The notorious ransomware group LockBit has taken responsibility for a cyberattack on one of India’s leading brokerage firms, Motilal Oswal. The Indian authorities have confirmed that they are currently investigating the incident.
Key Takeaway
LockBit ransomware group has asserted responsibility for a cyberattack on Motilal Oswal, a major Indian brokerage firm. The Indian authorities are actively investigating the incident, and the brokerage firm’s operational status following the attack remains uncertain.
LockBit’s Claim
LockBit recently added Motilal Oswal to its dark web leak site, where cybercriminals often leverage the threat of publishing stolen data to extort ransom payments from their victims. The group asserts that they have obtained “confidential company data” from the brokerage firm.
Motilal Oswal’s Profile
Motilal Oswal caters to approximately six million clients across numerous Indian cities and manages assets under advice totaling around $53 billion. The extent of operational disruption, if any, faced by the brokerage firm remains unclear. While requests for comment from Motilal Oswal’s representatives went unanswered, they did not refute the occurrence of an incident.
Government Response
India’s Computer Emergency Response Team (CERT-In) has acknowledged the situation and stated that they are “already in the process of taking appropriate action.”
About Motilal Oswal
Established in 1987, Motilal Oswal offers a wide array of financial services, including asset and wealth management, equity and commodity trading, investment banking, institutional broking, and mutual fund distribution. The financial giant also possesses a private equity subsidiary known as Motilal Oswal Alternatives, which has provided support to various companies, such as electronic manufacturers Dixon and VVDN Technologies, as well as startups like KreditBee.
LockBit’s Notoriety
Since 2022, LockBit has emerged as one of the most prevalent ransomware variants globally. The Russia-linked ransomware gang has claimed attacks on prominent tech entities, including Taiwanese chipmaker TSMC, IT services firm Accenture, and manufacturer Foxconn. In the past, the LockBit group has also targeted Indian pharmaceutical company Granules India and India’s state-owned National Aerospace Laboratories.
