Advanced Technology Ventures with $1.8B in assets was hit by ransomware
By MYBRANDBOOK
Advanced Technology Ventures was hit by a ransomware attack in July that saw cybercriminals steal personal information on the company’s private investors, or limited partners (LPs). The company is a Silicon Valley venture capital firm with more than $1.8 billion in assets under its management.
In a letter to the Maine attorney general’s office, ATV said it became aware of the attack on July 9 after its servers storing financial information had been encrypted by ransomware. By July 26, the ATV learned that data had been stolen from the servers before the files were encrypted, a common “double extortion” tactic used by ransomware groups, which then threaten to publish the files online if the ransom to decrypt the files is not paid.
The letter said ATV believes the names, email addresses, phone numbers and Social Security numbers of the individual investors in ATV’s funds were stolen in the attack. Some 300 individuals were affected by the incident, including one person in Maine, according to a listing on the Maine attorney general’s data breach notification portal.
Venture capital firms often do not disclose all of their LPs - the investors who have thrown millions into an investment vehicle - to the public. A number of pre-approved names may be included in an announcement, but overall, a company’s private investors try to stay that way: private. The reasons vary, but it comes down to secrecy and a degree of competitive advantage: The firm may not want competitors to know who is backing them, and an investor may not want others to know where their money is going. This particular attack likely stole key information on a hush-hush part of how venture money works.
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