Banks Keep Digital Currency over Ransomware Concern
The rise of ransomware attacks is giving banks a cause for concern as they now have to buy and keep cryptocurrency in the event it is needed to pay criminals when their files are held to ransom. In an interview with Business Insider, Malwarebytes CEO, Marcin Kleczynski, said the situation has become so aggressive to the business environment in the last six to 12 months that companies from 25 people to 250,000 people are getting hit with ransomware. In the past year, the number of such recorded attacks – and the call for bitcoin-related payment for ransom – has been worrying. The Rise of....
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The increase in ransomware attacks on banks has forced them to buy bitcoin. Who would have imagined that traditional banks would be buying Bitcoin so soon? The answer is – probably no one. The recent increase in Bitcoin ransomware attacks on banks and financial institutions has forced them to take this extreme step. According to the CEO of Malwarebytes – Marcin Kleczynski, the malicious ransomware programs have created a huge security threat to banks. In order to ensure uninterrupted service, the banking industry is even prepared to pay the price demanded by cyber criminals to recover data....
Chainalysis has stated that ransomware arrests will soon take place targeting cyber criminals behind ransomware attacks. Rise of Ransomware Attacks. Over the past six months, ransomware attacks have become an issue to government, business and healthcare organizations. In January, CCN reported that three banks and a pharmaceutical company in India had been targeted by a ransomware scheme with the ransom demand in bitcoins. Three Greek banks were reported hacked last November with the hackers demanding their ransom be paid in bitcoins. While the individuals in question were unable to gain....
Distribution of this malware is showing signs of innovation as well. Criminals have been switching between exploit kits, spam campaigns, and social engineering attacks to secure their payday. The topic of ransomware never seems to be far away these days. Online threats are a significant concern for both individual users and enterprises around the world. With the first half of 2016 behind us, it is evident ransomware will not go away anytime soon. Enterprises lost US$209m due to these attacks in the first six months of 2016. Ransomware Leads To Mounting Financial Losses. The new report,....
Three banks and a pharmaceutical company in India have been revealed as targets of a ransomware scheme that saw a ransom demand in bitcoin. In what is now the first known instance of an online extortionist demanding ransom in bitcoins from Indian targets, the Economic Times has revealed that hackers disrupted operations by crippling computers at three banks and a pharma company. Ransomware schemes are notorious for their scale of operations. A recent report revealed that an estimated $325 million has been plundered by ransomware operators in 2015 alone. Cryptowall was reported to be the....
Nearly 1.2 million money-stealing malware incidents were discovered in Q3 of 2016. Additionally, over 821,000 unique device crypto ransomware attacks were successfully blocked. Every time a report related to ransomware is published, there is a growing reason for concern. Although the public knows about this threat, the number of attacks continues to increase. In fact, a new Kaspersky Labs report indicates things are starting to get out hand rather quickly. In Q3 of 2016, there have been 3.5 times as many ransomware modifications as before. Criminals seem to be enjoying themselves when it....