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FBI says ransomware targets companies during mergers and acquisitions

FBI says ransomware targets companies during mergers and acquisitions

Banking & FinanceEnterprise SecurityGovernmentLatest ThreatsTop Stories

The Federal Bureau of Investigation (FBI) warns that ransomware gangs are targeting companies involved in ‘time-sensitive financial events’ such as corporate mergers and acquisitions, to make it easier to extort their victims. In a private industry notification published recently, the FBI said ransomware operators would use the financial information collected before attacks as leverage to force victims to comply with ransom demands.

Ariel Zommer, Security Expert at OneLogin, commented on the revelation: “It should come as no surprise that hackers can access all kinds of sensitive information once they’ve compromised an organisation’s systems or a user’s account. Financial and M&A data are some of the most proprietary information an organisation can have. And with global M&A activities hitting an all-time record in 2021, ransomware gangs are – once again – demonstrating their ability to quickly adapt their tactics based on market conditions. That’s why it’s critical that every member of the organisation – your proverbial ‘first line of defence’ – goes through regular security training to keep on top of the latest threats. Equally important is providing training around what actions to take when an incident does occur so you can minimise the legal and financial impact on the business.”

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