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The Latest Cyber-Attack: Gang Demands $70 million in Bitcoin

Bitcoin has grown exponentially and its unprecedented surge in popularity has flocked millions of people towards it. Ever since its introduction in 2008, it has never been able to stay out of the spotlight because of its high volatility & flexible nature.

But is it all good? Has bitcoin-only brought forth the good features or there is some significant dark side to it? Why are ransomware attacks running so rampant? Why big companies are still susceptible to a ransomware attacks? Bitcoin Era will try to explore these questions profoundly in this article. Furthermore, About News Spy team the latest cyber-attack of $70 million took millions off guard.

The gang behind the latest cyber-attack claimed a “Colossal” ransom to release the “Universal Decryptor”. All the sensitive files were seized by the infamous Russian gang “REvil” which is widely renowned for being notorious against the leading US companies. The company “Kaseya” was recently under attack and got locked out of its network. However, the exact number of the victim is still unknown & the magnitude of damage has not been disclosed in the public domain.

According to the latest reports, the recent attack was perpetrated on almost 500 supermarkets (Swedish Coop) along with at least 11 New Zealand Schools. The attack was carefully carried out targeting specific victims with a detailed study. In the attack were two Dutch firms that also got affected.

“Kaseya” succumbed to the ransomware attack 

The attack was initially targeted at “Kaseya” which was more of a supply chain attack. But, the intensity of the attack was so high that it spread across a host of corporate networks that use the “Kaseya” network & software. The company also informed that as many as 40 of its customers fell into the crosshair of the ransomware attack. But, this is just a suppressed number as the actual number must have been way greater than what was later revealed. “Kaseya” provides exclusive software solutions to the service providers. Moreover, it is also being speculated that the $70 million ransom in Bitcoin was not anticipated & it all unfolded out of nowhere.

Fear that grows steadily 

The chief executive officer of “Kaseya”, Fred Voccola informed media outlets that the aggregate number of victims can be roughly in thousands. Such victims could have been smaller organizations like libraries & dental practices. IT firms are somewhat crippled due to this attack and have never been as unsettled as they are right now. However, the intensity of the attack can still be felt in the IT space which reminds me of how susceptible the industry has become to the ransomware attack in this digital era.

This calls for the substantial reinforcements which can be provided by cyber-security. Moreover, the assistance thus received from such central establishments has been laudatory too and constant efforts are being made to curb this stigma once and for all. The impact of such an attack could have been a lot more debilitating had the security not been as rigid & proactive as it has been made in recent years.

Heed the warnings 

The agencies that work toward unravelling the mystery behind such attacks have substantiated their efforts to minimize the intensity of cyberattacks. Cyber-defenders (Public & Private) have already been issuing proactive alerts to the companies to let them know that the threat is always lurking in the digital realm which is supposed to be taken seriously. Furthermore, ceaseless research & work is being conducted to be able to successfully untangle & unravel the mystery behind the attacks on such a massive scale.

Sign of the times 

The attack on Kaseya was already anticipated before it ever took place (that’s what the company’s representatives told). The company was already in progress while working with the “Dutch Institute for Vulnerability Disclosure” to work around the lingering problem. There was a hole in the system that needed to be plugged before it was too late.

However, hackers were lucky enough to have successfully found the hold before the company & institute ever did. It was basically a race between good & bad hackers in finding the system’s hole. However, the last minute from bad hackers claimed it all and left nothing behind but ruins & destruction.

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Written by Marcus Richards

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