Ransomware Attacks AXA Insurance Subsidiary

Ransomware has attacked an AXA subsidiary, the French insurance giant has confirmed. The attack involved Asia Assistance‘s IT operations in Thailand, Malaysia, Hong Kong, and the Philippines, a Financial Times report said.

Ironically, the cyberattack surfaces just as AXA said it will no longer underwrite cyber insurance policies to reimburse companies for ransom payments made to retrieve stolen or locked data.

Neither Asia Assistance nor AXA described how long it may take to restore the subsidiary’s IT operations.

Asia Assistance, headquartered Malaysia, provides call center services to companies in such vertical markets as insurance, financial services, automotive, pharmaceutical, health providers, government, aviation and education.

The AXA subsidiary has 10 locations throughout Asia-Pacific Region and Europe, with local offices and 24/7 call centers in Malaysia, Thailand, Indonesia, Philippines, Singapore, Hong Kong, Korea, Taiwan, Australia & Germany.

How MSSPs Can Mitigate Ransomware Threat

MSSPs (managed security services providers) seeking to mitigate potential ransomware threats for customers should see this joint CISA-FBI Cybersecurity Advisory about the malware, which surfaced May 11, 2021.

MSSPs working with the U.S. federal government should also read President Biden’s executive order on cybersecurity — which includes specific cyber requirements and deadlines for IT service providers. Biden issued the order on May 12, 2021.

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