DXC Technology that offers business to business IT services has issued a formal statement that certain systems belonging to its business subsidiary, Xchanging were down due to a ransomware attack. But the good news is that the situation is under control as the company’s IT staff has taken all measures to contain and remediate the security issue.
Technically speaking, Xchanging is an insurance software provider that provides improved and cheaper handling of admin tasks like HR, accounting, technology, and customer support through automation software.
DXC has made it clear that it will take appropriate cybersecurity measures to prevent such incidents from recurring and will offer complete cooperation to the law enforcement in probing the incident.
Xchanging that has been a title sponsor for the Boat Race taking place between Oxford and Cambridge Universities for years is headquartered in London and reportedly has offices in locations such as India, Japan, Malaysia, Singapore, UK, USA, France, Australia, and Italy.
Note 1- Xchanging was previously owned by CSC from May 2016 to mid-2018 until DXC Technology acquired it in 2018.
Note 2- A ransomware attack is a malware-based cyberattack where hackers lock the database until a ransom is paid. However, from the past two years, those spreading ransomware are first seen stealing files from the database and later encrypting it to earn revenue by selling the stolen data if the victim denies paying a ransom.
Note 3- The kind of malware variant which locked up the database of Xchanging servers is yet to be revealed. But the customers using the company software are reportedly facing the downtime.