By Dhirendra Tripathi
Investing.com – Accenture stock (NYSE:ACN) dipped 0.8% Wednesday as the consulting company downplayed a ransomware attack by a hacker group.
The group, using Lockbit ransomware, said it had hacked the firm’s systems and will release the data in several hours.
According to ZDNet, Accenture downplayed the incident. There was no impact on Accenture's operations, or on Accenture's clients' systems, as per the ZDNet report.
LockBit is a ransomware variant first detected in September 2019. The LockBit ransomware restricts access to corporate files and systems by encrypting them into an unusable format. Victims receive instructions on how to engage with the offenders after encryption.
The Australian Cyber Security Centre released an advisory on Friday noting that after a brief lull, the Lockbit ransomware group has ramped up attacks.
According to Accenture’s own report, released August 4, global cyber intrusion activity more than doubled in first half of 2021.
From an industry perspective, consumer goods and services was targeted the most, accounting for 21% of cyberattacks, followed by industrial/manufacturing, banking, and travel & hospitality industries, at 16%, 10% and 9%, respectively.
Companies with annual revenue between $1 billion and $9.9 billion accounted for more than half (54%) of ransomware and extortion victims, followed by companies with annual revenue between $10 billion and $20 billion (20%).