Azimut, the Italian asset management company responsible for overseeing a staggering $87 billion in assets, has fallen victim to a ransomware attack carried out by BlackCat, also known as ALPHV. The hacker group has boldly claimed responsibility for the attack, boasting that they have managed to pilfer over 500 GB of potentially sensitive data. In a brazen move, they have demanded an undisclosed sum from Azimut, likely preferring payment in cryptocurrency to maintain their anonymity.
Undeterred by the threats and demands of the ransomware group, Azimut has made it abundantly clear that they will not acquiesce to the hackers’ desires. Through a public statement released on July 24th, the firm firmly declared their refusal to cooperate with the attackers. This type of cyber attack typically involves the encryption or theft of data, followed by a request for ransom in exchange for the data’s release. Given the elusive nature of these criminal organizations, it is not uncommon for them to demand cryptocurrency as payment.
BlackCat has reportedly included sensitive photos of customer data in their ransom letter, alongside the claim of possessing access to comprehensive financial information of numerous clients. Threatening to make this data public if their demands are not met, the group has emphasized that toying with BlackCat results in dire consequences. However, Azimut maintains that all customer data remains secure and unaffected by the attack. No personal or financial information of clients was compromised, and unauthorized transactions were not executed.
Interestingly, this is not the first interaction Azimut has had with the world of cryptocurrency. In 2021, they made headlines by launching the world’s first Security Token within the asset management sector. Furthermore, the company recently collaborated with BNP Paribas and Allfunds Blockchain to tokenize one of Luxembourg Investment Fund’s private debt strategies. These initiatives were aimed at expanding Azimut’s presence in the realm of decentralized finance.
While the recent ransomware attack has understandably caused concern among Azimut’s clientele, the firm has been quick to reassure users that their data remains unharmed. Despite the perpetrators still being at large, a comprehensive investigation has been carried out to minimize the repercussions of the attack. As Azimut continues to navigate the aftermath of this hacking incident, their resolve to protect customer information and persevere in the face of cyber threats remains unwavering.