A relatively unknown ransomware group named Bashe, potentially linked to the infamous LockBit gang, has launched a cyberattack on ICICI Bank, a major Indian financial institution with a global presence. According to reports, the group managed to breach the bank’s systems, stealing a portion of its data, which is now reportedly up for sale on the dark web.
Bashe, notorious for its aggressive tactics, typically gives victims a mere 48-hour deadline to comply with their demands. In this case, the group has set a deadline of January 24, 2025, after which it threatens to release the stolen data online.
ICICI Bank, which began as a private entity nearly two decades ago, now operates under regulations set by the Reserve Bank of India (RBI). It was a pioneer in introducing private banking services to Indian customers, a model later adopted by other national banks like the State Bank of India (SBI). This longstanding reputation has earned the bank a significant customer base, including those in India and among non-resident Indians (NRIs) worldwide.
The news of a potential ransomware attack has raised serious concerns, especially among Indian consumers, both at home and abroad, as the bank offers convenient mobile banking services for its global clientele. The fear of sensitive data being exposed has amplified anxieties within the banking community.
Bashe is known for targeting key sectors such as healthcare, logistics, technology, and banking in countries like the United States, the UK, France, Germany, and Australia. Previous investigations have linked the group to servers in the Czech Republic, a country that has become a haven for cybercriminals, although there is no direct evidence linking the Czech government to these criminal activities. However, the group’s operations remain difficult to trace, and investigations are ongoing.
ICICI Bank has yet to comment on the data breach allegations, as its incident response team is currently investigating the matter.
A History of Data Security Issues
This isn’t the first time ICICI Bank has been involved in a data security controversy. In 2023, the bank faced criticism for storing sensitive customer information on poorly secured servers, leading to a data leak that exposed phone numbers, emails, personal identification documents, CVs, home addresses, credit card details, and account information.
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