India's Motilal Oswal says operations unaffected by cyber incident

Motilal Oswal Financial Services

19/02/2024 14:49

BENGALURU, Feb 19 (Reuters) - India's Motilal Oswal
Financial Services  MOFS.NS  said on Monday its operations were
unaffected following a cyber incident last week.
    The company said it had detected malicious activity on the
computers of some employees and remedied the issue within an
hour. The financial services company did not provide details of
the attack.
    "This incident has not affected any of our business
operations and IT environment. It is business as usual," the
company said in an emailed statement to Reuters.
    The breach was first reported last week by U.S. news website
TechCrunch.
    LockBit, a cybercrime group which extorts its victims by
stealing and releasing data unless a ransom is paid, was
responsible for the attack on Motilal Oswal, TechCrunch
reported.
    The group, first seen on Russian language-based cybercrime
forums in 2020, has been detected all over the world, with
organisations in the United States, India and Brazil among
common targets, cybersecurity firm Trend Micro said last year.
    Motilal Oswal services around 6 million clients and had
assets of 1.27 trillion rupees ($15.30 billion) under its asset
and wealth management category as of Dec. 31.
    Shares in the brokerage closed 4.5% lower on Monday. 
($1 = 83.0091 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru, editing by Ed Osmond)
 ((varunvyas.hebbalalu@thomsonreuters.com;))