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Cyberattack on Brazil tech firm hits reserve accounts of financial firms
The bank did not provide further details of the attack, but said in a statement that it ordered C&M to shut down financial institutions' access to the infrastructure it operates.
C&M Software commercial director Kamal Zogheib said the company was a direct victim of the cyberattack, which involved the fraudulent use of client credentials in an attempt to access its systems and services.
C&M said critical systems remain intact and fully operational, adding that all security protocol measures had been implemented. The company is cooperating with the central bank and the Sao Paulo state police in the ongoing investigation, added Zogheib.
Brazilian financial institution BMP told Reuters that it and five other institutions experienced unauthorized access to their reserve accounts during the attack, which took place on Monday.
BMP said the affected accounts are held directly at the central bank and used exclusively for interbank settlement, with no impact on client accounts or internal balances.
BMP added it has taken all necessary operational and legal steps and holds sufficient collateral "to fully cover the impacted amount, without any harm to its operations or business partners."
An official familiar with the ongoing investigation, who spoke on condition of anonymity, said C&M provides services to around two dozen small financial institutions, and the amounts involved in the attack do not reach into the billions of reais.
Another source said there were no losses suffered by clients.
The central bank has used the term "financial institutions lacking their own connectivity infrastructure" to refer to digital payment institutions, which have grown rapidly in Latin America's largest economy, boosted by innovations driving competition in the sector.
For instance, the Pix instant payment system, developed and operated by the central bank, was launched in late 2020 and has become the most widely used payment method in the country.
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India Gazette
an hour ago
- India Gazette
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The Hindu
3 hours ago
- The Hindu
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That rapid expansion led Brazil to put housekeeping issues — officially termed institutional development — on the agenda to better integrate new members and boost internal cohesion. Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Mr. Trump's tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo's BRICS study group. 'The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships,' Mr. Scheidl said. For Mr. Lula, the summit will be a welcome pause from a difficult domestic scenario, marked by a drop in popularity and conflict with Congress. The meeting also represents an opportunity to advance climate negotiations and commitments on protecting the environment before November's COP 30 climate talks in the Amazonian city of Belem.
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Business Standard
4 hours ago
- Business Standard
Brazil set to host Brics Summit, eager to avoid provoking Trump's ire
Brazil will play host to a summit of the BRICS bloc of developing economies Sunday and Monday during which pressing topics like Israel's attack on Iran, the humanitarian crisis in Gaza and trade tariffs imposed by US President Donald Trump are expected to be handled with caution. Analysts and diplomats said the lack of cohesion in an enlarged BRICS, which doubled in size last year, may affect its ability to become another pole in world affairs. They also see the summit's moderate agenda as an attempt by member countries to stay off Trump's radar. Brazilian President Luiz Inacio Lula da Silva will have some of his priorities, such as debates on artificial intelligence and climate change, front and center for the talks with key leaders not in attendance. China's President Xi Jinping won't attend a BRICS summit for the first time since he became his country's leader in 2012. Russian President Vladimir Putin, who will make an appearance via videoconference, continues to mostly avoid travelling abroad due to an international arrest warrant issued after Russia invaded Ukraine. Debate over language on hot-button topics The restraint expected in Rio de Janeiro marks a departure from last year's summit hosted by Russia in Kazan, when the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia's full-scale invasion of Ukraine in February 2022. A source involved in the negotiations told journalists Friday that some members of the group want more aggressive language on the situation in Gaza and Israel's attack on Iran. The source spoke under the condition of anonymity because they were not authorized to speak about the matter publicly. Brazil wants to keep the summit as technical as possible, said Oliver Stuenkel, a professor at the Getulio Vargas Foundation think tank and university. Consequently, observers expect a vague final declaration regarding Russia's war in Ukraine and conflicts in the Middle East. As well as suiting Brazil, a watered-down and non-controversial statement may be made easier by the absences of Putin and Xi, Stuenkel said. Those two countries have pushed for a stronger anti-Western stance, as opposed to Brazil and India that prefer non-alignment. A Brazilian government official told The Associated Press Thursday that the group is expected to produce three joint statements and a final declaration, all of which less bounded by current geopolitical tensions. The official spoke on condition of anonymity because they were not authorized to speak publicly about the summit's preparations. Joao Alfredo Nyegray, an international business and geopolitics professor at the Pontifical Catholic University in Parana, said the summit could have played a role in showing an alternative to an unstable world, but won't do so. The withdrawal of Egypt's President Abdel Fattah al-Sisi and the uncertainty about the level of representation for countries like Iran, Saudi Arabia and the UAE are confirming the difficulty for the BRICS to establish themselves as a cohesive pole of global leadership, Nyegray said. This moment demands high level articulation, but we are actually seeing dispersion. Brazil skittish in light of Trump tariffs Brazil, the country that chairs the bloc, has picked six strategic priorities for the summit: global cooperation in healthcare; trade, investment and finance; climate change; governance for artificial intelligence; peace-making and security; and institutional development. It has decided to focus on less controversial issues, such as promoting trade relations between members and global health, after Trump returned to the White House, said Ana Garcia, a professor at the Rio de Janeiro Federal Rural University. Brazil wants the least amount of damage possible and to avoid drawing the attention of the Trump administration to prevent any type of risk to the Brazilian economy, Garcia said. While Brazil will continue to advocate for the reform of Western-led global institutions, a cornerstone policy of the group, the country wants to avoid becoming the target of tariffs a predicament it has so far largely escaped. Trump has threatened to impose 100 per cent tariffs against the bloc if they take any moves to undermine the dollar. Other leaders shun the summit Iranian President Masoud Pezeshkian and Egypt's Abdel-Fattah el-Sissi will also be absent. Those two countries joined the BRICS in 2024, alongside Ethiopia, Indonesia and the United Arab Emirates. Saudi Arabia has been invited and is participating in member discussions, but it has yet to send its confirmation letter. As well as new members, the bloc has 10 strategic partner countries, a category created at last year's summit that includes Belarus, Cuba and Vietnam. That rapid expansion led Brazil to put housekeeping issues officially termed institutional development on the agenda to better integrate new members and boost internal cohesion. Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Trump's tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo's BRICS study group. The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships, Scheidl said. For Lula, the summit will be a welcome pause from a difficult domestic scenario, marked by a drop in popularity and conflict with Congress. The meeting also represents an opportunity to advance climate negotiations and commitments on protecting the environment before November's COP 30 climate talks in the Amazonian city of Belem. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
