Brazil's Financial System Hit by Cyberattack as Central Bank Launches Emergency Investigation

According to Jinse Finance, on July 2 local time, at least six financial institutions in Brazil suffered cyberattacks, with hackers exploiting system vulnerabilities in a third-party payment service provider to initiate large-scale illegal transfers. The Central Bank of Brazil has not yet disclosed the specific amount involved or the list of affected financial institutions. The central bank's investigation revealed that the entry point for the attack was not the banks' own systems, but rather their authorized payment service provider, C&MSoftware. The Brazilian Federal Police and São Paulo State Police have now launched an investigation. The Central Bank of Brazil has urgently suspended the service provider's system interface and requested relevant institutions to halt transfers initiated through this provider, while also ordering financial institutions to conduct a comprehensive review of third-party service provider qualifications.