Thomas D. Wood and Company: A Target for Ransomware Attacks

Company Overview

Thomas D. Wood and Company, an independently owned, full-service commercial mortgage banking firm based in Coral Gables, Florida, has been targeted by the ransomware group Lockbit3. The company, which was founded in 1974, operates in the Finance sector and has branch offices in Boca Raton, Orlando, Sarasota, and Tampa. It is ranked as one of South Florida's largest commercial mortgage lenders. The company is grounded in the principles of integrity and a straightforward approach, with a keen awareness of its fiduciary responsibility to its clients.

Vulnerabilities and Targeting

Ransomware attacks on companies in the Finance sector have become increasingly common, with the potential for significant financial losses. In the case of Thomas D. Wood and Company, the attack could have resulted in lost revenue, delayed billing procedures, and increased labor costs for restoring connectivity. The company's vulnerabilities may include weak links in the connections for IIoT and Industry 4.0, which can make firms vulnerable to ransomware attacks. Additionally, the company's size and success in the commercial mortgage banking industry may have made it an attractive target for threat actors seeking to exploit potential weaknesses in its digital infrastructure.

Industry Trends and Response

The wood manufacturing industry has also seen an increase in ransomware attacks, with companies like Steelcase suffering significant losses due to such attacks. In response to these threats, companies are investing in advanced technology and manufacturing equipment to improve their cybersecurity defenses.

The ransomware attack on Thomas D. Wood and Company serves as a reminder of the ongoing threat posed by cybercriminals to businesses in the Finance sector. As companies continue to digitalize their operations, it is crucial to invest in robust cybersecurity measures to protect against such attacks.

Sources

• Universal Health Services Reports $67 Million in Losses After Ransomware Attack - https://www.uhsinc.com/statement-from-universal-health-services/
• Thomas Wood on LinkedIn
• Wood Industry Ransomware; Maple Veneer Logs; IWPA Board Changes