Kronos Ransomware Evokes Catastrophic Cyber Security Threats; Here's How You Can Protect Your Business

On December 11, 2021, Ultimate Kronos Group (UKG), one of the world's largest HR management companies, got hit by a ransomware attack.

Kronos ransomware attack disrupted the Kronos private cloud that hosts an array of UKG applications, including UKG Workforce Central, UKG TeleStaff, Healthcare Extensions, and Banking Scheduling Solutions. 

As a result, the company was forced to make these Kronos applications unavailable, leaving its clients unable to issue paychecks, arrange meetings, and track working hours.

The customers of Kronos private cloud include some big names like the city of Springfield, the automaker Tesla, Honda, GameStop, and retailer Target. So, Kronos ransomware has risked the reputation of UKG as well as the reputation of its high-profile clients. 

The company has also acknowledged the possibility of clients' critical data being compromised in this ransomware attack. 

As per the latest Kronos ransomware update, UKG is working to restore its customers in a parallel fashion. Each user is now availed with a recovery liaison, but the company stays tight-lipped about the timeline of complete recovery. The speed of recovery is said to depend on the technical state of customers' environment. 

Kronos ransomware attack reminds us of how detrimental the consequences of a ransomware attack can be. The loss of data and revenue and the reputational damages stemming from these attacks can cost businesses dearly. 

That's why it's best to take preventive security measures, so such attacks never victimize your organisation in the first place. Let's take a sneak peek into a few such measures:

• Keep a backup of your critical data
• Don't disclose personal information to an untrusted source
• Avoid downloading software from unknown sites
• Connect to a VPN when using public Wi-Fi networks
• Educate your employees about cyber security threats and protection measures
• Beware of suspicious email attachments, pop-ups, and links 
• Deploy a multi-layer threat protection 
• Set up extended detection and response (EDR) solutions for ransomware attack alerts 
• Regularly update your programs, software, and operating systems
• Develop an incident response plan to help your IT security team navigate ransomware incidents if any occur

Final Thoughts

Ransomware attacks have become ubiquitous in the world of the internet. And Kronos has recently fallen prey to another such attack. The consequences have been serious, to say the least. However, it's important to understand that paying massive sums of money as ransom is never going to bring these ransomware attacks to a halt. Instead, you need to brace yourself with a robust preventive strategy so your systems can fight cyber security incidents with strength.