Stopping a ransomware attack on a global fintech company

In today’s digital landscape, financial technology (FinTech) companies are prime targets for cybercriminals due to their vast amounts of sensitive financial data, real-time transactions, and complex digital infrastructures. One such company, SecureFinTech, a leading global FinTech organization, faced a sophisticated ransomware attack that threatened to cripple its operations. This case study details how our cybersecurity team identified, contained, and neutralized the attack, ensuring data security and business continuity.

Background

SecureFinTech operates in over 50 countries, providing digital payment solutions, financial analytics, and online banking services. With millions of daily transactions, any disruption could result in significant financial losses and damage to customer trust. Their security team had invested in cybersecurity tools but lacked a fully integrated incident response strategy, making them vulnerable to a highly coordinated ransomware attack.

Initial Indicators of Compromise

The attack began subtly, with signs of unusual network activity:

• Unusual outbound traffic from internal servers to unknown external IP addresses.

• Encrypted files appearing in system logs.

• Unauthorized remote access attempts to core financial databases.

The Ransomware Attack

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Attack Progression

Once inside, the attackers deployed double extortion ransomware, a method where they not only encrypt files but also exfiltrate sensitive data before locking access. Within hours, the ransomware had:

• Infiltrated over 40% of internal servers.

• Disabled key security tools.

• Sent a ransom note demanding $12 million in Bitcoin within 48 hours, threatening to release customer financial data if the demand wasn’t met.

Incident Response and Containment

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Immediate Response

1. Isolating Infected Systems – Disconnected affected servers to prevent further spread.

2. Blocking Malicious IPs – All suspicious outbound connections were blocked.

3. Identifying the Ransomware Strain – Our forensic analysis determined it was DarkVault Ransomware, known for its ability to bypass traditional endpoint protection systems.

Outcome and Business Impact

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Mitigating the Threat

With SecureFinTech’s operations at risk, our team deployed a multi-layered response strategy:

• Reverse Engineering the Malware – Identified vulnerabilities in the encryption algorithm.

• Deploying a Decryption Tool – Through collaboration with global cybersecurity agencies, we accessed a decryption key that neutralized the ransomware.

• Restoring Data – Utilizing isolated backups stored offline, we restored 85% of the affected systems without paying the ransom.