BlackCat Hackers Target Italian Asset Manager Azimut in Cyber Attack

Key Points:

• Italian asset manager Azimut hit by BlackCat ransomware attack.
• Attack did not affect client data but resulted in data theft of over 500GB.
• Attack highlights increasing threat of cybercrime faced by businesses worldwide.

Azimut, an Italian asset manager, announced that it had been subjected to a BlackCat cyber attack.

The attack did not result in any harm to the data of its clients. According to reports by Israeli hacking monitoring startup, DarkFeed, the attack was orchestrated by BlackCat, the same ransomware group that had previously stolen significant amounts of data from the state-owned Italian energy services firm GSE in September. The attack on Azimut was carried out on July 21 and was listed as one of BlackCat’s 477 victims. However, the company had no immediate comment on the attack.

BlackCat, also known as ALPHV, first emerged in late 2021 and has since launched sophisticated attacks on many companies in the US and Europe. Palo Alto Networks Unit 42, a Californian cybersecurity firm, also confirmed that BlackCat was behind the attack on Azimut. According to Palo Alto, the hackers claimed to have stolen more than 500GB of confidential data from Azimut. The attack on Azimut is one of 23 similar attacks that occurred in July alone.

Based on its leak site tracking, Palo Alto Networks Unit 42 revealed that BlackCat is the second most active multi-extortion ransomware group after LockBit. The hackers have targeted a variety of industries, including law firms, engineering firms, health care systems, and manufacturing, among others.

In a statement, Azimut reassured its clients that the attack did not compromise their personal data or information that could allow access to their financial position or the execution of unauthorized transactions. The company has reported the unauthorized access to its IT systems to the relevant authorities and has successfully limited the impact of the attack through its internal safety procedures.

Despite the company’s proactive measures, the attack on Azimut highlights the increasing threat of cybercrime faced by businesses worldwide. Companies must remain vigilant and take appropriate measures to protect their systems and data from potential cyber threats.

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