Subscribe To Our Daily Enewsletter:

Summit Hosting Acquires Ransomware Attack Victim’s Business Assets

Summit Hosting has acquired the business assets of iNSYNQ, a desktop as a service and hosted applications provider that suffered a high-profile ransomware attack in July 2019.

Summit and iNSYNQ did not indicate whether the ransomware attack influenced or forced the iNSYNQ asset sale. Financial terms of the asset sale were note disclosed. And iNSYNQ executive leadership was not quoted in the assets sale announcement.

Summit Hosting Acquires iNSYNQ Assets: Details

In a prepared statement, Summit Hosting says the deal is a strategic step for the managed application hosting provider as it moves deeper into cloud and desktop as a service (DaaS) capabilities. The deal also means “increased security, flexibility and stability for iNSYNQ customers,” Summit said, without referring to the iNSYNQ ransomware attack.

In a prepared statement, Summit Hosting CEO Stanley Kania:

“We are thrilled to welcome iNSYNQ customers to the Summit Hosting family. Over the past 20 years, iNSYNQ has built an incredible business empowering accounting professionals to do their jobs effectively. This transaction continues Summit’s rapid and strategic growth, and expands Summit’s unmatched offerings for accounting professionals and SMBs looking for secure and reliable cloud solutions.”

iNSYNQ customers will “have the option to move over to the Summit platform quickly, giving them the increased security, flexibility, and stability of their own dedicated server,” Summit added in a statement.

Summit Hosting: Business Background

Summit Hosting was founded by Stanley Kania and Warren Patterson in 2016 through the merging of myownASP.com and NovelAspect.com. The company is a cloud hosting provider for QuickBooks and Sage Programs in North America.

Return Home

12 Comments

Comments

    Stanley Kania:

    The acquisition of iNSYNQ was in the works for many months even before the attack. One of Summits Hosting strategies is to acquire companies that fit well into what we do along with a great workplace culture.

    Summit is becoming a leader in ERP application hosting. Look for Summit to continue to execute on it plan in 2020.

    Stanley Kania
    Chief Executive Officer

    Joe Panettieri:

    Stanley: Thank you for the additional details. Please be sure to share company updates for 2020 and beyond, both for MSSP Alert and ChannelE2E.

    Best,
    -jp

    Amy Picco:

    Interesting considering Summit Hosting is now suffering a ransomware attack going on day 5. This is the second ransomware attack our company has now dealt with since we started using Summit Hosting. Major disruption to our business. I question their leadership in the industry

    John:

    Summit Hosting is complete failure. Cannot manage Jan 17 ransom ware attack. My company is stuck with them

    You should stay away

    Joe Panettieri:

    Amy, John: We’ve reached out to Summit Hosting requesting comment about the alleged ransomware attack. I will update this comment if/when we have more info to share.
    -jp

    Joe Panettieri
    Content Czar, MSSP Alert

    Jason A.:

    We have 300 employees without paychecks at this point. We have late filings. Vendors with late payments. We used to do daily backups but were told to stop by Summit because it was causing them issues…now we are really dead in the water because Summit wont even send us our company file!!! Is there any legal action we can take?

    Amy Picco:

    Thank you Joe. Searching for another cloud provider but also trying to learn and understand if there something else our company should be doing to protect ourselves in the future. We put all our faith in Summit and this has hit our company hard and many other companies. We were informed this AM that are files had been restored back to 1/15/20 and which is 3 days of lost data. The email also informed us that we would be prompted to enter a new password when logging in to myownasp however that never happened. I was able to login with an old email but that caused concern for me as the email stated all passwords had been deleted and we would have to enter the temp password provided. Now 1:14PM Central time and I can no longer login. The system is down again.
    Do you have any advice or articles to read to help a smaller that don’t house internal servers and the best way to navigate the cloud provider world

    Carolyn C:

    Following.
    We are still without access- since last Sunday.
    Has Summit replied to your inquiries? They are updating a website with a “status” once or twice a day.

    Joe Panettieri:

    Hi Carolyn, Readers:

    I’m sorry I didn’t post this sooner amid travel. I reached out to Summit Hosting CEO Stan Kania on Thursday, January 23, requesting info about the alleged ransomware attack. He replied back on January 23 with this info, in quotes:

    “The MYASP environment was hit with a ransomware attack. This is the smallest of our environments (400 servers) and our security systems caught it immediately and shut down all client servers in order to isolate the attack and protect end-users data. In order to resolve this, our engineering team had to scan and restore every server individually. We had about 90% of the servers back online by Monday night, but in the process of scanning and restoring one of the servers, an encryption file executed again and the whole environment had to be shut down a second time.

    Every single part of the environment is being scanned, scrubbed and restored to ensure that the ransomware is cleared. If we don’t do this, it will execute and take down the whole environment again. This ransomware file is very sophisticated and we can’t take any short cuts, unfortunately. Added to this, the engineering team has worked non-stop to scan and restore all the servers since Monday and will be bringing servers back online throughout the day today. This process takes time, but we have to be very cautious when this level of ransomware is involved.
    At this time, it is very important to note that backups are secure and data was not compromised.

    Our security systems blocked over a million attacks in 2019. These attacks are targeting every sector of IT and as you know they are on the rise. We are fortunate that we were able to isolate it to a smaller group of servers so fast and are doing everything we can to rebuild and restore customer access.

    Let me know if you need anything else.

    Stan”

    -end of statement –

    -jp

    Amy Picco:

    The situation seems to get worse by the day. We have no communication from Summit in over 24+ hours. I have sent two support tickets with no response and they are closed within the hour of submitting and sent numerous emails with zero follow-up. Still down and no resolution in sight. Not sure of their method of handling this situation at this point but hard to even wrap my head around what lies ahead for our company. I wonder if the CEO realizes techs are closing support tickets without even responding to them.

    Carolyn C:

    We had access yesterday and today we are unable to access our information.

    Jonathan Lavender:

    We still dont have access. Has anyone heard anything?

Leave a Reply

Your email address will not be published. Required fields are marked *