Confidential data breach in Motilal Oswal by ransomware gang LockBit

Broking firm Motilal Oswal Financial Services (MOFSL) has fallen victim to a cyber attack by LockBit, which has claimed to have gained access to ‘confidential data,’ according to a report by technology news portal TechCrunch.

LockBit, a ransomware group, claimed responsibility for the attack on its dark web, potentially risking the information of over six million clients of MOFSL. The attack could also jeopardise company data for its other businesses, including asset management and investment banking.

Typically, cybercriminals extort ransom payments from their victims or threaten to publish the stolen data.