<img src="https://ws.zoominfo.com/pixel/pIUYSip8PKsGpxhxzC1V" width="1" height="1" style="display: none;">

Finastra, World’s Third-Largest Fintech, Responds to Ransomware Attack

author Michael Berman
1 min read
Mar 26, 2020

Finastra, the third-largest fintech company in the world, took its servers offline Friday to protect its data after detecting a ransomware attack, the company reported.

At 3 a.m. on March 20 the London-based company detected “potentially anomalous activity” on its systems, which “risked the integrity” of its data centers, according to a security advisory. It then took some servers in the U.S. and abroad offline with the anticipation that it would cause disruptions to some North American customers. (Ncontracts clients with continuous monitoring were alerted to the issue at 6 a.m.).

Finastra is using an “isolation, investigation, and containment” approach to assessing the extent of the issue. It brought in a cybersecurity firm to investigate and deal with the threat. Finastra believes that no customer or employee data was accessed or exfiltrated.

A statement from Finastra’s chief operating officer says the company directly contacted affected customers. Forty-eight of the world’s top 50 banks use Finastra.

Related: What is Business Continuity Management?

The Risk of Increasing Cyberattacks

Authorities have been warning about the increased potential for cyberattacks as the world responds to the coronavirus pandemic. While cybercrime gangs have promised not to attack healthcare organizations, Forbes reports, they continue to send out phishing emails and ransomware to other organizations, including those in financial services.

Worried about how your vendors will hold up? Here’s a collection of Ncontracts articles to help you stay on top of third-party cybersecurity risk:

Subscribe to the Nsight Blog

All Topics Risk & Compliance Product Insight Banks Lending Compliance Credit Unions Risk Management Fair Lending Nfairlending Cluster: Risk Management Compliance Lending Compliance Management Integrated Risk Blog Regulatory Compliance Management Nrisk News & Updates HMDA Risk Mortgage Lenders Vendor Management Ncomply CRA Business Resiliency Lending Compliance Blog Vendor CFPB Ncontinuity Business Continuity Third-Party Vendor Management Cybersecurity Fintech NVendor Strategic Planning Ncyber Regulatory Updates Ntransmittal Audits & Findings OCC Regulatory Compliance Company Culture Audit Nverify Compliance Management Exams FDIC Nfindings Findings NCUA Contract Management Employee Intranet Business Continuity Management Contract FRB Findings Management Enterprise Risk Management FFIEC Ncontracts manager Third-Party Vendors Vendor Risk Vendor Risk Management Wealth Management 1071 ABA Bank Access Control Artificial Intelligence Audit Findings Board Portal Call Report Compliance Risk Cybersecurity Assessment Digital Tansformation Due Diligence Efficiency Employee Engagement Exam findings FIEC Governance and Risk Management Inc. 5000 Internal Audit Management Nboardportal Verify integrated risk management
What If a Cyber Attack Caused a Bank Failure?
Banks

What If a Cyber Attack Caused a Bank Failure?

Sep 6, 2019 2 min read
A Model CIO: Equifax CIO Keeps Showing Us How *Not* to Respond to a Breach
Banks

A Model CIO: Equifax CIO Keeps Showing Us How *Not* to Respond to a Breach

Jul 30, 2019 3 min read
Risk Management Tips for Avoiding Ransomware
Risk Management

Risk Management Tips for Avoiding Ransomware

Aug 18, 2020 4 min read