Great British Finance Suffers Ransomware Attack

Great British Finance, a financial services company based in Swadlincote, has been targeted by the ransomware group Cheers. The company, which was established in 2005, operates in the finance sector and has advisers based locally in Swadlincote and across the Midlands.

The attack on Great British Finance was not the first time a financial institution in the UK has been targeted by ransomware. In 2019, currency exchange firm Travelex suffered a ransomware attack, specifically Sodinokibi, which resulted in a data breach and significant business interruption.

Ransomware attacks can have severe consequences for businesses, including financial losses, reputational damage, and potential regulatory penalties. In the case of Travelex, the company paid more than £2 million in bitcoin to the ransomware gang and suffered four months of business interruption, affecting both private customers and large business partners.

Great British Finance has not disclosed the extent of the damage caused by the ransomware attack. However, the company's website is still operational, suggesting that the attack may not have resulted in significant disruption to their services.

The Importance of Cybersecurity Measures

The attack on Great British Finance underscores the need for financial institutions to prioritize cybersecurity measures to protect against ransomware attacks. This includes implementing robust security protocols, regularly updating software and systems, and educating employees about the risks of phishing and other social engineering tactics used by attackers.

The ransomware attack on Great British Finance serves as a reminder of the ongoing threat posed by cybercriminals to financial institutions. While the full impact of the attack is not yet clear, it highlights the importance of proactive cybersecurity measures to mitigate the risks of such attacks.

Sources

• Great British Finance. (n.d.). Welcome to Great British Finance. Retrieved April 10, 2024, from https://www.greatbritishfinance.com
• UpGuard. (2024, March 5). Biggest Data Breaches in the UK [Updated 2024]. Retrieved April 10, 2024, from https://www.upguard.com/blog/biggest-data-breaches-uk
• Carnegie Endowment for International Peace. (n.d.). Timeline of Cyber Incidents Involving Financial Institutions. Retrieved April 10, 2024, from https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline