More than 60 credit unions nationwide succumbed to a ransomware attack.
Ongoing Operations, a division of Trellance, a cloud computing provider serving credit unions, was affected by the attack, as confirmed by a spokesperson from the National Credit Union Association (NCUA).
According to Ongoing Operations, the event was an “isolated cyber security incident” and the company is working with experts to implement additional procedures that will help boost data security and bar any illicit access in the future. As of now, no evidence was found to indicate a misuse of the information gathered.
Ransomware Attacks Continue to Wreak Havoc
Ransomware is a malignant software that encrypts victims’ files, rendering their data and systems useless. When it comes to ransomware attacks, hackers can enter a system, block out users, and ultimately hold the system hostage, demanding payment to regain access.
From attacks on supply chains and now cloud infrastructures, ransomware attacks are impacting organizations, and if concrete steps aren’t taken, it may get worse.
The recent attack on the credit unions is just one of many attacks that have occurred in the U.S. In April, U.S payments giant NCR reported a data center outage as a result of a cyber ransomware attack. NCR first investigated an issue tied to its Aloha restaurant POS product, but later determined that a small number of “ancillary Aloha applications” were affected by a single data center outage.
Banks have also become prime targets. The Treasury Department shared that more than $1 billion in ransomware payments were made by U.S. financial institutions in 2021.
Increased Regulation is Needed
Currently, there are no existing regulations in place for organizations to report of any ransomware attacks to the government.
Organizations who have been affected are encouraged to contact federal agencies, including the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), the FBI, and the Secret Service, to get assistance in the prevention and response to ransomware attacks.