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Ransomware attack on vendor causes outages at 60 credit unions

Dozens of US credit unions have been hit by outages following a ransomware attack on a cloud computing vendor.

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Ransomware attack on vendor causes outages at 60 credit unions

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Ongoing Operations, a unit of Trellance, says it was hit by an "isolated cyber security incident" on 26 November that has affected the operations of around 60 of the firm's credit union clients.

In a 2 December statement, the vendor says it took immediate action to address and investigate the incident and has notified federal law enforcement.

The firm says it is "reviewing the impacted data to determine exactly what information was impacted and to whom that information belonged".

In a 4 December message to members, one of the affected credit unions, Mountain Valley Federal, says: "As of today, MVFCU’s data processing system remains non-operational."

The National Credit Union Administration says it is “coordinating with affected credit unions” and that many have "alternative services" in place.

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Comments: (1)

Chris Brown CTO at Trusek

This is where the terrorists get the upper hand. Everyone in the IT or finance industries is so terrified of the reputational damage from a hit like this that no one is talking about what happened or what they could have done differently to have avoided the infection.

 

Maybe they were stupid and they left themselves open to the attack but maybe the attackers had a clever new vector that we are all open to. We are certainly not going to be any better prepared after reading this article

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