hiveleak attacks Banco Caribe
Incident Date:
March 23, 2022
Overview
Title
hiveleak attacks Banco Caribe
Victim
Banco Caribe
Attacker
Hiveleak
Location
First Reported
March 23, 2022
Banco Caribe Suffers Ransomware Attack by Hiveleak Group
Company Overview
Banco Caribe, a financial services provider operating in the Dominican Republic, offers a comprehensive range of products and services designed to meet individual needs. These include personal banking, investment solutions, and business banking services. The institution has demonstrated significant growth and financial performance, evidenced by a 26.9% increase in its credit portfolio and a 20.9% increase in investments over the last fiscal year.
Industry Standout
Banco Caribe distinguishes itself in the finance sector through its commitment to providing personalized solutions at various life stages, from personal to business banking. This approach involves understanding the unique needs of their clients and offering tailored services to meet these requirements.
Vulnerabilities
Despite its growth and success, Banco Caribe has encountered vulnerabilities that have exposed it to ransomware attacks. The Caribbean region has experienced a notable rise in ransomware incidents, with the financial services sector being a primary target due to its extensive digital transformation. In 2022, the Hiveleak group disclosed over 2 TB of information stolen from mining companies in Central and South America, underscoring the heightened risk faced by financial institutions.
Impact of the Attack
The ransomware attack on Banco Caribe poses a risk of significant service disruptions and the potential theft of confidential data. The attackers demanded a ransom of 50 bitcoins, equivalent to approximately $1 million at the time of the attack.
Mitigation Strategies
To mitigate the risk of ransomware attacks, it is imperative for companies to conduct regular assessments of their vulnerabilities, implement multi-factor authentication protocols, and ensure their organization's backups are frequently tested. Additionally, training and education on cybersecurity best practices, including the identification of phishing emails and other tactics employed by attackers, are crucial.
Sources
- The Rise of Ransomware in the Caribbean
- Cybersecurity threatscape for Latin America and the Caribbean: 2022-2023
Recent Ransomware Attacks
The Recent Ransomware Attacks (RRA) site acts as a watchtower, providing you with near real-time ransomware tracking of attacks, groups and their victims. Given threat actors’ overarching, lucrative success so far, ransomware attacks have become the most ubiquitous, and financially and informationally impactful cyber threat to businesses and organizations today.
The site’s data is generated based on hosting choices of real-world threat actors, and a handful of other trackers. While sanitization efforts have been taken, we cannot guarantee 100% accuracy of the data. Attack updates will be made as source data is reported by reputable sources. By viewing, accessing, or using RRA you acknowledge you are doing so at your own risk.