Confidential data breach in Motilal Oswal by ransomware gang LockBit

Broking firm Motilal Oswal Financial Services (MOFSL) has fallen victim to a cyber attack by LockBit, which has claimed to have gained access to 'confidential data,' according to a report by technology news portal TechCrunch.

LockBit, a ransomware group, claimed responsibility for the attack on its dark web, potentially risking the information of over six million clients of MOFSL. The attack could also jeopardise company data for its other businesses, including asset management and investment banking.

Typically, cybercriminals extort ransom payments from their victims or threaten to publish the stolen data.

MOFSL did not respond to the email queries sent by Business Standard.

According to the TechCrunch report, the Computer Emergency Response Team (CERT-In) was in the process of taking action.

The TechCrunch report stated that the government agency, in an email response to it, said that it was aware of the matter and was already in the process of taking appropriate action.

Last year, the LockBit group also attacked Indian pharmaceutical company Granules India and India's state-owned National Aerospace Laboratories, as per TechCrunch.

Last year, another broking firm, Angel One, also suffered a breach when certain unauthorized players gained access to client information like names, emails, and mobile numbers.