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Axa insurance group said one of its Asian business units has been the victim of a “targeted ransomware attack” after a group of cybercriminals claimed to have confiscated sensitive data from the company.
Axa Partners, an international arm of the Paris-based insurer, said Sunday that some of its Asian operations were “recently the victims of a targeted ransomware attack that affected its operations in Thailand, Malaysia, Hong Kong and the Philippines ”.
In an apparent first appearance for the industry, Axa said last week that it did suspend the drafting of cybersecurity policies which reimburse the cost of ransom payments made on cyber cartels. The measure, which was limited to the group’s French customers, came as some officials blamed insurers for encouraging companies to pay by offering such reimbursements.
One person familiar with the matter said the ransomware attack occurred before Axis’ decision to change its approach.
Confirmation of Axa’s attack came after cybercriminals using ransomware called Avaddon said on Saturday they had hacked the group’s Asian operations and stolen three terabytes of data, in a post on the dark web that saw the Financial Times.
The message said the data was extracted from its units in Thailand, the Philippines, Hong Kong and Malaysia, and included personally identifiable customer information, medical records and claims, as well as data from hospitals and doctors.
It also included screenshots of IDs and passport pages, bank documents, hospital bills and medical records of patients ’personal health conditions that hackers appeared to share as evidence they had committed to the company.
Affected operations are within Asia Assistance, which provides emergency support services, including health care, to other parts of the group. Axa Partners said the data processed at a unit in Thailand, Inter Partners Asia, had been compromised, adding that “there is no evidence that any additional data could be accessed.”
“A dedicated working group with external forensic experts is investigating the incident,” the company added, saying regulators and business partners have been informed.
Axa said that “the sensitive data of any person was affected, the necessary measures will be taken to notify and support all corporate customers and affected people.”
AXA Philippines said on its Facebook page that it had “technical issues” with its Emma by AXA PH app, its MyAXA web portal and its corporate website.
The hacking news comes a week after the high-profile ransomware hacking US gas pipeline caused fuel shortages on the east coast. Ransomware attacks typically take control of victims ’data or computer systems, only to release them if they pay a fee.
Like many cybercrime cartels, Avaddon maintains the ransomware and also rents it to others through an affiliate program, cutting back on the benefits of the attacks. In accordance with cybersecurity experts at Malwarebytes, the FBI last week issued a warning that an unnamed group was using Avaddon to intensify attacks on U.S. and foreign private sector companies, manufacturing groups and health agencies.
Colonial Pipeline hacking has rekindled the debate over whether there should be a general ban on victims paying ransom. Both the White House and the FBI discourage the payment of extortion fees, arguing that it only provides an incentive for more blackmail activities and funds criminal activity.
However, some cybersecurity experts argue that organizations have little choice and that the ban could push gangs toward more vulnerable targets, such as hospitals.
A typical cybersecurity policy would cover the rescue itself, post-attack services, and data restoration or business outage costs.
According to Sarah Stephens, head of cybernetics at Marsh’s international insurance broker division, the latter is one of the “big drivers” sending higher prices for cyber insurance. The ease of launching attacks had sparked an “epidemic” of ransomware incidents, he said.
Cyber insurance prices have risen in recent months as insurers receive higher claims, with Aon, another broker, saying in March that large insurers predicted increases of 20% to 50% over 2021.
With additional reports from Stefania Palma in Singapore and Primrose Riordan in Hong Kong and David Keohane in Paris
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