Major Ransomware Assault Strikes Global Card Processing Firm in Pakistan

Major Ransomware Assault Strikes Global Card Processing Firm in Pakistan

TPS Worldwide, a card processing company serving banks, telecoms, and other financial entities, suffered a significant ransomware attack late last night.

Although specifics of the incident remain unclear, sources suggest that the ransomware targeted the TPS network overnight. TPS reportedly managed to respond to and control the attack effectively, preventing any financial losses.

Established in 1996, TPS caters to diverse clients across multiple sectors, offering services that include card processing, payment gateways, and comprehensive payment clearing solutions.

The incident underscores the crucial role of security for financial institutions. Handling sensitive financial data and transactions makes them prime targets for cyber threats. This highlights the ongoing necessity for bolstered security measures in this vital sector to defend against ever-evolving risks.

While it’s premature to identify the origin or type of the attack, a forensic investigation is likely in progress, and TPS is anticipated to issue a statement soon.

According to a press release from 1Link, which relies on TPS for its payment services, TPS does not store customer data, ensuring no compromise of customer information. “Likewise, there was no breach affecting any of TPS’s customers linked via 1Link, and the incident was contained within its internal servers,” stated the release by 1Link, a key payment processor in the nation.

TPS has reportedly recommended its partners to check the latest patches they have received from TPS and conduct thorough scans of their environments for increased vigilance.