Ransomware Attack Hits Global Card Processing Company

Uploaded on 2024-07-12 in BUSINESS-Services-Financial, FREE TO VIEW, TECHNOLOGY--Hackers

TPS Worldwide, a card processing company located in Pakistam that provides services to banks and other financial institutions has fallen under a massive ransomware attack.

While details of the attack are not yet fully known, sources indicate that the ransomware hit the TPS network on 11th July. TPS reportedly mitigated the attack and was able to contain and control it without any financial loss.

Founded in 1996, TPS serves an array of clients in various sectors with services ranging from card processing to payment gateways and all kinds of payment clearing. The incident highlights the critical importance of security for financial institutions. As entities that handle sensitive financial data and transactions, they are prime targets for cyber attacks.

Serious Need for Improved Security in this Sector

While it is early to determine the source or nature of the attack, a forensic investigation is likely underway, and a statement is expected from TPS soon. According to a press statement from 1Link, which relies on TPS for its payments, TPS hosts no customer data, and hence, no customer data was compromised.

“Similarly, there was no breach of any of TPS’s customers connected through 1LINK, and the impact has been restricted to its internal servers,” said the statement issued by 1Link, one of the major payment processors in the country.

TPS has reportedly advised its partners to review their latest patches received from TPS and also to scan their environments for extra vigilance.

Image: rupixen

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