TechInnovate

TechInnovate, a leading fintech company, suffered a massive ransomware attack in June 2023, leading to significant operational disruptions. The attackers managed to encrypt vital financial data and demanded a substantial ransom for the decryption keys. Despite efforts to mitigate the attack through backups and security protocols, the breach impacted customer confidence and resulted in substantial financial loss due to the downtime and forensic investigations. The incident was a wake-up call to the importance of robust cybersecurity measures and the need for continual vigilance. The average cost of the breach is estimated to exceed $6 million, highlighting the severe financial implications of ransomware attacks on modern enterprises.

Source: https://commercial.allianz.com/news-and-insights/expert-risk-articles/allianz-risk-barometer-2023-cyber-incidents.html

"id": "tec418050724",
"linkid": "techinnovate",
"type": "Breach",
"date": "06/2023",
"severity": "100",
"impact": "5",
"explanation": "Attack threatening the organization’s existence"