Skinner Transfer Corporation Suffers Ransomware Attack by Lockbit2

Company Overview

Skinner Transfer Corporation, a family-owned freight service based in Wisconsin, specializes in dry van carrier services. The company boasts a fleet of nearly 100 tractors and 300 trailers, enabling it to transport products across the United States with guaranteed delivery times.

Industry Standout

What sets Skinner Transfer Corporation apart in the transportation sector is its client-based approach. The company prioritizes understanding the specific needs of its clients before transporting their products, a strategy that has contributed significantly to its reputation and success within the industry.

Vulnerabilities

The exact vulnerabilities that facilitated the ransomware attack on Skinner Transfer Corporation have not been disclosed. However, it is important to note that 71% of organizations globally reported experiencing at least one ransomware attack in 2022. The average total cost of these attacks was estimated at $4.3 million. Ransomware commonly infiltrates through vectors such as phishing emails, unpatched software, and weak passwords.

Ransomware Group

Lockbit2, the ransomware group behind this attack, has gained notoriety in recent years for targeting various organizations with their malicious software. The group's modus operandi involves encrypting files on the infected device and demanding a ransom in exchange for the decryption keys.

Impact of Ransomware Attacks

Ransomware attacks can lead to severe financial and operational repercussions for affected organizations. In 2022, the average ransom payment was reported at $812,360. Furthermore, 36% of businesses that acquiesce to ransom demands experience a second attack. The cumulative average cost of ransomware attacks to organizations worldwide was approximately $4.3 million.

Mitigating Ransomware Attacks

To reduce the risk of ransomware attacks, organizations are advised to adopt comprehensive cybersecurity practices. These include conducting regular software updates, enforcing the use of strong passwords, and providing employee training on phishing awareness. Additionally, maintaining a robust backup and recovery plan is crucial for minimizing the impact of successful ransomware attacks.

Sources

• Skinner Transfer Corporation - Wisconsin Freight | Dry Van Carrier | Skinner Transfer Corporation
• ECMC spent nearly $10 million recovering from massive cyberattack - Buffalo News. URL: Buffalo News Article
• An Avertium Case Study - LockBit. URL: Avertium Case Study
• Ransomware Tracker 2024: Recent Ransomware Attacks - Spin.AI. URL: Spin.AI Ransomware Tracker
• Cyber Security Insurance Market Lacks Proper Data to Price Risk - PEO Compass. URL: PEO Compass Article