The company stated, “We are working with leading external cybersecurity experts and coordinating with law enforcement.”

On June 1, 2023, Madison Dearborn Partners, a private equity firm, purchased MoneyGram International for $11.00 per share, bringing the business private. Half of its transactions were digital by the beginning of 2023. The company is a major player in the money transfer market, operating in more than 200 countries and providing services to 150 million users worldwide. Because MoneyGram has a vast amount of private client information, cybercriminals target it frequently.

Impact

• Operational Disruption
• Website Downtime

Remediation

• Implement robust multi-layered security measures to detect and respond to ransomware and cyber espionage activities.
• Conduct regular security assessments and penetration testing to identify and mitigate vulnerabilities in critical infrastructure and government systems.
• Deploy advanced threat detection tools, such as Endpoint Detection and Response (EDR) and Network Traffic Analysis (NTA), to monitor for suspicious activities and anomalies.
• Ensure timely patching and updating of all software and systems to close known security gaps.
• Use multi-factor authentication (MFA) and strong password policies to protect user accounts from unauthorized access.
• Segment networks to limit lateral movement within the organization in case of a breach.
• Develop and maintain an incident response plan that includes procedures for ransomware attacks and data breaches.
• Train employees on cybersecurity best practices and phishing awareness to reduce the risk of social engineering attacks.
• Regularly back up critical data and ensure backups are stored securely and are not accessible from the primary network.
• Collaborate with cybersecurity firms and government agencies for threat intelligence sharing and coordinated defense strategies.
• Implement encryption for sensitive data at rest and in transit to protect against data theft.
• Limit access to critical systems and data to only those individuals who require it for their role.
• Monitor for and immediately investigate the presence of known malware and indicators of compromise associated with state-sponsored groups.
• Engage in regular cybersecurity drills and exercises to ensure readiness for potential cyber incidents.
• Ensure legal and compliance measures are in place, particularly for industries subject to specific regulatory requirements.