SRP Federal Credit Union Breached by Nitrogen Ransomware
SRP Federal Credit Union Targeted by Nitrogen Ransomware Group
SRP Federal Credit Union, a prominent financial institution headquartered in North Augusta, South Carolina, has allegedly been targeted by a ransomware attack orchestrated by the notorious Nitrogen ransomware group. This incident highlights the ongoing threat posed by cybercriminals to financial institutions, which are often targeted due to the sensitive nature of the data they handle.
About SRP Federal Credit Union
Established in 1960, SRP Federal Credit Union serves over 195,000 members across South Carolina and Georgia. The credit union is recognized for its community-focused approach, offering a wide range of financial services including checking and savings accounts, loans, and investment services. With a workforce of approximately 448 employees, SRP FCU is dedicated to enhancing the financial well-being of its members through competitive rates and comprehensive member benefits.
Details of the Ransomware Attack
The attack, discovered on November 22, 2024, allegedly involved the exfiltration of 650 GB of sensitive customer data, including personal information such as Social Security numbers and account details. The breach is believed to have occurred between September 5 and November 4, 2024. Upon detection, SRP FCU activated its incident response protocols, notified law enforcement, and engaged a forensic security firm to investigate. Although the core banking systems were reportedly unaffected, the breach underscores vulnerabilities in data protection and the need for enhanced cybersecurity measures.
Nitrogen Ransomware Group's Modus Operandi
The Nitrogen ransomware group is known for its sophisticated malware campaigns, often leveraging social engineering tactics through search engine advertisements. Their use of malvertising to distribute trojanized software installers is a hallmark of their operations. This group has distinguished itself by employing innovative methods such as DLL side-loading and persistence mechanisms to infiltrate and exploit target networks. The attack on SRP FCU is a testament to their capability to penetrate even well-established financial institutions.
Implications and Response
In response to the breach, SRP Federal Credit Union has offered affected customers a complimentary one-year membership to Experian IdentityWorks Credit 3B for identity theft protection. The credit union has also implemented additional security measures to prevent future incidents. Despite the severity of the breach, SRP FCU remains committed to restoring security and maintaining trust with its members.
Sources
See Halcyon in action
Interested in getting a demo?
Fill out the form to meet with a Halcyon Anti-Ransomware Expert!