving South Pacific Inc. serves as a stark reminder of the cybercrime threat landscape within the Energy, Utilities & Waste sector. It underscores the imperative for entities within this domain to fortify their cybersecurity frameworks to safeguard operational integrity and customer data.
Sources
- South Pacific Inc. Homepage: https://southpacificinc.ph
- Norton Rose Fulbright: Information Regulator issues first fine to the Department of Justice after ransomware attack
- BlackFog: The State of Ransomware in 2022
- The Record: Notorious ransomware gang takes credit for cyberattack on Fidelity National Financial
- Spin.AI: Ransomware Tracker 2024: Recent Ransomware Attacks
- Unit 42: Stately Taurus Targets the Philippines As Tensions Flare in the South Pacific
Recent Ransomware Attacks
The Recent Ransomware Attacks (RRA) site acts as a watchtower, providing you with near real-time ransomware tracking of attacks, groups and their victims. Given threat actors’ overarching, lucrative success so far, ransomware attacks have become the most ubiquitous, and financially and informationally impactful cyber threat to businesses and organizations today.
The site’s data is generated based on hosting choices of real-world threat actors, and a handful of other trackers. While sanitization efforts have been taken, we cannot guarantee 100% accuracy of the data. Attack updates will be made as source data is reported by reputable sources. By viewing, accessing, or using RRA you acknowledge you are doing so at your own risk.