Industry News: ESG5

The Target: Sixty-two clients of Big Four accounting firm Ernst & Young

The Take: 3 terabytes of critical information about Ernst & Young clients including financial reports and accounting documents in client folders, passport scans, Visa scans, risk and asset management documents, contracts and agreements, credit agreements, audit reports and account balances.

The Vector: The hacking campaign came to light after the Russian-speaking cybercrime group Clop began targeting a previously unknown vulnerability in MOVEit around May 27 and May 28.

This breach highlights the extreme importance of timely software updates for known software vulnerabilities, not only in systems directly under a firm’s control, but in third-party systems the firm relies upon as well. The longer a firm, or its vendors, hold out on deploying the most up-to-date software for their systems, the greater the chance an attacker will exploit the issue.

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