Cyber Ransom Payments Set a Bad Precedent But Happen Often
The U.S. government’s fight to choke off ransom payments collected by hackers hit a major snag Thursday, following news that Colonial Pipeline Co. paid a hefty sum to hackers who for several days this week effectively shut down the country’s largest fuel pipeline and created gas shortages along the East Coast.
The decision went against FBI and Treasury Department warnings that such payouts will only spread pain down the line by encouraging more hacking, raising questions around the ethics of paying the ransoms.
Cybersecurity experts, lawyers and insurers say those pleas run up against the hard logic faced by many ransomware victims. Often the quickest way to restore their debilitated computers systems is to pay, and victims typically have insurance to cover the cost. And, for those who resist, hackers have found new ways to increase the pain.
by Bloomberg
|Friday, May 14, 2021
The United States government s fight to choke off ransom payments collected by hackers hit a major snag Thursday.
(Bloomberg) The U.S. government’s fight to choke off ransom payments collected by hackers hit a major snag Thursday, following news that Colonial Pipeline Co. paid a hefty sum to hackers who for several days this week effectively shut down the country’s largest fuel pipeline and created gas shortages along the East Coast.
The decision went against FBI and Treasury Department warnings that such payouts will only spread pain down the line by encouraging more hacking, raising questions around the ethics of paying the ransoms.
By MICHAEL RILE AND ALYZA SEBENIUS | Bloomberg | Published: May 12, 2021 When a new ransomware group popped up on the scene last year, the hackers did what s in vogue for digital extortion organizations these days: They issued a press release. The hackers had already made millions of dollars in profit working as affiliates for other groups when they decided to go out on their own, the announcement said. We created DarkSide because we didn t find the perfect product. Now we have it. That product essentially a set of hacking tools and related services was responsible for the shutdown last week of the biggest fuel pipeline in the U.S., raising gas prices on the Eastern Seaboard and turning DarkSide into a household name.
HSBC blocks £249m in UK fraud with voice biometrics
HSBC voice recognition technology has reduced telephone banking fraud as demand for the channel increases
Share this item with your network: By Published: 06 May 2021 11:00
HSBC said that telephone banking fraud has been reduced by 50% since the introduction of a biometric security system that authenticates customers through their voices.
The bank said about 2.8 million customers have signed up to use its Voice ID system as demand for telephone banking increases during the pandemic. It estimates that the extra layer of security has prevented £249m of UK customers’ money falling into the hands of criminals in the last year.
April 29, 2021 @ 8:35 am By Omar Faridi
Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activities since the Covid-19 outbreak (around February 2020), according to a survey released by
BAE Systems.
The survey of 902 banking institutions and insurance providers, based in the US and the UK, reveals that this recent rise in cybercrime is also having a significant monetary impact. Over half of the survey respondents reported a considerable increase in financial losses during the past year – the average cost being as high as $720,000 and rising steadily.
BAE Systems’ research and surve report has noted that there are concerns regarding the “new-normal” working from home model, with 42% of survey respondents stating that working remotely has made them less secure than when working in an office environment. Just below half or around 50% also cited concerns about these issues leading to less visibility of potential holes in their co