Cybersecurity Alert: Precision Time Systems Hit by Ransomware Group RansomHub

Incident Date:

April 26, 2024

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Cybersecurity Alert: Precision Time Systems Hit by Ransomware Group RansomHub


Precision Time Systems




Ambler, USA

Pennsylvania, USA

First Reported

April 26, 2024

Ransomware Attack on Precision Time Systems by RansomHub

Overview of the Attack

The ransomware group RansomHub has recently targeted Precision Time Systems, a company specializing in parking solutions and access control systems. According to the ransom note published on their dark web leak site, RansomHub claims to have exfiltrated over 700 GB of sensitive data from Precision Time Systems. The group has threatened to release the data unless a ransom is paid, urging the company to appoint a negotiator to manage the situation.

Victim Profile: Precision Time Systems

Precision Time Systems, based in Bolivia, North Carolina, is a privately held corporation founded in 1993. The company provides innovative parking solutions, including parking access control systems, security solutions, and parking guidance systems, primarily serving the New York Metro Tri-State, Mid-Atlantic, and Eastern Pennsylvania regions. With less than 25 employees and generating less than $5 million in revenue, the company's small size makes it a potentially less defended target for cyberattacks.

The company's standout feature in the industry is its expertise in developing cutting-edge technology solutions for parking and security, which involves handling significant amounts of sensitive customer and business data, increasing their attractiveness as a target for ransomware attacks.

RansomHub Group Profile

RansomHub, a relatively new player in the ransomware arena, operates as a Ransomware-as-a-Service (RaaS) group. With suspected roots in Russia, the group has targeted various countries and industries, indicating a broad and opportunistic attack vector. Their ransomware strains are noted for being written in Golang, a choice that aligns with emerging trends in the cyber threat landscape.

Implications of the Attack

The breach at Precision Time Systems highlights significant vulnerabilities, particularly for small to medium-sized enterprises (SMEs) in specialized sectors. The potential release of 700 GB of confidential data could severely impact the company's operations, Stressing the necessity of resilient cybersecurity frameworks tailored to the company's specific operational framework.


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.