US-based FinTech firm Billtrust is still dealing with the fallout from a ransomware attack that it noticed on October 17.
The company has developed a software that enables users to view invoices as well as paying or requesting bills via email and fax.
However, it took down its services last week after it became aware of the ransomware attack. It is now working with law enforcement officials and an outside security firm on what to do next.
“We’re aware of the malware and have been able to stop the activity within our systems,” Steven Pinado, CEO at Billtrust, told KrebsOnSecurity. “We immediately started focusing on control, remediation and protection. The impact of that was several systems were no longer available to our customers. We’ve been fighting the fight, working on restoring services and also digging into the root cause.”
He also told the publication that Billtrust has been able to restore most of its systems. The company has also, reportedly, put in place extra security measures.
Events like these may help explain why investors are increasingly eager to pour their money into cybersecurity ventures. RegTech Analyst’s data shows that over the past five years, 21.3%, or $2.8bn of all RegTech investment have been sent to cybersecurity companies.
Moreover, while 18.4% of all RegTech cash injections went into boosting digital defences in 2014, that figure has skyrocketed to 36.9% in the first half of 2019.
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