Be Prepared: The Threat of Ransomware Will Never Go Away

Bob Ulrich
Posted on November 15, 2018

About a year-and-a-half ago, Modern Tire Dealer wrote a story on ransomware, which the FBI defines as "a form of malware that targets your critical data and systems for the purpose of extortion.”

The cost of ransomware to U.S. businesses is hard to quantify. In 2016, businesses paid out an estimated $1 billion, compared to $24 million the previous year, based on FBI data. However, those numbers only take into account known victims.

At the time, Cybersecurity Ventures, as part of a report sponsored by the Herjavec Group, estimated the annual cost of global cybercrime will reach $6 trillion a year by 2021, with ransomware accounting for an increasingly larger percentage of that total. The number of incidents and cost to businesses since then have done nothing to change those predictions.

Here's how ransomware works. “After the user has been locked out of the data or system, the cyber actor demands a ransom payment," says the FBI. "After receiving payment, the cyber actor will purportedly provide an avenue to the victim to regain access to the system or data.”

Note the use of the word "purportedly." There is no guarantee that the criminal will, indeed, give access back to the business, which is why the FBI suggests not paying the ransom.

Tire retailers and wholesalers -- big and small -- have not been immune to either ransomware targeting or cyberattacks. For example, last May, Matlock Tire Service & Auto Repair, a four-outlet dealership based in East Tennessee, reportedly was targeted by cybercriminals when its owner, Jimmy Matlock, was running for a seat in the U.S. House of Representatives.

The Associated Press quoted campaign spokesman Greg Butcher as saying the website attacks were unsuccessful because the business "spent thousands of dollars on security upgrades and shut down the server multiple times."

The purpose behind the cyberattacks against Matlock Tire Service was not ransom, but the theory behind protecting the business is the same. Vigilance is crucial. Spending money to continually upgrade or patch your business software is necessary.

For more information on ransomware, check out "Beware of ransomware." The story lists eight preventive measures you can take to help guard against cyberattacks.

Don't take your business software for granted. As a spokesperson for the Herjavec Group chillingly pointed out in a recent blog, "The reality is that ransomware will never go away."

Related Topics: B.O.B., cybersecurity, FBI, Matlock Tire, Ransomware, software/shop management

Bob Ulrich Editor
Comments ( 1 )
  • Joel A Stevens

     | about 10 months ago

    Where are the eight measure?

More Stories
Gustavo (Gus) Lima, CEO; Linda Bassitt, president; and Marco Zigni, vice president of the Latin American & Caribbean Tyre Expo, had the honor of cutting the opening ribbon to start the show. 
Article

Latin Tyre Expo Turns 10: New, Retreaded Tire Markets Were Examined

The Latin Tyre Expo celebrated its 10th anniversary in late June at the Atlapa Convention Center in Panama City, Panama. The Expo has become the leading event for suppliers and manufacturers to connect with leading tire distributors and dealers from Mexico, Central and South America, and the Caribbean regions (LATAM).

News

Meineke Expands in North Carolina

Meineke Car Care Centers LLC has opened a location in Holly Springs, N.C. It is the first Meineke outlet for new franchisee Darrick Finan.

The new Toyo Extensa A/S II will be available in 55 sizes covering more than 80% of the vehicle market by the end of the first quarter of 2020.
News

Toyo Releases the Extensa A/S II

Toyo Tire U.S.A. Corp. has released the next generation of its value-oriented all-season tire for passenger cars, minivans, SUVs, CUVs, and light trucks: the Extensa A/S II.

Figure 1: Identifying the TPMS steering wheel controls. All artwork courtesy of Toyota, License Aagreement TMS 1002.
Article

TPMS: Lexus RX Series, 2016-19

In Lexus RX Series vehicles (2016-2019), a tire pressure warning valve and transmitter (equipped with a tire pressure sensor and a transmitter) is installed in each tire and wheel assembly. 

Titan says bias tires are a better fit for job sites with more stationary work. The HD2000 II, Titan’s premier bias tire for skid steers, offers deep lugs, a heavy sidewall and a large rim guard for excellent durability.
Article

Radials, Specialization and Technology: What’s Ahead for Small OTR Tires

Equipment rentals and equipment connectivity are playing dominant roles in the trends shaping the small OTR tire market, which Modern Tire Dealer defines as tires on 25-inch and smaller rims. “Across the board, we’re seeing continued growth in demand for 25-inch radials, not quite as robust as the previous two years, but still quite brisk,” says Shawn Rasey, director of global business development of earthmover tires for Continental Tire the Americas LLC.

The proper equipment will help you change oil more quickly.
Article

Fluid Dynamics: What You Need to Know About Oil Change Service

Even though you see everyone from Walmart Inc. to auto service chains offering oil changes, annual industry revenue increased slowly from 2013-2018, according to business information and market research company IBISWorld. Revenue increased at an annualized rate of 1.4% to $5.8 billion.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!