Great British Finance Ltd Suffers Ransomware Attack

Overview of the Incident

Great British Finance Ltd, a financial services company located in Swadlincote, has recently fallen victim to a ransomware attack perpetrated by the group known as Cheers. This incident was disclosed on the group's dark web leak site. Founded in 2005, Great British Finance Ltd prides itself on its personalized financial planning services and its dedication to the long-term prosperity of its clients.

Although the exact size of the company is not detailed, it is characterized as a locally owned enterprise with advisers stationed in Swadlincote and throughout the Midlands. The specific vulnerabilities that made Great British Finance Ltd a target for cybercriminals have not been disclosed.

Ransomware Attacks in the Finance Sector

The finance sector, within which Great British Finance Ltd operates, has experienced a notable uptick in ransomware incidents in the UK. According to the UK Financial Conduct Authority (FCA), there were 51 cyber incident reports filed in the first half of 2023, marking a 10% increase from the same timeframe in 2022. Notably, the number of ransomware incidents doubled in H1 2023 to 19, compared to the previous year.

Details regarding the security measures of Great British Finance Ltd or any actions taken in response to the ransomware attack remain unclear, as the company's website lacks comprehensive information on this subject.

The Broader Context

The Cheers ransomware group, responsible for the attack on Great British Finance Ltd, has been actively targeting various organizations within the UK, including those in the logistics and data sectors. This attack is indicative of a larger pattern of increasing ransomware activities against UK-based companies, both in frequency and severity.

In response to the growing threat, the UK government has adopted a stance against the payment of ransoms and has been focusing on preventative measures to combat ransomware attacks. The impact of these strategies on enhancing the cybersecurity posture of companies like Great British Finance Ltd is yet to be fully assessed.

Sources

• Ransomware groups warned there is no money in attacking British state - The Guardian
• Ransomware Incidents Reported to UK Financial Regulator Doubled in H1 2023 - UK Financial Conduct Authority (FCA)
• UK logistics firm blames ransomware attack for insolvency, 730 redundancies - BBC News