Russia-linked hackers are suspected in the weekend's massive attack on Kaseya software provider. This attack could have devastating consequences for thousands of companies around the world. They demanded $70million to recover data that they were holding hostage, Reuters reports.Why it matters: This hack is just one of a number of ransomware attacks that have been made public in recent years. It exposes the threat of cybercrime to governments and companies around the globe.Axios Markets keeps you up-to-date on the most recent market trends and economic insights. Register now for a free subscriptionDetails: The attack on Kesaya’s VSA software (which provides IT services to small- and medium-sized companies) caused hundreds of companies to be directly affected, according to CNET. CNET estimates that at least 36,000 companies were indirectly affected.According to the New York Times, 800 stores of The Coop, Sweden's largest grocery chain, were closed by the Coop.Kaseya stated in a Sunday night update, that the executive committee would meet Monday morning with the goal of "starting restoration to bring our datacenters up by end of day July 5," but cautioned that this timeline may change.They're saying this: "This is without doubt going to turn out be the largest most destructive ransomware campaign weve seen thus far," tweeted Dmitri Aloperovitch, cofounder of Crowdstrike cybersecurity firm."Have many victims around the globe. Networks are encrypted. There is no way to decrypt networks of any size without spending millions.The latest: A ransomware demand for $70 million was made to a dark-web site used by REvil, a Russia-linked cybercrime gang that caused the attack on the U.S. meat processor JBS.Sunday's statement by the White House stated that President Biden had "directed all resources of the government to investigate the incident" and encouraged businesses to follow the recommendations from last month to strengthen their cyber defenses.The FBI requested businesses to report if their systems were compromised. However, it cautioned that it might not be able "[d]ue the potential scale of this incident" to respond to every victim individually.Our thought bubble: This attack comes just two weeks after President Biden warned Vladimir Putin at the Geneva summit. It looks like the Russians are ignoring the hard talk.Continue the storyBiden stated that the initial thought was that it wasn't Russia's government. However, we aren’t certain yet." "If it's either with the knowledge or as a result of Russia, then I told Putin that we will respond."Learn more about the ransomware pandemicAxios Markets has more: Subscribe to receive the most recent market trends from Axios Markets. Register now for a free subscription
