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HomeBusinessLeadway Assurance moves to prevent hackers' leak, implements mitigation measures

Leadway Assurance moves to prevent hackers’ leak, implements mitigation measures

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Leadway Assurance Company Limited announced on Tuesday that it had implemented “mitigation measures” after discovering a breach in its system by hackers who threatened to release customer data to the public.

The ALPHV ransomware organization, also known as BlackCat, threatened to disclose data allegedly obtained from the insurance company on Sunday.

ALPHV said in a tweet that the information came from a network of “Leadway Assurance, Leadway Capital & Trusts, Leadway Hotels Limited, Leadway Pensure, and Leadway Asset Management.”

According to the renowned gang, the companies were hacked due to inadequate security mechanisms.

“All of these companies had critical vulnerabilities and trivial security breaches that led to their being hacked.” “We have stolen 15 databases containing personal information about customers, over 1,000 passports of employees, as well as company contracts and NDAs,” BlackCat tweeted.

“This is only part of the stolen data; if management does not contact us soon, we will publish all.”

Leadway Assurance stated in a statement that their network had been attacked, but that mitigating steps had been implemented immediately.

The company also launched its “continuity plan” to safeguard sensitive data, according to a report by TheCable on Tuesday.

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A continuity plan is a set of procedures developed by a corporation to restore vital business functions in the event of an unanticipated calamity. Natural disasters, cyberattacks, service failures, and other possible hazards are examples of potential disasters.

“We detected a potential threat to our network and have promptly deployed mitigation measures.” “Our preliminary investigation into this criminal intrusion indicates that this attack was successfully contained,” the organization said.

“We have initiated our business continuity plan to ensure that proprietary information and data are secured.” We would like to notify you that our essential operations have been restored, and we are working tirelessly to ensure minimal disruptions to our operations.

“Protecting our customers’ data remains a top priority, as we have done in the last five decades.” “We have and will continue to strengthen our network to ensure total protection from external intrusion.”

Leadway Assurance also encouraged all its customers to “ignore any unsolicited correspondence from any channel” other than its officially designated channels of communication “during this period.”

“In the meantime, while our team is adhering to all regulatory requirements, we will continue to provide updates to all our stakeholders,” the insurance firm added.

ALPHV, like most other ransomware families, encrypts and steals data in order to blackmail the victim by threatening to release the stolen data.

According to available literature, ALPHV sprang to notoriety in 2021 as one of the first ransomware gangs to employ the Rust programming language and the first to devise a search for specific data taken from its victims.

Bandai Namco, a Japanese video game publisher, Swissport, an aviation corporation, and the Munster Technological University (MTU) in Ireland are among the other victims of the group.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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