Motilal Oswal Financial Services hit by cyber security breach

TLDR:

• Motilal Oswal Financial Services faced a cyber security incident but quickly addressed it with no adverse effects on operations
• The cybercrime group LockBit was identified as the perpetrator behind the attack

Motilal Oswal Financial Services of India recently experienced a cyber security incident that was swiftly addressed, ensuring no adverse impact on its business operations or IT infrastructure. The company detected malicious activity on some employees’ computers and resolved the issue within an hour. While the specifics of the attack were not disclosed, it was reported that the cybercrime group LockBit, known for extorting victims by stealing and releasing data unless a ransom is paid, was behind the incident. Despite this cyber incident, Motilal Oswal Financial Services continues to operate normally and serves around 6 million clients with assets totaling 1.27 trillion rupees. The company emphasized that its clientele remains substantial, and operations are unaffected by the security breach.