Development Bank of Southern Africa Details

    Organization Logo

    Development Bank of Southern Africa

    Midrand, South Africa • 600 employees • Financial Services

    https://www.dbsa.org/
    South Africa

    Industry

    Financial Services

    Security Incidents

    1

    The Development Bank of Southern Africa (DBSA) is a development finance institution wholly owned by the Government of South Africa, established to promote socio-economic development within the Southern African Development Community (SADC) by financing and supporting infrastructure projects. Founded in 1983, the DBSA initially focused on regional integration programs that enhance the standard of living through improved infrastructure. The bank's mandate includes targeted investments in sectors such as energy, water, transport, and telecommunications, while also addressing health and education. ...
    Show more

    Security Incidents

    Development Bank of Southern Africa Breach of May 2023
    Severity Score
    Significant to High

    Type

    Ransomware Attack

    Summary

    The Development Bank of Southern Africa experienced a ransomware attack by the Akira gang around May 21, resulting in the encryption of servers, logfiles, and documents. The attackers threatened to leak sensitive information if a ransom was not paid. Compromised data included business names, director and shareholder names, addresses, identification documents, and contact information, as well as details of commercial or employment relationships and financial information of stakeholders. Investigations by the bank, involving several South African law enforcement agencies, revealed that the attac...
    Show more

    Severity

    The ransomware attack on the Development Bank of Southern Africa, executed by the Akira gang, resulted in the encryption of critical servers, logfiles, and documents. Sensitive information, including business details, director and shareholder identities, contact information, and financial data, was compromised, posing a significant risk of identity theft and unauthorized use. Although the bank managed to restore its IT systems and mitigate further damage, the incident exposed over 600 employees and numerous stakeholders' data, necessitating ongoing vigilance and forensic monitoring. Given the ...
    Show more

    Impact

    The Development Bank of Southern Africa experienced a ransomware attack by the Akira gang, which led to the encryption of their servers, logfiles, and documents. The gang exfiltrated sensitive information, including business names, directors' and shareholders' details, addresses, identification documents, contact information, and financial data of stakeholders. Although the bank has managed to restore its IT environment and remove the ransomware, the incident exposed both customer and employee data, raising concerns about possible identity theft and impersonation attempts. The forensic investi...
    Show more

    KEEP YOUR ENVIRONMENT SECURE

    Weak credentials are the leading cause of breaches. Beyond Identity can help.

    See MFA exploits in action
    Watch how adversaries exploit companies in quick videos