GMO Internet Warns Users of Ransomware Threat After Refusing $50M Demand

Japan’s GMO Internet Group Inc. (TYO:9449) has issued an urgent warning to users of its Onamae service, advising them to disconnect their computers from all networks ahead of a threatened ransomware attack. The alert follows a demand from hackers for a $50 million ransom, which the company has publicly refused to pay.

Details of the Threat

In a statement posted on its website, GMO Internet said it received a notice from the suspected attackers threatening to release customer information and deploy a ransomware attack by 12:00 PM on Tuesday, October 27th. In response, the company instructed account holders to take immediate precautionary measures.

Users were advised to:

• Back up their data.
• Shut down their computers.
• Disconnect the machines from both the network and the power supply before the deadline.

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Background of the Cyberattack

The threat follows a major cyberattack disclosed by the company late last week. That incident involved unauthorized access to its Onamae.com remote desktop platform, which resulted in a breach of customer data. The initial attack also led to unauthorized foreign exchange trades being executed through compromised accounts, for which GMO has committed to reimbursing affected customers.

Market Reaction and Company Stance

Shares of GMO Internet rebounded 1.7% in Tuesday's trading session, following a sharp decline of nearly 16% in the prior session after the initial breach was announced. The company has taken a firm stance against the attackers, stating it will not comply with the $50 million ransom demand.