Data breach: No impact on biz ops, says Motilal Oswal Financial Services

Cybercrime group LockBit had claimed the attack on MOSL on its dark web site, according to a report by news portal TechCrunch

Clarifying reports of a confidential data breach, brokerage house Motilal Oswal Financial Services (MOSL) on Monday said that the cybersecurity incident did not affect any of its business operations and IT environment.

Last week, news portal TechCrunch reported that the ransomware group LockBit had claimed to have got access to confidential company data of MOSL.

In an email reply to Business Standard, a spokesperson of the group said, “We want to assure you that this incident has not affected any of our business operations and IT environment. It is business as usual. We have engaged the best of the best consultants to go through our systems, and we are confident about our IT security.”

The financial group, which manages over six million clients, said that it had escalated and reported the matter to relevant law enforcement and regulatory authorities immediately.

“In the last week, the company detected a cyber incident in the form of some malicious activity on a few of the employees' PCs. Our dedicated IT security team, along with our expert partners, immediately activated its cybersecurity incident response process to investigate, contain, and remediate the incident in an hour,” said the spokesperson explaining the incident.

As per the TechCrunch report, the cybercrime group LockBit had claimed the attack on MOSL on its dark web site.

As per the report, the Computer Emergency Response Team (CERT-In) was aware of the incident and in the process of taking action.

CERT-In is the national nodal agency for responding to and taking emergency measures on such cybersecurity incidents.