BlackCat [1] [2] [3] [4] [5] [6], a ransomware gang [1], has filed a complaint with the US Securities and Exchange Commission (SEC) against MeridianLink [3] [4], a company that provides digital lending solutions to financial institutions [4]. They allege that they hacked into MeridianLink’s systems and stole files on November 7th. However, their claim of non-compliance with SEC rules is premature.
Description
BlackCat recently revealed that they had breached MeridianLink’s security and exfiltrated files. This disclosure prompted MeridianLink to promptly address the vulnerability. Subsequently, BlackCat reported the attack to the SEC [4], accusing MeridianLink of failing to comply with new rules that require companies to disclose data breaches within four business days [4]. However, BlackCat overlooked the fact that these rules do not officially come into effect until December 15th [4]. MeridianLink has acknowledged a cybersecurity incident on November 10th and has engaged third-party experts to investigate [4]. The investigation has found no evidence of unauthorized access to their production platforms and minimal disruption to their business operations. The investigation is still ongoing.
Conclusion
The alleged breach by BlackCat against MeridianLink raises concerns about the security of financial institutions and the potential impact of ransomware attacks. While MeridianLink has taken immediate action to address the vulnerability and engage experts for investigation, the incident highlights the need for robust cybersecurity measures in the financial sector. Going forward, it is crucial for companies to remain vigilant and ensure compliance with regulatory requirements to protect sensitive data and mitigate the risks associated with cyber threats.
References
[1] https://www.techtarget.com/searchsecurity/news/366559914/Alphv-ransomware-gang-claims-it-reported-MeridianLink-to-SEC
[2] https://www.computerweekly.com/news/366559861/Ransomware-gang-grasses-up-uncooperative-victim-to-US-regulator
[3] https://www.dailydot.com/debug/ransomware-alphv-blackcat-sec-complaint-meridianlink/
[4] https://techmonitor.ai/technology/cybersecurity/blackcat-hacks-company-reports-victim-to-sec
[5] https://www.bitdefender.com/blog/hotforsecurity/denied-ransom-frustrated-hackers-report-victim-to-police-for-failure-to-report-data-breach/
[6] https://www.infosecurity-magazine.com/news/ransomware-group-reports-victim-to/
