Businesses in North America are becoming increasingly weaker as cybercriminals remain more dangerous than ever. This time, the ransomware strain picked out a prominent name in Canada, Olympia Financial Group Inc.
A spokesperson from the company publicly announced that last week on February 2019, the organization was infected by a ransomware strain which neutralized their IT systems. The ransomware which was implemented in the attack ensured that the stored data in the IT infrastructure of Olympia was duly encrypted. Consequently, the staff at Olympia was unable to access or read the data as the ransomware
Immediately afterwards, Olympia began the investigation of the case so the origin of the attack could be identified along with the total damage done by the cyberthreat. The initial scope of the attack is assessed to be devastating enough to disrupt the operations of the organization for some time. Till now, the organization is focused to re-construct and re-group its systems to their former glory after the completion of ransomware removal.
So far, it is not established whether or not the personal information of Olympia’s client was exploited during the attack. Hopefully, a clear picture will be presented after the conclusion of the investigations. If the assessment does confirm that the data of clients fell into the wrong hands, then Olympia has announced to immediately pass on the information their clients.
The company unveiled the fact that it had installed certain cybersecurity solutions in order to reduce the theft of their customer’s data. This strategy was placed as a back-up solution owing to the realization that a ransomware attack strike and enter a company’s network at any time so the company made sure that the stored information could be tougher to view for the cybercriminals.
When the attack was detected, Olympia applied a set of security measures to hamper the possibility of any incoming infection by adhering to the organization’s security guidelines. These guidelines were created earlier during Olympia’s brainstorming with prominent cybersecurity names to ensure that they had the modern and most effective cybersecurity measures in place. However, it looks as if the company fell short to protect themselves. RCMP (Royal Canadian Mountain Police) was also called out by the company for assistance along with notable names in the ransomware removal industry.
What Is Olympia Financial Group
Olympia Financial Group Inc. (OFGI) processes the majority of its business operating through its child company, Olympia Trust Company which provides service in Newfoundland and Labrador, Quebec, Saskatchewan, British Columbia, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, and Alberta.