A major cyber heist struck Brazil today: hackers exploited a vulnerability in a Banking-as-a-Service (BaaS) provider’s infrastructure and stole over R$1 billion (~US$185 million) from the account of BMP, a BaaS firm active since 1999. The breach happened via the services provider C&M, which supports multiple financial institutions. The attackers gained access to various accounts, with BMP bearing the brunt. Central Bank technical teams have now isolated C&M’s systems and are investigating the incident. BMP’s clients reportedly won’t suffer losses, as the company holds collateral covering the stolen amount
