8Base Ransomware Visits Italy and Belgium
8Base ransomware just announced another 2 victims, one in Belgium and one in Italy. The Belgium Sprimoglass specializes in flat glass with 130 years of experience. The Italian Federchimica is a massive business conglomerate of 1,400 companies and over 90,000 employees.
- 8Base didn’t post any details regarding the operation aside from a short brief of each target
- 8Base is known to conduct unforgiving negotiations and demand sometimes absurd ransoms
- The victims qualify as high-value enterprises, so it is expected that the ransoms will increase accordingly
- It is unclear how the hackers managed to penetrate the victims’ systems
8Base typically targets small-to-medium businesses. This is to increase the likelihood of a successful breach and to avoid accumulating too much heat. It’s more likely for the FBI to become involved in case of major ransomware operations.
This type of prevention tactic also explains why 8Base isn’t as active as other ransomware rings. They prefer to stay off of law enforcement’s radar as much as possible.
In typical fashion, 8Base gave the victims a week at their disposal to conclude negotiations. If that doesn’t happen, the hackers will publish the stolen data online or share it with other ransomware groups.
This will lead to additional financial and reputational damages, depending on the type and amount of data being leaked. 8Base is also known to use the double-extortion practice, which involves encrypting the victim’s system.
This alone can cause extensive financial losses if the business cannot resume its activity in a timely manner. This is why some ransomware victims prefer to pay to decrypt their system, even if that means taking a massive financial hit.
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Should You Pay the Ransom?
The most natural answer would be: no. But it isn’t as easy as it seems. As mentioned before, some victims may not have any other choice.
But if you do have a choice, experts advise not paying or even negotiating with the cybercriminals. That’s because paying the ransom may actually make things worse. On the one hand, you have no guarantees that the hackers will keep their word.
While they may provide the decryption key, there is no guarantee that they won’t share the stolen data with other ransomware groups. In fact, they often do.
On the other hand, paying the ransom marks you as a submissive victim. Which increases the likelihood that you’ll be visited by either the same cybercriminal group or others, in the future. And nobody wants that.
So, should you fear 8Base, and how should you protect against it? 8Base only reached the public eye in the beginning of 2023, but took off fast. Experts pointed out glaring similarities between 8Base and more ominous ransomware groups, some now extinct.
These include Hive, Phobos, and RansomHouse.
To cut it short, yes, you should fear 8Base. Especially if you fit the profile of a ransomware victim. When it comes to protecting yourself and your business against ransomware attacks, nothing beats working with professionals.
Contract the services of reliable cybersecurity experts and take all measures necessary to eliminate any potential system vulnerabilities. This might not make you impenetrable to ransomware attacks, but at least it’s a good step in the right direction.