MIDF Berhad: A Target for Ransomware Attacks

Company Overview

The financial institution based in Malaysia MIDF Berhad is a significant player in the financial sector and has recently been targeted by the ransomware group rhysida. It operates in three core business areas: investment banking, development finance, and asset management. The company's annual report for 2023 is available on the Securities Commission Malaysia's website.

MIDF offers a range of financial services to businesses while committing to security awareness, as evidenced by their security awareness page on their website. They provide guidance on how to avoid scams and phishing attempts, emphasizing the importance of verifying sources before sharing personal information or transferring funds.

Vulnerabilities and Threats

The Rhysida Ransomware Group has been observed to threaten victims with public distribution of the exfiltrated data, bringing them in line with modern-day multi-extortion groups. These attacks can cause significant disruptions and monetary losses in the finance sector, as seen in the case of the Industrial and Commercial Bank of China's ransomware attack in the U.S.

The specific vulnerabilities are not detailed in the available information. However, cybersecurity threats, including ransomware attacks, have been observed to be on the rise in Malaysia

Sources:

• MIDF Berhad - Discover More About MIDF
• Securities Commission Malaysia - Annual Report 2023
• MST Golf Group Berhad - Notice Accompanying the Electronic Prospectus
• MIDF Berhad - Security Awareness
• Sime Darby Berhad - Annual Report 2023
• Moomoo - World's Largest Bank Industrial and Commercial Bank of China's Ransomware Attack