Belize Electricity Limited (BEL) Fends Off Cyberattacks with $500K Investment
The Belize Electricity Limited (BEL) has spent close to half million Belize dollars to fend off the cyberattacks on their network infrastructure. The company began seeing red flags back in March this year, and had begun acquiring the international services of IT professionals in an effort to address the concerns. On June 23, 2023 the company received an email advising them that their system was compromised. According to the CEO, John Mencias, explained that the company did not respond to the email for security reasons. It wasn’t until about two weeks later that they realized that their system was indeed hacked when they found customers’ information, ranging from identification cards, account information, and other details were posted on the Dark Web.
What is interesting, and what has BEL on high alert, is the fact that Ragnar Locker did not request a ransom. As we had reported earlier, the Ragnar Locker Ransomware is known for targeting energy companies and for requesting money ransoms to not disclose the company’s data. In this case, CEO Mencias, they do find it curious, and that has subsequently increase their vigilance.
Since BEL has been forced to strengthen its network infrastructure, they have spent close to five hundred thousand dollars in IT Specialists and tools. CEO Mencias explained that they are currently anticipating that this security measure will run them into the millions.