Jewels in Jeopardy: Cybersecurity Breach at Malabar Gold & Diamonds

Incident Date: Apr 05, 2024

Attack Overview
VICTIM
Malabar Gold & Diamonds
INDUSTRY
Retail
LOCATION
India
ATTACKER
Snatch
FIRST REPORTED
April 5, 2024

Malabar Gold & Diamonds Suffers Ransomware Attack

Company Overview

There has been ransomware attack at Malabar Gold & Diamonds, a well-established retailer in the jewelry sector, offering a wide range of products including gold, diamond jewelry, and other accessories. This attack has been carried on by the group Snatch.

Industry Standout

Malabar Gold & Diamonds is a leading jewellery retailer with an annual turnover of $4.51 billion, making it one of the largest jewellery retailers globally. The company has a strong retail network of over 285 outlets spread across 10 countries.

It stands out in the industry for its wide range of products and customer-friendly services, such as one-day shipping and various payment options. The company's focus on modern designs and trends in the jewelry sector also sets it apart from competitors.

Vulnerabilities and Targeting

Snatch group, a formidable player in the cyber threat landscape which is known for targeting various industries has been known to exploit weaknesses in Remote Desktop Protocol (RDP) as a primary method of gaining access to victim’s networks. This is often achieved through brute-forcing, where they leverage administrator credentials, sometimes even seeking compromised credentials from criminal forums and marketplaces.

While the specific details about the attack and the company's vulnerabilities are not provided in the search results, it is clear that the Snatch group targeted a well-established retailer in the jewelry industry.

Sources

Disclaimer

The Halcyon Attacks Lookout Database is compiled using publicly available information based on the hosting choices of real-world threat actors and data from a variety of trackers. This information is provided in accordance with principles of fair use. Halcyon has made reasonable efforts to sanitize and verify the data; however, we do not guarantee the accuracy, completeness, or reliability of the information provided. Updates to the database are made as new source data becomes available from reputable sources.  By accessing, viewing, or using the information within the Halcyon Attacks Lookout Database, you acknowledge and agree to do so entirely at your own risk. No reliance should be placed upon the information for decision-making, and Halcyon disclaims all liability for any inaccuracies or omissions in the data.

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