News Insights: Payroll/HR Giant PrismHR Hit by Ransomware? — Krebs on Security

PrismHR, a company that sells technology used by other firms to help more than 80,000 small businesses manage payroll, benefits, and human resources, has suffered what appears to be an ongoing ransomware attack that is disrupting many of its services.

Payroll/HR Giant PrismHR Hit by Ransomware? — Krebs on Security

Brian Krebs this afternoon reported that PrismHR, a company that sells technology used by other firms to help more than 80,000 small businesses manage payroll, benefits, and human resources, has suffered what appears to be an ongoing ransomware attack that is disrupting many of its services. Mass.-based PrismHR handles everything from payroll processing and human resources to health insurance and tax forms for hundreds of “professional employer organizations” (PEOs) that serve more than two million employees. The company processes more than $80 billion payroll payments annually on behalf of PEOs and their clients. The company has not commented yet, but Krebs says that in a notice sent to its PEO partners, PrismHR said it detected suspicious activity within its networks on Feb. 28, and that it disabled access to its platform for all users in an effort to contain the security incident.

 

News Insights:

Niamh Muldoon, global data protection officer at OneLogin, commented:

“Ransomware shows no signs of slowing down and it remains a global cybersecurity threat. We have to remember that attackers have made cybercrime a business. And ransomware is the one cybercrime that has a high direct return of investment associated with it, by holding the victims’ ransom for financial payment. Taking the global economic environment and current market conditions into consideration, cybercriminals will of course continue to focus their efforts on this revenue-generating stream. During 2021 we are likely to see cyber-criminal individuals and groups partner together to try to maximize their return of investment with their attacks. The key message here is no one person or industry is exempt from the ransomware threat and it requires constant focus, assessment and review to ensure that critical information assets remain safeguarded and protected against it.”