EQ Bank Suffers Ransomware Attack by Lockbit2

EQ Bank, a Canadian online bank renowned for its high-interest savings accounts and absence of fees, recently fell victim to the ransomware group Lockbit2. The announcement of the attack was made on the group's dark web leak site, pinpointing EQ Bank's website as the target.

As a digital banking institution, EQ Bank offers a wide array of banking products, including personal and joint accounts, TFSA savings accounts, US dollar accounts, GICs, RSP savings accounts, and international money transfers. The bank benefits from the backing of Equitable Bank, which boasts over 50 years of experience in the Canadian financial market.

The incident underscores the persistent vulnerabilities faced by digital banking platforms. Despite EQ Bank's deployment of advanced security protocols and CDIC deposit insurance to safeguard customer financial information, it has not been entirely shielded from cyber threats.

Active since 2021, the Lockbit2 ransomware group has orchestrated attacks against a diverse set of organizations, spanning healthcare, education, and government sectors. The group's modus operandi involves demanding a ransom in return for the decryption of the victim's data.

To date, EQ Bank has not issued a public statement regarding the ransomware attack. The details surrounding the payment of the ransom, or the recovery of the bank's data, remain undisclosed. This event serves as a critical reminder for financial institutions to maintain vigilance against cyber threats and to fortify their security measures to protect sensitive customer information.

Sources

• EQ Bank Website: https://www.eqbank.ca/
• Equitable Bank Online Security: https://www.theequitablebank.com/Online-Security.aspx
• EQ Bank Protecting Your Financial Identity: https://www.eqbank.ca/education-centre/article-detail?urlName=protecting-your-financial-identity
• Reddit Discussion on EQ Bank Website Errors: https://www.reddit.com/r/PersonalFinanceCanada/comments/vrbr1h/are_constant_website_errors_the_norm_for_eq_bank/