Stetson Convention Services Suffers Ransomware Attack by Lockbit2 Group

Company Overview

Founded in 1996 by William R. Sandherr and his wife Kristina, Stetson Convention Services has established itself as a national and international full-service general service contractor and decorator for the tradeshow, exposition, and event industry. The company is renowned for its commitment to quality, creativity, and customer service, producing some of the most unique and reputable shows across the country. A key differentiator for Stetson is its focus on maintaining a personalized connection, fostering trust and friendship between clients and contractors.

Vulnerabilities and Impact

Ransomware attacks pose significant risks to companies, potentially leading to extensive downtime, data loss, and financial repercussions. A report by Intermedia indicates that nearly three-quarters of ransomware-infected companies experience at least two days of inaccessibility to their data, with 32% facing this issue for five days or more. The financial toll of downtime often exceeds the ransom demands.

The ransomware attack on Stetson Convention Services by the Lockbit2 group could result in several adverse outcomes, including:

• Downtime: Disruption to the company's operations, impacting its ability to deliver services to clients.
• Data Loss: Inaccessibility to encrypted data, which may include sensitive client and event information.
• Financial Loss: Significant costs associated with system and data recovery, alongside any ransom payments to the attackers.

This incident serves as a stark reminder of the cybersecurity risks facing the Business Services sector. Despite Stetson Convention Services' dedication to its core principles, it was not immune to cyber threats. This emphasizes the critical need for robust cybersecurity defenses to mitigate such risks.

Sources

• Ransomware's Aftermath Can Be More Costly Than Ransom - TechNewsWorld
• Stetson Convention Services: HOME
• Stetson Cybergroup - LinkedIn
• Higher Education Law and Policy Webinars - Stetson University