Motilal Oswal Financial Services Faces Cyber Security Incident

Motilal Oswal Financial Services of India has assured the public that its operations remain unscathed despite a cyber incident encountered last week. The company swiftly addressed the situation after detecting malicious activity on the computers of some of its employees, resolving the issue within an hour.
IT network security issues

Although the specifics of the attack were not disclosed by the financial services firm, it emphasized in a statement sent via email to Reuters that the incident had no adverse impact on its business operations and IT infrastructure. The company reiterated that it continues to function normally without disruption.

Last week, the breach was initially brought to light by the U.S.-based news outlet, TechCrunch. According to their report, the cybercrime group LockBit, notorious for extorting victims by stealing and subsequently releasing data unless a ransom is paid, was identified as the perpetrator behind the attack on Motilal Oswal.

LockBit, which surfaced in Russian-language cybercrime forums in 2020, has since been active across various regions globally, with organizations in the United States, India, and Brazil frequently targeted, as highlighted by cybersecurity firm Trend Micro in the past year.

Despite the cyber incident, Motilal Oswal Financial Services maintains its substantial clientele, serving approximately 6 million clients. As of December 31, the company boasts assets totaling 1.27 trillion rupees ($15.30 billion) under its asset and wealth management category.

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