September 24, 2024 at 08:53AM
Money transfer giant MoneyGram confirmed a cybersecurity incident caused system outages since Friday, impacting network connectivity for customers. MoneyGram is working to resolve the situation and has not disclosed the type of attack. The extended outage suggests a ransomware attack, which could have far-reaching repercussions due to its massive customer base. No time estimates for system restoration have been provided.
Meeting Notes Takeaways:
– MoneyGram suffered a cyberattack leading to system outages and customer service complaints starting on Friday.
– The company confirmed the cyber incident on Monday, attributing it to a cybersecurity issue impacting certain systems.
– MoneyGram proactively took steps, including taking systems offline, affecting network connectivity.
– The cyberattack impacted the ability of customers to transfer or access their funds, leading to website unavailability.
– MoneyGram is working with external experts and law enforcement to resolve the situation, but no timeline for system recovery has been provided.
– The nature of the attack has not been disclosed, but the prolonged outage and loss of connectivity suggest a ransomware attack is possible.
– Given MoneyGram’s extensive customer base, a potential data breach could have widespread repercussions.