American Bank Systems faces Ransomware attack

Ransomware Attack Blogs | IEMLabs

American Bank Systems (ABS) is a company that provides services to U.S. financial institutions and banks. Recently, the company has been hit by a ransomware attack. On analysis, researchers discovered that a ransomware group named Avaddon was responsible for the attack. They had acquired over 50 GB of the company’s proprietary data but had leaked only 4 GB of it initially. But after ABS refused to cooperate with Avaddon’s ransom demands, the threat actors have published the entire 52.57 GB worth of stolen data.

By studying the timestamps on the screenshots of leaked files, researchers concluded that the attack took place around October. As ABS’ clients included multiple banking names and mortgage companies, such as Rio Bank, First Federal Community Bank, Citizens Bank of Swainsboro, First Bank and Trust the cyber attack is highly concerning. Moreover by breaching ABS, the threat actors gained access to not only ABS’ client systems but also got their hands on data of individuals who are customers of these banks.

By Hrithik Lall

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.

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