Pine Labs Data Breach Allegedly Hacked Its 500,000 Records

According to Cyble Research Labs, B2B fintech solutions company, Pine Labs has allegedly experienced a data breach from the BlackMatter Ransomware Group. In this attack, around 500,000 confidential client agreements, financial reports, employee data, and other internal documents of Pine Labs are expected to be hacked.

Even though Cyble also shared the screenshots of the data breach on its website to prove the occurrence of the intrusion, but Pine labs is still not accepting the allegation.

Various financial institutions and merchants are leveraging the services offered by fintech.

According to a post by BlackMatter Ransomware, they have been able to steal 100GB of the data, out of which 500 MB is made public to prove the attack.
From the sample data, it can be ascertained that the data breach includes the information of Pine Labs’ employees, and the agreement and invoices of its engagements with Indian banks, and other financial institutions.

According to Cyble, it was on August 10, 2021, when the name of Pine Labs’ was updated in the victim list on the leak website of the BlackMatter ransomware group. Along with the fintech, its several financial institution clients are also expected to experience the impact of this attack.

According to the Chief Technology Officer of Pine Labs, Sanjeev Kumar, there is no valid proof of data breach. He considered Pine Labs a secure and compliant PCI-DSS platform. He also assured that the safety of customers’ data is ensured by them, and they will continue to operate as usual.

According to a cybersecurity firm Hack & Security, there might be some loopholes at the clients’ or employees’ end which allowed the hackers to enter into Pine Labs’ system and cause the data breach.

According to WiJungle’s co-founder and CEO, Karmesh Gupta, before BlackMatter Ransomware Group, there were REvil and DarkSide ransomware groups that were causing such breaches.

He added that the financial institutions with English as a common operation language are the major targets of BlackMatter.

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