Welcome to Reality, Where Data is Stolen. The Largest Financial Sector Hit by Hackers Again
A single small vulnerability in the cloud can lead to a catastrophe for dozens of companies.
In early September, a major cyberattack occurred in South Korea, affecting about 20 asset management companies. According to industry sources, the breach was carried out through a cloud server of an IT contractor, which was used primarily by small and medium-sized private equity funds. The ransomware group Qilin claimed responsibility for the attack.
The hackers claimed they managed to steal company tax documentation, employee details, and investors' personal data. Meanwhile, South Korean financial regulators emphasized that there is currently no confirmation of a leak of credit information that could lead to direct financial losses. The supervisory authorities noted that they were aware of the situation in advance and continue to monitor the incident's development closely.
This incident is the latest in a series of large-scale attacks on the country's financial sector. Previously, cybercriminals attacked Lotte Card—the fifth-largest payment card issuer in South Korea—which led to the compromise of data belonging to approximately 3 million customers. The new incident with Qilin shows that malicious actors are increasingly targeting contractors and third-party services as the weak link through which they can gain access to sensitive information from multiple organizations at once.
A single small vulnerability in the cloud can lead to a catastrophe for dozens of companies.
In early September, a major cyberattack occurred in South Korea, affecting about 20 asset management companies. According to industry sources, the breach was carried out through a cloud server of an IT contractor, which was used primarily by small and medium-sized private equity funds. The ransomware group Qilin claimed responsibility for the attack.
The hackers claimed they managed to steal company tax documentation, employee details, and investors' personal data. Meanwhile, South Korean financial regulators emphasized that there is currently no confirmation of a leak of credit information that could lead to direct financial losses. The supervisory authorities noted that they were aware of the situation in advance and continue to monitor the incident's development closely.
This incident is the latest in a series of large-scale attacks on the country's financial sector. Previously, cybercriminals attacked Lotte Card—the fifth-largest payment card issuer in South Korea—which led to the compromise of data belonging to approximately 3 million customers. The new incident with Qilin shows that malicious actors are increasingly targeting contractors and third-party services as the weak link through which they can gain access to sensitive information from multiple organizations at once.
