LockBit claims cyberattack against Indian broker Motilal Oswal


The prolific LockBit ransomware gang has claimed responsibility for the hack of one of India’s leading brokerage firms, Motilal Oswal. Indian authorities say they are aware of the incident and are investigating.

On Tuesday, LockBit added Indian brokerage giant Motilal Oswal on its Dark Web leak site, according to the list seen by TechCrunch. Cybercriminal groups often use their leak sites to extort ransoms from their victims and threaten to publish the victim’s stolen data if they do not pay.

LockBit claims to have accessed “confidential company data.”

Motilal Oswal serves approximately six million customers across hundreds of cities in India and holds assets under the guidance of approximately $53 billion.

It is unclear whether the brokerage firm is experiencing any operational disruptions. Spokespeople for Motilal Oswal did not respond to several emails seeking comment, but did not dispute the incident.

India’s Computer Emergency Response Team, or CERT-In, told TechCrunch in an email Thursday that it was aware of the issue and was “already taking appropriate action “.

Founded in 1987, Motilal Oswal operates a roster of financial services including asset and wealth management, equity and commodity trading, investment banking, institutional broking and mutual fund distribution . The financial giant also has a private equity arm called Motilal Oswal Alternatives, which has backed various companies including electronics makers Dixon and VVDN Technologies, as well as startups including KreditBee.

As of 2022, LockBit has become one of the most deployed ransomware variants in the world. The Russia-linked ransomware gang has claimed attacks on tech companies, including a Taiwanese chipmaker. TSMCIT services company Accenture and manufacturer Foxconn. Last year, the LockBit group also attacked an Indian pharmaceutical company Pellets India and the Indian public enterprise National Aerospace Laboratories.


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