Insurance Information Bureau Of India Hit by Ransomware Attack: Russian Hackers Demand $250,000 As Ransom

NEW DELHI: In a shocking turn of events, the Insurance Information Bureau of India (IIB) fell victim to a ransomware attack on April 2, 2023. The attack left nearly 30 server systems encrypted, rendering the agency’s data inaccessible.

Initially, IIB officials chose to keep the attack under wraps. However, as the severity of the situation became apparent, they eventually filed a complaint with the Cyberabad police. The investigation conducted by the police has identified the hackers responsible for the attack as a group from Russia.

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According to a media report, the hackers have demanded a hefty ransom of $250,000 in bitcoins for unlocking the encrypted data.

In a bold move, IIB officials decided not to succumb to the hackers’ demands. Instead, they relied on a backup of their sensitive data, allowing them to maintain their day-to-day operations.

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While the investigation into the attack is still ongoing, authorities are actively working to uncover the identities of the hackers and ascertain the nature of the encrypted data. The IIB, an independent body that serves as a repository of insurance-related information in India, supplies crucial data and analytics to insurers, reinsurers, and other stakeholders in the insurance industry.

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This incident serves as a stark reminder of the escalating threat posed by cyberattacks. It underscores the importance for businesses of all sizes to recognize and address the risks associated with data breaches.

In light of this attack, here are some valuable tips to safeguard your data from ransomware attacks:

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• Keep your software up to date: Regularly updating your software ensures that you benefit from the latest security patches, shielding your system against known vulnerabilities.

• Use strong passwords and change them regularly: Opt for passwords that are at least 12 characters long, incorporating a mix of upper and lowercase letters, numbers, and symbols. Regularly changing passwords adds an additional layer of security.

• Enable two-factor authentication (2FA): Wherever possible, activate 2FA for your online accounts. This extra security measure requires you to enter a code from your phone in addition to your password during login.

• Back up your data regularly: By frequently backing up your data, you create a safety net that allows you to restore your information in the event of a compromise.

By adopting these precautions, you can significantly enhance the protection of your data from the ever-increasing threat of ransomware attacks.

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