MoneyGram still recovering from a suspected ransomware attack

MoneyGram, the global money transfer giant, confirmed that it was the victim of a cyberattack, which caused widespread disruptions to its services. The company revealed the cyber incident after reporting network outages a day earlier, which left customers unable to access their funds or make transfers.

"MoneyGram recently identified a cybersecurity issue affecting certain of our systems. Upon detection, we immediately launched an investigation and took protective steps to address it, including proactively taking systems offline which impacted network connectivity. We are working with leading external cybersecurity experts and coordinating with law enforcement. We recognize the importance and urgency of this matter to our customers and partners. We are working diligently to bring our systems back online and resume normal business operations," the company wrote on its X account.

The company is yet to reveal the details of the attack but based on how the events unfolded, experts are convinced it's a ransomware attack.

Initial compromise

The first signs of disruption emerged on Friday, September 20, when customers reported being unable to receive payments or access their accounts. MoneyGram's website also became unavailable. Initially, the company attributed the disruption to a "network outage," but later confirmed the situation was the result of a cyberattack.

Restoring Services

As of last Friday, MoneyGram reported that it had restored its systems and customers could now send and receive money. However, the company acknowledged that there were still pending transactions and assured customers that it was working to fulfill them as quickly as possible.

About the company

MoneyGram is a leading provider of peer-to-peer payments and international money transfers, with a network spanning 350,000 physical locations across 200 countries. It processes more than 120 million transactions annually, serving tens of millions of users worldwide.

And while the extent of the damage caused by the attack is still unclear, you can expect it to be of large magnitude.

At the time of writing this, it's not yet clear if the company paid ransom to get its services back online, or if it was adequately prepared to bounce back in the event of a cybersecurity event.