Top vodka brand Stoli files for bankruptcy following ransomware attack

Date:
Wed, 04 Dec 2024 16:00:00 +0000

Description:
No threat actors have so far assumed responsibility for the attack.

FULL STORY ======================================================================In late November, Stoli filed for bankruptcy in the USA Among the different factors leading to the decision was an alleged ransomware attack that hindered the company's operations We don't know who the attackers were, or if any ransom was paid

Stoli, a top vodka brand with a global presence, filed for bankruptcy last week, the media are reporting.

In the bankruptcy filing, the company listed many reasons for its financial failings, including legal disputes with the Russian government, the countrys confiscation of two distilleries worth around $100 million, and a ransomware attack that allegedly happened in August this year.

In the official document filed with the Texas bankruptcy court late last month, the companys CEO Chris Caldwell discussed the cyberattack. In August 2024, the Stoli Group's IT infrastructure suffered severe disruption in the wake of a data breach and ransomware attack, he said. Unknown attackers

The attack caused substantial operational issues throughout all companies within the Stoli Group, including Stoli USA and KO, due to the Stoli Group's enterprise resource planning (ERP) system being disabled and most of the
Stoli Group's internal processes (including accounting functions) being
forced into a manual entry mode," Caldwell continued.

The company is still working on restoring its systems, and believes it wont
be fully operational before the first quarter of 2025.

Hindered daily operations aside, the ransomware attack apparently also made
it difficult for the company to repay the debt to its lenders. Since it was unable to share current financial data, the lenders accused the company of defaulting on the debt, The Record reports.

Its also worth pointing out that the company did not say who the attackers were, what they achieved, whether or not they stole any sensitive data, or
how much money they asked for in exchange. Hackers would usually flaunt their success on their data leak page, but in this case no one assumed responsibility for the attack. Sometimes, when victims pay the ransom demand, their names get removed from the leak sites.

However, they are usually listed first, as a way of pressuring the victim
into paying up.

Via The Record You might also like National Public Data files for bankruptcy after massive data breach put "hundreds of millions" at risk Here's a list of the best firewalls today These are the best endpoint protection tools right now



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Link to news story: https://www.techradar.com/pro/security/top-vodka-brand-stoli-files-for-bankrup tcy-following-ransomware-attack


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