Ransomware

MarineMax Data Breach Confirmed In Dual SEC Filings

MarineMax provided a thorough account of the incident, highlighting the swift activation of incident response and business continuity protocols upon detecting the cyberattack.

by Ashish Khaitan April 2, 2024 in Data Breach News, Firewall Daily Reading Time: 3 mins read 0

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In March 2024, MarineMax, a prominent yacht retailer in Florida, USA, confirmed a cybersecurity incident. It fell victim to a data breach orchestrated by the group. The compromised both employee and customer data.

Initially disclosed in a filing with the Securities and Exchange Commission (SEC) on March 12, MarineMax reassured stakeholders that sensitive data wasn't stored within the compromised systems. However, a subsequent filing on April 1st, 2024, revealed a more concerning situation. It disclosed that personal data belonging to an unspecified number of individuals had indeed been stolen during the MarineMax data breach.

MarineMax Data Breach Unfolded into Multiple Layers

Source: sec.gov

In the filings, MarineMax detailed the incident, mentioning the immediate implementation of incident response and business continuity protocols upon detection of the cyberattack. This action, although causing some disruption to business operations, aimed to contain the breach effectively.

“The Company has determined that a cybercrime organization accessed a limited portion of our information environment associated with our retail business,” MarineMax stated. An ongoing investigation, aided by external cybersecurity experts, is underway to ascertain the full extent of the breach. 

MarineMax confirmed that a cybercrime group, later identified as the Rhysida ransomware group, had breached their systems and exfiltrated limited data, including customer and employee information. The company pledged to notify potentially affected parties and regulatory agencies as mandated by law, with law enforcement authorities already notified.

The Cyber Express has reached out to the Florida-based yacht retailer to learn more about this MarineMax data breach, and any mitigation strategies for future threats. However, at the time of writing this, no official statement or response has been provided except the information mentioned in the SEC filings. 

The Rise of Rhysida Ransomware Group

Despite the incident, the organization clarified that its operations continued without impact at the time of filing. However, the company remained vigilant, evaluating potential future impacts on its financial standing.

Source: Dark Web

The Rhysida ransomware group, infamous for its double extortion tactics, claimed responsibility for the breach and posted MarineMax's data on its data leak site. The group demanded a ransom of 15 BTC (approximately $774,415.65 at the time) within a specified timeframe, threatening to sell the data if payment wasn't made.

Source: Dark Web

Known for posing as cybersecurity experts to infiltrate networks, Rhysida employs various tactics, including phishing attacks and the use of malware like Cobalt Strike for lateral movement within infected systems.

The group's activity, first observed in May 2023, has drawn the attention of cybersecurity agencies like the Cybersecurity and Infrastructure Security Agency (CISA), which noted similarities between Rhysida's tactics and those of other ransomware groups.

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