Social engineering caused the cyberattack on Insight Partners

One of New York’s venture capital and private equity companies, Insight Partners, disclosed an alleged social engineering campaign that had caused a system breach in last month’s cyberattack.

Throughout its 30-year history, the business has managed at least $90 billion in regulatory assets and invested in more than 800 software and technology startups and enterprises globally.

A company’s statement earlier this week confirmed that the malicious activity has also resulted in the illegal access of its information systems through a sophisticated social engineering campaign.

However, the company also assured the public that it would immediately contact relevant law enforcement agencies after identifying the compromise. Moreover, it said that it employed a third-party security provider to help assess the overall consequences of the attack.

The statement also explained that the company has quickly controlled, remediated, and initiated an investigation after this issue was detected. Subsequently, the company notified stakeholders connected to them to inform them and encourage vigilance and improved security measures, regardless of whether shared data had been compromised.

 

Insight Partners insisted that the attack has not reached a point that would compromise a significant number of linked parties.

 

Insight Partners further indicated no evidence that the attackers continued to use its network after the investigation detected its presence. While the company did not provide details on any operational issues, it did claim that the event had no extra impact on Insight’s operations.

Furthermore, Insight Partners has yet to offer details about the attack, such as its nature or whether corporate or partner data was accessed or stolen during the hack.

This New York-based company also said that it is working hard to assess the scope of the event, which will take several weeks, even with the help of third-party providers, forensic specialists, and external legal counsel.

As of now, this affected firm claims that it does not expect a significant impact on portfolio firms, Insight funds, or other stakeholders. Insight assured concerned parties that they would provide updates to any affected individuals as new information became available during its inquiry.

This incident is a developing story, and the company could reveal new information once its investigation concludes in the coming weeks.