Security News Banks Stockpiling Bitcoins to Pay Hackers Ransoms

Logethica

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Well-known
Jun 24, 2016
636
Banks are stockpiling bitcoins in case they get hit with ransomware:

A cybersecurity CEO says the problem of ransomware is now so bad that banks are buying cryptocurrency so that they're ready to pay off criminals if their files are held to ransom...

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MALWAREBYTES
An Osterman research survey sponsored by Malwarebytes shows that 54% of businesses surveyed had come under attack from ransomware in the last 12 months. The survey contacted 540 companies, and it found that the most commonly targeted types of business were in the healthcare or finance industries.

Ransomware is best known for infecting individual computers, but Marcin Kleczynski, CEO of cybersecurity company Malwarebytes, told Business Insider that he has seen a rise in businesses affected by ransomware.


Kleczynski says that banks are starting to prepare for the threat of ransomware as the frequency of attacks increases. "I talked to a couple of banks and they say they have 50-100 bitcoin ready at all times in a wallet to deploy if a ransomware attack hits," he said..


To read the full article please visit the link at the top of the page
 
H

hjlbx

100% Agreed
This only encourages future attacks, and making it public, what idiots.

Their thinking is that it is cheaper to pay the ransom than to pay for user security training and upgrades.

There are simple solutions like group policy, AppLocker, and any number of Application Control softs that can be implemented without a huge number of problems.

Not to mention that there is Standard User Accounts for everyone that doesn't need Protected Admin account for day-to-day use.

LOL... I'll say it again... it's so unbelievably stupid...
 
H

hjlbx

That's a pretty good assumption,
What I am getting at is why make it public ?
1> Why endanger that institution by advertising that kind of stockpile.
2> Now Institutional Ransomware fees will skyrocket.
3> You can bet Ransomware authors are sitting up taking notice like it's their birthday.

  • I infect you on Monday.
  • You pay me on Friday.
  • On next Monday I just re-infect you.
  • I will keep going until I raise the amount and delete you of all bitcoin.

It's stupidity...
 

StriderHunterX

Level 5
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Jan 10, 2015
207
I would like to know for the life of me, which idiot decided that "yes, this will be good to go public with"
The security firm or the Bank ?
I found this on Twitter and lit it up lol

I want to think that this is some type of advanced warfare strategy.They may have several honeypots,ready to acquire info.

Anyways,if they are...They have some serious b@lls. They're definitely the wrong industry to run these type of "Hail Mary" tactics.
 
Last edited:

ElectricSheep

Level 14
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Aug 31, 2014
655
Banks make billions a year robbing people for going overdrawn by a tiny amount like pennies, slapping ridiculous fees on them such as 10 or 20 for just generating the letter to tell them of it, a charge for going overdrawn, and whatever other charges they want to punish you with. It's legalised robbery in some cases!! <<<If that is their mentality, you can see why their approach would be just to roll over and just pay the ransomware authors without any messing about - it's how THEY'VE operated for years, by holding customers to ransom for minor "infringements" on their accounts!

But yeah, they should be stepping up their security rather than just automatically paying these ransoms, after all, they're paying them with YOUR money!
 

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