Italian asset manager falls victim to ransomware group

Italian asset manager Azimut is reported to have been the target of an attack by international ransomware group BlackCat. However, according to a Reuters report, the attempt fell through. 

During routine monitoring, Azimut had detected unauthorized access to its IT systems and notified relevant authorities. But the asset manager has claimed that cyberattack did not affect client data or financial information of clients and financial advisors, 

 “The attack did not affect data or information that might allow access to the personal position of clients and financial advisors or the execution of unauthorized transactions.”

Israeli cybersecurity startup DarkFeed and California-based cybersecurity firm Palo Alto Networks identified BlackCat as responsible for the attack, reporting that BlackCat stole over 500 GB of data from Azimut.

Meanwhile, BlackCat is known to receive payment in cryptocurrencies, to avoid detection through blockchain transactions. BlackCat demands ransoms ranging from $400,000 to $3 million, with an additional 15% fee imposed if victims choose to pay in Bitcoin.

The Reuters report, however, did not specify the exact amount of cryptocurrency BlackCat demanded from Azimut.

Notably, Azimut has invested in blockchain ventures such as Alps Blockchain and partially crypto-focused asset manager Diaman Partners. However, there is no indication that these investments are linked to BlackCat’s decision to target the company, as the cybercrime group has previously attacked various non-crypto organizations. 

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