topic Re: Vodka maker Stoli files for bankruptcy in US after ransomware attack in Industry News

Vodka maker Stoli files for bankruptcy in US after ransomware attack

Caute_cautim — Thu, 05 Dec 2024 23:02:06 GMT

Hi All

Stoli Group's U.S. companies have filed for bankruptcy following an August ransomware attack and Russian authorities seizing the company's remaining distilleries in the country.

As Chris Caldwell, the President and Global Chief Executive Officer of Stoli USA and Kentucky Owl, the two Stoli Group subsidiaries, said in a Friday filing, this comes after the August attack severely disrupted its IT systems, including its enterprise resource planning (ERP) platform.

https://www.bleepingcomputer.com/news/security/vodka-maker-stoli-files-for-bankruptcy-in-us-after-ransomware-attack/amp/

So no contingency plan? No incident response plan?

Did they have Cyber security insurance or were the premiums too high?

Regards

Caute_cautim

Re: Vodka maker Stoli files for bankruptcy in US after ransomware attack

Until_then — Fri, 06 Dec 2024 13:02:23 GMT

I'm just wondering what minimum standards/framework they were following or if they had any. If they did, then yes, they probably skipped over contingency planning, incident response, continuity planning, backups, etc.

Re: Vodka maker Stoli files for bankruptcy in US after ransomware attack

denbesten — Fri, 06 Dec 2024 15:26:19 GMT

The court filing makes it clear that the costs of recovering from ransomware were just one of many factors. Others include softening demand, global economic issues, litigation costs, and assets being seized in Russia.

My guess, US was one of their least profitable markets and they are taking advantage of the opportunity to "right size".