Ransomware Attack Hits Malaysia's Pheim Unit Trusts Berhad
Ransomware Attack on Pheim Unit Trusts Berhad by Sarcoma Group
Pheim Unit Trusts Berhad (PUTB), a prominent unit trust management company in Malaysia, has recently been targeted by the notorious ransomware group Sarcoma. This attack has raised significant concerns within the financial sector, given PUTB's role in managing substantial retail and Islamic investment funds.
Company Profile and Industry Standing
Established in April 2001, PUTB operates as a wholly-owned subsidiary of Pheim Asset Management Sdn Bhd. The company is licensed by the Securities Commission Malaysia and is known for its expertise in both conventional and Islamic investment mandates. With a focus on retail investors, PUTB has launched eight retail products, including five Islamic funds, which have received accolades from rating agencies like LSEG Lipper and Morningstar. The company employs between 11 to 50 individuals and reported a revenue of RM6.223 million for the financial year ending December 31, 2023.
Details of the Ransomware Attack
The Sarcoma ransomware group has claimed responsibility for the attack on PUTB, marking it as one of the 36 global entities targeted by the group as of October. The attack potentially compromised sensitive client data, which Sarcoma has allegedly obtained. Upon detection, PUTB swiftly disconnected affected servers and initiated containment strategies. The company has been transparent with stakeholders and regulatory bodies, including the Securities Commission, and has formed an Incident Response Team to address the breach.
About the Sarcoma Ransomware Group
Sarcoma is a relatively new but aggressive ransomware group that has quickly gained notoriety for its data breaches across various industries. The group operates a darknet leak site where it lists victims and provides evidence of stolen data. Sarcoma employs a double extortion strategy, threatening to leak exfiltrated data if ransom demands are not met. The group has targeted a diverse range of industries, with a slight preference for entities in the USA, Canada, Australia, and Spain.
Potential Vulnerabilities and Penetration Tactics
While specific details of how Sarcoma penetrated PUTB's systems remain undisclosed, the attack highlights potential vulnerabilities in cybersecurity defenses within the financial sector. The group's tactics often involve exploiting weak security practices, emphasizing the need for enhanced cybersecurity measures. PUTB's proactive response and collaboration with cybersecurity specialists aim to fortify their systems against future threats.
Sources
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