Venezuela’s Largest Bank Targeted by LockBit Ransomware Attack

Reports have emerged that Venezuela’s largest bank, Banco de Venezuela, has suffered a ransomware attack. Several cybersecurity portals monitoring these types of attacks have confirmed the news.

Twitter users first began discussing the breach on April 19, and since then, specialized computer security portals have confirmed that a publication on the darknet about the bank’s domain, bancodevenezuela[.]com, exists.

The malicious software used in the attack is known as LockBit ransomware, which encrypts a victim’s files or data, making them inaccessible, and demands a ransom, usually in the form of cryptocurrency, from the victim to decrypt and regain access to their files.

Banco de Venezuela has confirmed that its platform and electronic channels are operating normally, and electronic services are functioning as usual.

However, the seized information could include both internal bank operations and customer data, as the hacking announcement states, “All available information will be published.”

It is yet to be seen whether the bank will pay the ransom, which must be paid in cryptocurrencies like Bitcoin, Monero, or Zcash.

Until May 10, the bank and its users’ data will remain protected. It is a timely reminder of the importance of cybersecurity measures in the financial industry, especially as ransomware attacks become increasingly common.