IIB faces largest ever Ransomware attack
By MYBRANDBOOK
Insurance Information Bureau Of India Hit by Ransomware Attack. Govt organizations should now wake up that they are custodians of public information. Security is their prime responsibility. The attack left nearly 30 server systems encrypted, rendering the agency’s data inaccessible.
The Insurance Information Bureau of India (IIB) fell victim to a ransomware attack on April 2, 2023. The hack of the IIB's data is a serious incident. It is important for policyholders to be aware of the risks of data breaches and to take steps to protect their personal information.
Indian Insurance Information Bureau (IIB) has been established in 2009 by the Insurance Regulator, IRDAI as a data repository and analytics body to cater to the interests of the insurance industry and related stakeholders. All the registered Insurance Companies in India are mandated to submit data under Life, Motor, Health, Fire and Other Miscellaneous lines of Insurance business to IIB. IIB thus handles huge data and provides analytical insights and services to the stake holders.
Initially, IIB officials chose to keep the attack under wraps. However, as the severity of the situation became apparent, they eventually filed a complaint with the Cyberabad police. The investigation conducted by the police has identified the hackers responsible for the attack as a group from Russia.
Hacktivists groups have also been plaguing Indian websites with DDoS attacks and infecting them with trojans that could disrupt vital business operations in the country. In separate reports, India saw its highest number of cyberattacks targeting its government agencies last year. Sources said, Russian Hackers Demand $250,000 in bitcoins for unlocking the encrypted data.
As per the police sources, some of the encrypted data also includes confidential information and the extent of damage is still being assessed. The accounts of system administrator were also compromised along with 11 other accounts and several gadgets used by the IIB staff, police said.
In a bold move, IIB officials decided not to succumb to the hackers’ demands. Instead, they relied on a backup of their sensitive data, allowing them to maintain their day-to-day operations.
The continuous cyberattack and data breach reminds us on how important to redefine your HYBRID cloud strategy as it is important for businesses of all sizes to recognize and address the risks associated with data breaches.
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