London Banks Stockpile Bitcoin To Meet Cyber Attack Demands
Banks do not have the best of reputations as it is, and this decision will only make things worse. It is not the first time major banks plan to stockpile Bitcoin to thwart ransomware attacks. Even though that money should be spent on improving the IT department, financial institutions tend to take the easier option. Rolling over and paying the Bitcoin ransom will only invite more trouble down the line, though. But for now, London banks want to buy up Bitcoin in the case of a cyber attack. Dealing with a ransomware attack can be quite devastating. Computer systems and important files are....
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UK based banking institutions are keeping Bitcoin reserves for potential ransom payouts to hackers in the case of a cyber attack. Last week the internet witnessed what could probably be the largest attack till date. Many reputed online services across the world were hit by a DDOS attack, leaving them inaccessible for hours. As cyber threats continue to rise, the banking institutions in London are preparing themselves for the worst case scenario. The DDoS attack, to which companies like Twitter, Netflix, Spotify, Reddit and more fell victim was found to be launched using a special code. The....
Five banks in Russia have undergone a DDoS-attack according to Artyom Sychev, Deputy Director of the General Directorate of Security and Information Protection of Russia’s Central Bank. However, the regulator had warned banks in advance about the cyber attack planned for September26. "Last Saturday monitoring channels received information that, obviously, several major financial institutions will be attacked,” said Sychev. “We contacted with banks and gave them the possible details of how the attack will take place.” Banks were able to escape harm as the attack did not affect banking....
It is not the first time UK hospitals are targeted by cyber criminals. Four different UK hospitals have been hit by a large-scale malware attack. Several thousands of files across these London hospitals are threatened by this malicious software. Barts, the largest NHS trust in England, is working on addressing the situation. Interestingly enough, it does not appear ransomware is used for this attack Moreover, there is no Bitcoin demand by the cyber criminals either. The attack against Barts health trust is rather disconcerting, as it is a major cyber attack against the UK hospital sector.....
Hackers behind the cyber-attack on OP-Pohjola and Danske Bank were demanding around 110 Bitcoins in ransom, according to the Finnish National Bureau of Investigation (NBI). Sometime around the New Year, the customers of both the said banks started complaining about the difficulties in login in to their respective accounts, especially of OP who were trying to access their accounts from outside Finland. The online service halt, led by this supposedDDoS attack, remained in effect for more than a week. Meanwhile, the law authorities continued to locate the source which initiated it. A couple....
Questions have been raised as to whether or not blockchain technology is secure enough to prevent cyber criminals from targeting the financial services. As bitcoin continues to gain wide acceptance in a number of countries, establishments, and services, companies are turning to its underlying technology, the blockchain, as a way of verifying transactions electronically with no central ledger. Unfortunately, over the last year, cyber criminals have targeted exchanges and companies by utilizing the blockchain and digital currencies. Cybercriminals were able to attack the DAO, draining over....