Financial Institutions Face Growing Cyber Risks as Ransomware Attacks Continue to Target Sensitive Customer Data

Cyberattacks targeting financial and insurance companies are on the rise, and the latest victim is Generali Central Insurance Company Limited.The firm has reportedly been hit by the Medusa ransomware group, known for using data theft and extortion tactics. This attack has raised serious concerns about data security and cyber resilience within the financial sector. As digital threats continue to evolve, the incident serves as a crucial reminder of the need for stronger cybersecurity measures across organizations. 

Generali Central Insurance, formerly Future Generali India Insurance Company, is a joint venture of the Generali Group and the Central Bank of India. On September 28, a post from the social media handle @FalconFeedsio stated that the company had been infected with the Medusa ransomware.The company then undertook an internal system audit, which discovered improper network access.

According to reports, the hackers have wanted $500,000 to download the stolen data, another $500,000 to delete it, and $10,000 for each day the payment is delayed. Interestingly, the organization did not get any direct ransom contact, but instead discovered the demands on cybercrime blogs and other social media platforms.

To determine the scope of the breach, Generali appointed a forensic audit firm to examine the data theft and upgrade its cyber defenses. The company also filed a case with the East Cyber Police Station, which confirmed that an investigation is taking place. Authorities believe the social media user who posted about the attack may be linked to the cybercriminals responsible for the breach.

The attack highlights the growing cybersecurity risks faced by financial and insurance institutions, where vast amounts of sensitive customer data are stored digitally. Experts emphasize that such incidents reinforce the urgent need for strong data protection policies, regular system audits, and secure data backup solutions to minimize damage during ransomware attacks.As the investigation continues, Generali Central Insurance has chosen not to comment further, citing the ongoing probe. This incident serves as a crucial reminder for all organizations to prioritize cybersecurity, strengthen ransomware protection, and invest in reliable data recovery strategies to ensure long-term digital resilience.

This article is based on information from The Hindustan Times