Could your financial institution’s data be at risk? Finastra, a UK-based fintech giant that serves over 8,000 financial institutions worldwide, is investigating a significant data breach after a hacker claimed to have stolen sensitive information and offered it for sale on a dark web forum.

The breach allegedly stems from a compromised file-transfer platform used for exchanging data with certain customers. While this platform is not Finastra’s default system for file transfers, its compromise has raised concerns among customers and cybersecurity experts alike.

What Happened?

Finastra first notified its customers after detecting unusual activity on the internal file-transfer application. The company acted swiftly to contain the issue, isolating the platform and launching an investigation with the help of a third-party cybersecurity firm.

Notably, Finastra stated:

• No ransomware or malware was deployed during the incident.
• No evidence suggests lateral movement to other systems within its network.
• Customer operations and systems remain unaffected.

Despite these reassurances, the hacker, operating under the alias “abyss0,” claimed to have stolen 400 GB of data belonging to Finastra’s customers and attempted to sell it on multiple dark web forums. Interestingly, the sales threads and the hacker’s accounts have since disappeared, leaving the motive and extent of the breach unclear.

Investigating the Source of the Compromise

Finastra has indicated that compromised credentials are likely at the root of the breach. The company has prioritized identifying the source of the credential leak and has been transparent with customers, sharing indicators of compromise (IoCs) and responding to inquiries about the incident.

Because Finastra’s customers range from credit unions and accounting firms to investment banks, assessing the potential impact has been complex. The company emphasized its commitment to accuracy and transparency throughout the ongoing investigation.

Lessons for the Industry

This incident underscores the importance of robust cybersecurity practices, particularly around sensitive data exchange platforms. Credential theft remains one of the most common entry points for attackers, emphasizing the need for strong password management, multi-factor authentication (MFA), and proactive monitoring of suspicious activity.

Protect Your Business

Is your organization prepared to handle incidents like this? Cyber Safe Business offers tailored cybersecurity solutions to help you secure your data exchange systems, monitor for potential threats, and respond effectively to breaches.

💡 Take Action: Contact us today for a security assessment to safeguard your business from emerging threats.