https://bit.ly/3R2BkYs - π The BlackCat ransomware group has taken an unprecedented step by reporting one of its victims, MeridianLink, to the US Securities and Exchange Commission (SEC). This move is an attempt to pressure the digital lending solutions provider into paying a ransom after a data breach on November 7. BlackCat claims to have exfiltrated sensitive data from MeridianLink. #Cybersecurity #RansomwareAttack #BlackCat π¨ In a strategic maneuver, BlackCat utilized new SEC rules requiring companies to disclose breaches with material impact within four days. They filed a complaint on the SEC's "Tips, Complaints, and Referrals" site, alleging MeridianLink's failure to disclose the breach in compliance with the SEC's regulations. This tactic represents a new approach in ransomware strategy, using regulatory compliance as leverage. #SECRules #DataBreachDisclosure #RegulatoryCompliance β³ Although BlackCat gave MeridianLink 24 hours to comply with the ransom demand, the effectiveness of this strategy might be limited. The new SEC reporting rules that BlackCat is attempting to leverage do not come into effect until December 15, making this more of a warning to future victims rather than a real threat to MeridianLink. #CyberThreats #RansomwareTactics #SECRegulations π ImmuniWeb's chief architect, Ilia Kolochenko, suggests that ransomware groups reporting their victims to regulatory agencies might become more common, increasing risks for publicly listed companies. He advises that firms should revise their digital forensics and incident response strategies to include legal expertise in cybersecurity, as a well-managed response can significantly mitigate legal and financial repercussions. #CyberRiskManagement #IncidentResponse #DigitalForensics π’ MeridianLink has responded, stating they discovered the incident on November 10 and acted swiftly to contain the threat. They claim the attackers did not access their production platforms, and the incident caused minimal business interruption, indicating a prompt and effective response to the cyber threat.
