German software solution company PSI Software has announced that their systems are down after a ransomware attack on February 15th impacted their infrastructure.

Although PSI Software specialises in software solutions for major European energy suppliers, it also provides software for other critical industries such as transport infrastructure and logistics globally. If attackers were able to access PSI Software data, it could therefore have a significant impact, not solely within Germany.

The company has alerted the relevant authorities and taken proactive action to prevent data leaks by disconnecting its internal systems from the internet. PSI also stressed that, to their ‘current knowledge’ PSI systems at customer sites have not been affected.

IT Security publication SecurityWeek says it has not yet ‘observed any ransomware gang taking responsibility for the attack.’

According to data and consumer insights company, Statista, ransomware attacks have vastly increased in the past few years, with 72% of businesses being affected in 2023. Exploited vulnerabilities were the main cause (36% of affected organisations) followed by credential compromise and malicious email. 

A recent IBM report found that ‘the global average cost of a data breach in 2023 was US$ 4.45 million’ which has increased by 15% over the past 3 years. As a result, ‘51% of organisations are planning to increase security investments’ such as threat detection and response.

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