How to protect your security from cyber attacks

Statements

The security world is in shock over the recent ransomware attack on the banking industry, and the repercussions it has had on financial services.

In what has been described as a devastating attack, hackers managed to steal a staggering amount of data from a huge amount of banking customers, including the details of their credit and debit card information.

The attack was carried out in mid-December, after which the banks in the affected region were forced to implement emergency measures.

This includes locking down their computer systems to prevent the spread of the ransomware.

The ransomware has been dubbed the ‘Cryptorchid’ and is thought to have been created by a group of hackers calling themselves CyberArk.

The CyberArk hackers reportedly stole information such as the names, addresses, Social Security numbers, personal details, and PINs of millions of banking and credit card accounts.

Some experts believe that the cyberattack may have been a part of a broader attack by an organised criminal group known as the ‘Shadow Brokers’, which were behind the massive data theft of data in 2016.

What are you doing with your data? 

The ransomware is believed to have infected banks, financial institutions and other organisations in at least 10 countries, including Germany, France, the UK, India, and Italy. 

The banks in affected countries have taken to shutting down their computers and preventing customers from using their services, which are expected to take up to a month to fully restore.

According to the European Banking Authority (EBA), the affected banks will have to take down their accounts as well as their customer accounts.

However, the banks are refusing to lock down their networks, and they are asking customers to contact their banks directly.

According a spokesperson for the EBA, the EMA has not yet issued any official statement on the cyber attack, but has called on banks to “take appropriate steps to prevent cyber attacks”.

According to Europol, the security agencies in Europe are currently investigating the attack, which is believed be the first known attack against a bank using a ransomware attack.

“The EMA is in close contact with its partners in the EU and around the world on the investigation of this attack,” Europol said in a statement.

“We urge all financial institutions to implement the appropriate security measures as a precautionary measure, including using appropriate encryption tools and ensuring that customer data is protected.”

The EBA added that it is still unclear whether the ransomware is related to the ETA, or if it is related only to the banking sector. 

“The information on the EFA is preliminary and is subject to change at any time,” it said.

“It is possible that the ransomware may be related to ETA,” Europews reported.

“However, we are aware of no evidence that it has been related to any other ransomware or malware.”

The ETA did not respond to a request for comment from RTÉ.

What is ransomware? 

Ransomware is a type of malware that encrypts files, making it harder for the person to open them, while demanding money for the process.

The malware is a kind of cybercriminal group which has targeted the financial sector and businesses.

It has gained notoriety recently for its widespread use, with organisations around the globe reporting that it was used to extort money from businesses and individuals.

Ransom is one of the main threats of ransomware that have been identified in the cybercrime arena.

According the World Health Organization (WHO), ransomware is a form of malware which can be used to steal data and make it harder to recover.

“Ransom has the ability to lock up data, steal financial data, encrypt files, and make them harder to decrypt,” the WHO says.

“Most ransomware is difficult to remove by any means, but a tool known as a ‘droid’ can be installed on a device to encrypt data in a way that is impossible to decrypt.”

Ransom was first identified in 2017, and is believed not to be new.

However, the impact it has on businesses and organisations is much worse than the damage caused by cybercrime.

security dodge

Related Posts