The art market suffered a ransomware hack when Christie’s website went down just before a major auction milestone in the art world. May Auction in New York.
Christie’s CEO referred to the incident as a “technical security incident.” Despite this, the auction proceeded with $640 million in sales, and the website was back up 10 days later.
The hack by Cyber extortion group RansomHub exposed personal information of at least 500,000 customers. Negotiations for a settlement were abruptly halted, leading to concerns in the art community.
Christie’s assured that financial and trade records were secure, but some personal information was compromised. This incident underscores the vulnerability of high-profile entities to cyber threats.
Art market experts are wary of the implications of such breaches, emphasizing the need for proactive communication with clients. The discretion and confidentiality of the art world are at stake.
While art market transactions often involve intermediaries, the potential risks of data breaches remain a concern. The industry is evolving to tackle fraud and enhance security protocols.
RansomHub is among several cyber extortion groups operating globally. Pearson from Blackcloak believes that the decision to pay a ransom is complex and depends on various factors.
Private dealers are hopeful that the recent disruptions in public auction houses will redirect business towards them. Despite challenges, the art market is adapting to the changing landscape.
Leaders in the art world are navigating through uncertainties, with strategic adjustments being made to safeguard against future vulnerabilities.
Source: www.theguardian.com
