Biggest Bank in Venezuela Reportedly Witnesses a Ransomware Attack

As per the reports given by Twitter consumers, Banco de Venezuela (the country’s biggest banking organization) has experienced a ransomware attack. Cybersecurity portals overseeing the respective attacks have also validated the respective information. Recently, a statement was issued by Banco de Venezuela regarding the information spreading around social media. Nevertheless, the platform did not confirm or deny the respective news.

Biggest Venezuelan Bank Reportedly Goes through a Ransomware Attack

On the 19th of April, people using the social media giant Twitter started speculating about the impact caused by LockBit ransomware on Banco de Venezuela. LockBit is known as malicious software structured to encrypt the data or files of a victim. In this way, the ransomware software makes the respective data or files inaccessible to their owners.

After that, the attackers at the back of the LockBit ransomware direct the victims to pay a ransom for the recovery of the encrypted data or files. Normally, the respective ransom is demanded by the attacker in the form of crypto assets. The attackers assure to decrypt the encrypted things to again make them accessible to their owners. This type of attack normally spreads via phishing emails.

As noted in the official statement issued by Banco de Venezuela, the ransomware attack does not appear to have blocked the platform equipment of the bank. As per the company, the electronic services of the bank appear to be operating as they normally do. The banking institution informed the consumers that the usual service is being offered by the electronic channels of the company with full security and integrity.

There is still a possibility that the entirety of the information may have been detained by the attackers to demand a ransom for the recovery. The confiscated information could take into account consumer data as well as the internal operations of the bank. In the hacking announcement, it was noted that the entirety of the information available to the attackers will get published.

Nonetheless, other than the evidence existing in the photos published by the ransomware attackers, no additional particulars regarding the confiscated information were offered. As per the portal of LockBit, the attackers had already uploaded the hacking information to their separate portal on the 19th of this month. According to the publication, the banking platform has time until the 10th of May this year for the payment of the respective ransom.

Banco de Venezuela Has Until May 10 to Recompense Ransome and Retrieve Information

No information was either provided about the amount of the ransom. However, it is considered that payments only in the cryptocurrencies like Zcash, Monero, and Bitcoin are accepted by LockBit. At present, the information of Banco de Venezuela is protected. As cautioned by the ransomware attackers, the data of its consumers may remain secure until the 10th of May.

If a leak takes place, the entirety of the information will be reachable to anyone. As a consequence of this, numerous bank consumers could fall victim to diverse cyberattacks. Such attacks could take into account, potential extortion, illegal account access, and phishing, based on the leaked information’s sensitivity.

It is reported that the biggest Venezuelan bank’s executive has recently published a report. According to that, the platform manages more than 21.7M bank accounts within the country’s jurisdiction.

This huge number keeps a great amount of valuable information. Notwithstanding the official statement of Banco de Venezuela, the banking organization has not validated the attack up till now.