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Kaseya’s Fred Voccola On Securing MSPs, REvil’s Impact And The Next ‘Atomic Bomb Sitting Out There’

‘There’s a lot more awareness and a lot more money being spent and a lot more desire to be secure and a lot more like people investing in their skillsets, but at the same time, the threat landscape is moving more towards small to midsize businesses because there’s a better chance of getting away with it,’ says Kaseya CEO Fred Voccola.

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What was the financial impact to Kaseya from the July REvil ransomware attack, and what did you see from the Log4j exploit?

It’s hard to answer that question because when you ask, ‘What is the financial impact,’ if one of my people spends a minute on it, there is a financial impact. But no, nothing material from Log4j. Obviously, we spent internal time and resources and we did a lot of stuff. So that burned a lot of money. But nothing that anyone else in the industry, in the world, didn’t experience. The [ransomware] incident we had in July had a huge impact on how we look at our customers and value them. So we probably spent, I don’t have my notes here, but it’s pretty substantial. It’s in the tens of millions of dollars in direct costs. So substantial there, and that comes from all kinds of things. It comes from consultants that we’ve hired, all kinds of engineering work. We had all kinds of experts we brought in. Additional penetration testing. Probably an ongoing increase in the tens of millions of dollars to make sure that things like this don’t happen anymore, or to the best of our ability. Every software vendor gets hit. We want to be at the cutting edge of prevention.

 

 

 
 
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