Moneris, Canadian Banking Tech Giant, Successfully Prevents Ransomware Attack

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Moneris, Canadian Banking Tech Giant, Successfully Prevents Ransomware Attack

Moneris, a technology company backed by the Royal Bank of Canada and Bank of Montreal, successfully prevented a ransomware attack, demonstrating the robustness of its cybersecurity measures.

Incident Overview

Toronto-based Moneris found itself listed on a cybercrime group’s data leak site, claiming an attack by the Medusa ransomware gang. However, Moneris swiftly responded, with its cybersecurity team preventing access to critical data, and notably, no ransom request was made.

Response and Investigation

An external party attempted to breach Moneris’ networks, prompting a full audit and analysis by the cybersecurity team. Despite the severity of the attack, none of Moneris’ Digital Loss Prevention policies were triggered. The incident’s timeline remains undisclosed.

Company Statement

A Moneris spokesperson emphasized that cybersecurity is a top priority for the company, and the protection of customer data is taken seriously. The dedicated cybersecurity team’s prompt actions ensured that Moneris and its customers remained unaffected by the attempted breach.

Background on Moneris

Moneris, a joint venture of the Royal Bank of Canada and Bank of Montreal, has rapidly become the largest payment processor in Canada, overseeing transactions at more than 325,000 merchant locations nationwide. The company previously reported system outages in September, impacting various businesses across the country.

Broader Ransomware Landscape

The Medusa gang, responsible for the attack attempt on Moneris, has been linked to several high-profile incidents in 2023, targeting entities such as an Italian water provider, a major school district in Minnesota, and Tonga’s state-owned telecommunications company.

Industry Trends

This incident adds to the recent surge in ransomware attacks on financial system infrastructure. Notably, the Industrial and Commercial Bank of China (ICBC) faced a damaging attack last week, disrupting U.S. Treasury market trades and reportedly leading to ICBC paying an undisclosed ransom to the LockBit ransomware group.

Conclusion

Moneris’ successful defense against the ransomware attack underscores the critical role of robust cybersecurity measures in safeguarding financial institutions. The incident serves as a testament to the company’s commitment to promptly address cyber threats and protect both its operations and customer data.

Kepler Safe, a leading cybersecurity platform, continues to monitor and address emerging cyber threats to ensure the safety and security of its clients in an ever-evolving digital landscape. Stay informed, stay secure.

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