Enzo Biochem’s $7.5M Ransomware Blunder: A Comedy of Errors in Data Security
Enzo Biochem settled a class-action lawsuit for $7.5 million over its 2023 ransomware incident. The agreement includes data protection upgrades. Its stock price plummeted to $0.70 per share, the lowest since 1991, after the attack compromised 2.47 million people’s data. Enzo’s credential hygiene was a particular focus of concern.
Hot Take:
Enzo Biochem’s approach to cybersecurity was so laid-back, it might have been mistaken for a yoga class. But after a $7.5 million settlement and a $4.5 million fine, they’re finally treating data protection with the same urgency as a cat on a hot tin roof. Lesson learned: don’t leave your security credentials unattended for a decade, or you might just pay for it in millions!
Key Points:
- Enzo Biochem settles class-action lawsuit for $7.5 million due to 2023 ransomware attack.
- The company had to pay an additional $4.5 million to state attorneys for the same incident.
- Major security failings included outdated credentials, lack of MFA, and ineffective data encryption.
- Enzo implemented significant cybersecurity upgrades post-attack, including MFA and a 24/7 SOC.
- The attack led to a 1.4 TB data breach and caused Enzo’s stock to hit its lowest price since 1991.
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