Azimut: Italian Asset Manager victim of ransomware attack

Azimuth Group, an Italian asset management company, oversees a substantial portfolio of over $87.2 billion in assets. It has recently made a strong statement, affirming that it will not yield to any demands from the notorious ransomware group, BlackCat.

Italian Asset Manager victim of ransomware attack

On June 21, the BlackCat ransomware group, also known as ALPHV, issued a threat to Azimut through the Dark Web, claiming to have “stolen over 500 GB of potential data.” This information was shared by Ransomware.live.
Ransomware is a highly dangerous and prevalent cyber attack in the modern world. Its targets often include companies and organizations, particularly those that handle sensitive and valuable data assets. The modus operandi involves hackers locking down victims’ systems, encrypting their data, and then demanding a ransom for decryption. Despite increased awareness and improved security measures, ransomware continues to pose a significant threat, as hackers constantly adapt and evolve their tactics.

Payments decreased by 40% in 2022, as victims refused to pay ransom demands, according to a Chainalysis report.

The ransom letter, allegedly sent by BlackCat, contained sensitive photos of one customer’s data and claimed access to full financial information of other customers, including company reports, stock details, and item purchases.

The Italian investment group acknowledged the presence of “unauthorized access” to its systems, but assured its clients that their data was safe.

Also, the company claims that the perpetrators did not have access on customers’ personal or financial information and no unauthorized transactions were allowed. The company highlights the better safety of customer data and the protection of their transactions.

This is not the first time Azimut has used crypto. In 2021, this was one of the first companies to introduce an innovative security system linked to a business loan portfolio.

The investment group recently collaborated with BNP Paribas and Allfunds Blockchain to update one of the Luxembourg Investment Fund’s private debt strategies. This move strengthens their presence in the decentralized financial space by utilizing asset tokenization.