Category: Patelco

Patelco Credit Union Hit by Ransomware Attack Affecting 726,000 Customers

Patelco Credit Union, a U.S. nonprofit financial institution, has disclosed a ransomware attack that compromised its IT systems on June 29 of this year. The attack was carried out by a ransomware group known as Ransom HUB. The breach resulted in the exposure of sensitive information, including full names, Social Security numbers, driver’s license details, dates of birth, email addresses, and other personal contact information of 726,000 customers. Patelco is advising affected individuals to sign up for free credit monitoring services offered by Experian. The credit union also cautions customers to avoid sharing credit card details, CVVs, PINs, and expiration dates with anyone posing as bank or company officials to prevent falling victim to scams or fraud.

ARRL Pays $1 Million Ransom After Ransomware Attack

The American Radio Relay League (ARRL), a national association for amateur radio enthusiasts, has made headlines by paying a $1 million ransom following a ransomware attack in May. The attack encrypted files across several desktops and laptops running on both Linux and Windows systems. As ARRL had an insurance policy in place, the organization opted to pay the ransom, with plans to recover the amount through its insurance claim. Although law enforcement generally advises against paying ransoms, many organizations find it financially viable to do so when recovery costs exceed the losses from the attack.

Decline in Cyber Insurance Premiums Despite Rising Ransomware Threats

The frequency and sophistication of ransomware attacks are on the rise, yet the 2024 Cyber Insurance report by Howden reveals a surprising trend: cyber insurance premiums are decreasing. This decline may be attributed to enhanced cybersecurity measures, increased competition among insurance providers, and market expansion. However, concerns about coverage specifics and general distrust among potential policyholders remain. To address these issues, it is advisable for individuals and organizations to carefully review insurance policies, seek clarification from providers, and fully understand the coverage terms to mitigate misunderstandings and uncertainties.

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Recent cyber attacks involving ransomware have garnered significant attention in recent days, with two notable incidents making headlines:

Patelco Credit Union, a prominent non-profit organization in the San Francisco Bay Area, confirmed it fell victim to a ransomware attack affecting banking systems used by over 500,000 members.

Erin Mendez, the CEO issued a statement that the company has taken all necessary measures to contain the malware incident and will seek expert advice in mitigating the risks.

Additionally, the organization has also made it clear those paying the bills will get extra time to fill in their finances and will not be facing any late fee or other charges in case of late pay.

The services impacted are online banking, online bill pay, balance sheet queries via web and mobile app and other misc. services.

Currently, even the debit & credit card functions are being curtailed, however, those approaching the branch and support services on a practical note will function as usual.

Patelco is trying its best to restore the services at the earliest, as some of them have been restored since Tuesday this week, while some need some expertise indulgence and time to recover.

Cheque and cash deposits, ATM withdrawals and deposits, automated clearance of finances and bill payments via cheque remain undisturbed.

Meanwhile, Kadokawa, a Japanese media conglomerate, disclosed a ransomware attack by the group BlackSuit, threatening to release stolen data on the dark web unless demands are met.

Sources say that the company is facing extreme disruptions due to the cyber-attack and the blackout has also crept onto the Niconico Video Sharing platform.

According to a media update released by BlackSuit ransomware gang, they have stolen about 1.5 TB of information and it includes details regarding customers, business partners and some R&D work, that is yet to be substantiated.

Kadokawa, that is also into the field of animation has issued deep apologies to all its users and business partners and admitted that it will handle this cyber incident on a clinical note and will take all precautionary measures to avoid such incidents near-time.

Reports suggest BlackSuit has ties to the defunct Conti Ransomware group and previously targeted CDK Group software used by US automobile sellers, allegedly receiving millions in ransom payments in a June 2024 incident.

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