Gov’t to Review Contracts With Shirbit Insurance Company Hit by Cyberattack

A recent cyberattack could cost one of the largest insurance companies in Israel its government contracts, according to reports.

In a statement cited by the Globes, the Finance Ministry said the authorities were reviewing the attack on Shirbit Insurance and monitoring its development.

“Decisions will be made in accordance with the findings and subject to the law,” the statement added.

Shirbit Insurance, one of the largest insurance companies in Israel, found itself dealing with a cyberhack last week, targeted by hackers calling themselves the Black Shadow.

The hackers claimed to have stolen a massive trove of personal data of Shirbit clients, with many civil servants among those, and demanded a ransom for not making the information public or selling it off to a third party.

As the company refused to pay the ransom, set initially at the value of nearly $1 million in Bitcoins and subsequently raised to about $4 million, the hackers leaked some of its customers’ private data.

On Sunday morning, the hackers said they will begin selling data unless a deal was reached promptly, while also posting screenshots of what they said were messages from people looking to buy the data, including one who said sharing the trove with them would be a great service to “the people of Iran.”

The company, for its part, said the hack was never financially motivated and amounted to an act of cyberterrorism.