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BlackCat hackers target Italian asset manager Azimut in cyber assault

Italian asset manager Azimut targeted by BlackCat hackers

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TL;DR

  • BlackCat ransomware group targets Azimut but fails to compromise sensitive information.
  • Palo Alto Networks confirms BlackCat’s responsibility for the attack on Azimut.
  • Azimut’s swift response and robust security measures mitigate damage from the assault.

Italian investment firm Azimut successfully thwarted a malicious cyberattack orchestrated by the notorious ransomware group BlackCat. The attack, which occurred on July 21, marked yet another addition to the hacker group’s extensive list of 477 victims, which includes the state-owned Italian energy services provider GSE.

Azimut shielded its customers from harm, as the hack failed to compromise their sensitive data. The Israeli hacker tracking startup, DarkFeed, had alleged BlackCat’s involvement, linking the group to a staggering data breach at GSE in September. Subsequent investigations by California-based cybersecurity company Palo Alto Networks Unit 42 independently confirmed BlackCat’s responsibility for the assault on Azimut.

Hackers targeted a staggering 500GB or more of sensitive information and have been infamous for conducting complex attacks on various businesses across the United States and Europe since their emergence in late 2021. July alone witnessed 23 similar assaults, mirroring the one faced by Azimut.

Palo Alto Networks Unit 42, which diligently monitors leak sites, revealed that BlackCat currently ranks as the second most active multi-extortion ransomware organization, just behind the infamous LockBit group. Notably, various sectors have fallen victim to hackers, encompassing legal and technical industries, healthcare, and manufacturing.

Despite the severity of the assault, Azimut swiftly reassured its valued customers that none of their private or financial data, crucial for account access and financial transactions, had been compromised.

The company promptly reported the illegal IT system breach to the relevant authorities and swiftly implemented robust internal security measures to mitigate the damage caused by the incident.

Furthermore, in light of this attack, authorities are urging businesses of all scales to fortify their cybersecurity measures, proactively warding off potential threats and ensuring the safety of their client’s data. This incident is a stark reminder of the pressing need for continued vigilance in the ever-evolving landscape of cyber threats.

As the world grapples with escalating cyber risks, Azimut’s triumphant defense against the BlackCat cyberattack stands as an exemplary case of cybersecurity resilience, reinforcing the importance of staying one step ahead of threat actors in an increasingly digitized era.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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