Home Risk Managements Canada’s anti-money laundering agency disabled by cyberattack

Canada’s anti-money laundering agency disabled by cyberattack

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Canada’s anti-money laundering agency disabled by cyberattack

Canada’s anti-money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), has been forced to take its corporate systems offline due to a cyber incident. The agency plays a crucial role in tracking suspicious transactions and disclosing illegal money flows to the police.

According to a recent press statement released by FINTRAC, the cyber incident did not involve the Centre’s intelligence or classified systems, ensuring that sensitive information and operational capabilities related to its core mission remain secure. As a precautionary measure, the agency decided to take its corporate systems offline to protect the integrity of the information it maintains.

FINTRAC is currently working closely with federal partners, including the Canadian Centre for Cyber Security, to restore operations and strengthen defenses against future incidents. Despite the efforts to manage the cyber incident, no updates have been provided since it occurred over the weekend.

The Canadian government has been facing a series of cybersecurity challenges since the beginning of the year, with various high-profile victims falling prey to cyberattacks. In late February, the Royal Canadian Mounted Police (RCMP) disclosed a security breach on its IT systems, leading to the shutdown of its website. Similarly, Trans-Northern Pipelines (TNPI) experienced a data breach last month, allegedly orchestrated by the ALPHV/Blackcat ransomware group.

In January, the Toronto Zoo and Memorial University of Newfoundland (MUN) were also targeted in ransomware attacks, impacting their operations and services. The Toronto Zoo, Canada’s largest zoo, and MUN, the largest public university in Atlantic Canada, faced disruptions in their systems, payment services, and student portal access.

Despite the lack of information on the perpetrators behind the recent cyber incident at FINTRAC, the Canadian authorities are working diligently to address the situation and enhance their cybersecurity measures. As the threat landscape evolves, organizations in Canada are increasingly becoming targets of cybercriminals, emphasizing the importance of robust security protocols and incident response strategies.

As the investigation into the cyber incident at FINTRAC continues, cybersecurity experts are urging organizations across Canada to remain vigilant and proactive in safeguarding their networks and data from potential threats. With cybersecurity becoming a top priority for national security, the government and private sector are collaborating to strengthen defenses and mitigate risks posed by cyber threats.

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