Money transfer firm MoneyGram rushes to contain cyber attack

Speculation surrounding the incident suggests that MoneyGram may have fallen victim to a ransomware attack, given the need to take systems offline to contain the threat. However, MoneyGram has not confirmed this speculation.

Akhil Mittal, senior security consulting manager at Synopsys Software Integrity Group, explained that money transfer services are attractive targets for cyber criminals due to the large amounts of digital currency handled and sensitive data stored. The apparent attack on MoneyGram is not surprising.

“The challenge lies in maintaining security while keeping services operational. By prioritizing security and taking systems offline, MoneyGram is facing a common dilemma in the financial sector – how to safeguard data without disrupting business operations,” Mittal said.

“IT teams must provide regular updates to customers while addressing the threat, cleaning systems, and ensuring security before resuming services. Collaborating with cyber security experts, as MoneyGram is doing, can expedite the recovery process.

“This issue goes beyond technical aspects; it impacts individuals. In regions like Jamaica, where the outage disrupts remittances vital for daily expenses, the consequences are significant. It is crucial to consider the community impact of such disruptions on those reliant on remittances.”