Axa’s Asian business was attacked by ransomware

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The insurance group Axa stated that one of its Asian business units was a victim of a “targeted ransomware attack” after a group of cybercriminals claimed to have confiscated large quantities of sensitive data from the company.

Axa Partners, the international branch of the Paris-based insurance company, said on Sunday that some of its Asian operations “recently were victims of targeted ransomware attacks that affected its operations in Thailand, Malaysia, Hong Kong and the Philippines.” .

Axa said last week that this will be a clear start for the industry. Suspend the writing of cyber insurance policies The ransom fee paid to the online cartel can be refunded. The move is limited to the group’s French customers, as some officials have accused insurance companies of encouraging insurance companies to pay by offering such reimbursements.

A person familiar with the matter said that the ransomware attack occurred before Axa decided to change its methods.

Cybercriminals used ransomware called Avaddon to say on Saturday that they had hacked into the group’s Asian operations and stole 3 terabytes of data, which was confirmed in a dark web post seen by the Financial Times.

The post stated that the data came from its departments in Thailand, the Philippines, Hong Kong and Malaysia, including customer personally identifiable information, medical records and claims, as well as hospital and doctor data.

It also includes ID and passport pages, bank documents, screen shots of hospital bills, and medical records of patients’ personal health that hackers appear to be sharing to prove they harmed the company.

The affected business is located within the Asian Aid Organization, which provides emergency support services, including health, to other departments of the team. Axa Partners stated that the data processed at the Thai subsidiary Inter Partners Asia has been threatened, adding that “there is no evidence that any further data can be accessed”.

The company added: “A special task force composed of external forensic experts is investigating this incident.”

Axa stated that if the situation is that “any individual’s sensitive data has been affected, the necessary steps will be taken to notify and support all affected company customers and individuals.”

AXA Philippines stated on its Facebook page that its Emma by AXA PH application, MyAXA website portal and company website have “technical issues”.

Hacker news happened a week after the important ransomware hack U.S. pipeline Caused a fuel shortage on the east coast. Ransomware attacks usually grab the victim’s data or control of the computer system, and only release it after they pay.

Like a lot Cybercrime Cartel, Avaddon maintains the ransomware and rents it out to others through a membership program, thereby reducing the proceeds of the attack.according to Cyber ​​security expert At Malwarebytes, the FBI issued a warning last week that an unnamed organization is using Avaddon to escalate attacks on U.S. and foreign private sector companies, manufacturing groups, and medical institutions.

The colonial pipeline hacking incident once again sparked a debate about whether victims should be banned from paying ransoms. Both the White House and the FBI advise against extortion, believing that this is just an incentive to stimulate more extortion and funding criminal activities.

However, some cybersecurity experts believe that organizations have no choice, and a ban may push the gang to more vulnerable targets, such as hospitals.

A typical cyber insurance policy will cover the ransom itself, the service after the attack, and the cost of data recovery or business interruption.

Sarah Stephens, head of the network of the international division of insurance brokerage company Marsh, said the latter is one of the “huge driving forces” driving the increase in online insurance prices. She said that the ease of launching an attack has contributed to the “popularity” of ransomware incidents.

In recent months, as insurance companies continue to file higher claims, online insurance prices have soared. Another broker, Aon, said in March that large insurance companies expect to raise prices by 20 throughout 2021. % To 50%.

In addition, Stefania Palma in Singapore, Primrose Riordan in Hong Kong, and David Keohane in Paris provided additional reports.

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