MoneyGram faces challenges amid cybersecurity outage
The details about the nature of the cybersecurity breach, including whether any sensitive data was compromised, remain undisclosed, adding an element of uncertainty for users and stakeholders.
MoneyGram has acknowledged that its recent multiday outage is due to a cybersecurity issue, and the firm is progressing in restoring its services. The company revealed on X that it had identified the problem affecting certain systems and launched an investigation after users reported disruptions beginning on 20 September.
The Dallas-based financial services company stated that it took immediate protective measures, including taking some systems offline to address the connectivity issues. MoneyGram is collaborating with law enforcement and external cybersecurity experts to mitigate the impact of the breach. In a follow-up post on 24th September, the firm announced that it is successfully restoring some key transactional systems.
Although MoneyGram has assured users that pending transactions will be processed once systems are back online, it has not disclosed details about the nature of the cybersecurity issue, including whether any sensitive data may have been compromised. Additionally, there is no timeline yet for when full service will be resumed.
This incident occurs amid a notable increase in crypto-related ransomware attacks, with reports indicating a significant rise in ransom payments this year. MoneyGram, a major player in money transmission, recently ventured into the crypto space, launching fiat exchange services and partnering with CEX.io to offer fiat-to-stablecoin options.
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