Chico-based Tri Counties Bank, a wholly-owned subsidiary of TriCo Bancshares, has been listed by the BlackBasta ransomware group as the latest cyberattack victim. According to reports, Tri Counties Bank cyber attack resulted in the leak of personal information, including US passports and driver’s licenses, of the bank’s customers.
For over 45 years, Tri Counties Bank has been committed to providing Californians exceptional financial services. This leading bank has become a trusted and reliable customer partner with an extensive network of over 75 branches and $10 billion in assets.
#BlackBasta has listed Chico-based Tri Counties Bank. The bank has >75 branches, assets of $10 billion and is a subsidiary of #TCBK. #ransomware pic.twitter.com/bYQy97rTzg
— Brett Callow (@BrettCallow) March 19, 2023
In addition to offering a wide range of traditional banking products and services, Tri Counties Bank also boasts advanced online and mobile banking facilities.
Tri Counties Bank Cyber Attack Explained
In early February, Tri Counties Bank issued an alert on its website to confirm that it was investigating a “cybersecurity incident.” It has also stated that its customer service call center was back up and running while it continued investigating the cause of the shutdown.
The news of the Tri Counties Bank cyber attack is a reminder that financial institutions are increasingly becoming the target of cybercriminals. With the ever-growing threat of cyber-attacks, banks, and other financial institutions must implement robust cybersecurity measures to protect their customers’ data.
In recent years, the rise of ransomware attacks has become a significant concern for businesses, particularly financial institutions. Ransomware attacks involve encrypting a victim’s data and a demand for payment for the decryption key.
Tri Counties Bank cyber attack, and the rise of banking-related frauds
On March 8, 2023, the Commonwealth Bank of Australia (CBA.AX) reported a recent cyber incident that targeted its Indonesian unit, PT Bank Commonwealth (PTBC). According to the bank, the cyber attack was linked to unauthorized access to a web-based software application primarily used for project management. As a result of the attack, the Australian systems were segregated from the PTBC systems.
Hackers often target banks and financial institutions due to their wealth of sensitive information and valuable assets. Banks and financial institutions are the backbone of our economy and play a critical role in managing and safeguarding people’s money. This makes them a prime target for cybercriminals seeking to exploit vulnerabilities in their security systems to gain unauthorized access to customer data and financial resources.
Cyber attacks like these can have serious implications, including the theft of personal information and financial loss. Businesses and individuals must take cybersecurity seriously and proactively protect themselves against such threats. The Tri Counties Bank cyberattack is a timely reminder of the importance of maintaining robust cybersecurity protocols.