Ransomware attack hits financial services firm Curo
Curo is one of the country’s best-known asset management firms with more than R2 trillion in its overall portfolio. The company was hit by a ransomware attack in early 2022 just as companies were returning from the festive season break, jolting the firm’s management and IT experts into action as they responded to the crisis.
Like many ransomware attacks, the Curo incident involved cybercriminals taking the company’s valuable data hostage and demanding payment in exchange for its release.
If your business found itself in a similar situation, your first instinct might be to pay and make the problem go away, particularly when you are unable to access your systems as a result of the attack. Surprisingly, Curo decided not to engage with the attackers and used IT specialists to regain control of its company data.
five days of downtime – how Curo weathered the storm
Financial services is an industry where every second counts. Fund managers need immediate access to investment data on an instantaneous basis in order to respond to changes in the markets, and clients expect regular updates based on the most recent and reliable financial information available.
When time means money and success and failure can occur in minutes, imagine being locked out of your data for five days. The potential for disaster was huge, but Curo averted a red alert situation with quick and responsible action.
Fortunately for the company, the ransomware attack didn’t affect highly sensitive customer information and Curo didn’t lose control of its financial assets at any stage of the incident.
This gave management some breathing room to strategise, and their final decision was to ignore the criminals behind the attack completely and focus on restoring their systems to full functionality.
Cyberattacks are sadly becoming daily occurrences in South Africa, as seen with the likes of Transnet, the Department of Justice and even African Bank who were all victims of ransomware attacks last year.
no business is safe from a financial services ransomware attack
Faced with a similar scenario, how would your business react?
Every business needs a response plan and a ransomware attack backup plan. It’s what you do in the hours and days following an incident that will enable to lessen the damage in just this kind of scenario.
save your data from a ransomware attack with secure cloud storage
Ransomware attacks can only target your business data if it’s vulnerable to being attacked in the first place. Secure cloud storage, implemented as part of an overall cybersecurity policy, can help keep your sensitive information out of the wrong hands.
If you’d like to secure your business data with a cost-effective and highly secure cloud solution, our range of packages for individuals and businesses could be a great solution. To learn more about our services, contact us today.