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ExtraTorrent.cc > Articles > Banks Will Save Bitcoins to Pay Cyber Ransoms

Banks Will Save Bitcoins to Pay Cyber Ransoms

Banks Will Save Bitcoins to Pay Cyber Ransoms

Added: Tuesday, October 25th, 2016
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ISP, Download, BitTorrent, MPAA, RIAA, copyright-infringement, file-sharing, Torrenting
Some UK largest banks are going to stockpile Bitcoins and later use them to pay off cyber criminals threatening to bring down their critical IT systems. Bitcoins are being acquired by the largest companies in order to be able to pay cyber ransoms in case of need.


A few days ago, some hackers attacked the leading tech giants, including Reddit, Twitter and Spotify, using a special code to exploit the power of many Internet-connected home devices to launch DDoS attacks through an American company providing directory services to them. Apparently, the intruders have been using the code in question to threaten other businesses into paying them ransom with Bitcoins or risk becoming the target of similar attacks. According to the leading IT experts, the scale and ferocity of the attacks meant some banks decided it was cheaper to pay off the criminals than risk an outage and data loss. In other words, they are now exploring the need to maintain stocks of Bitcoins in the event that they themselves become the target of a high-intensity attack, in the case where law enforcement agencies fail to assist them promptly enough.

It is unknown which exact banks are buying up Bitcoins, but senior police officers have been made aware of the practice. One thing is for sure: the cost of an attack to businesses can outweigh paying off ransom: for example, the ISP TalkTalk lost 101,000 customers and suffered costs of £60m in a 2015 cyber attack.

It was estimated that DDoS attacks in recent months have led to 600 gigabits of data a second being directed at targets. Once it goes above a terabit, no protection can help against that sort of flood.

Last month, the website KrebsOnSecurity.com became the target of a large DDoS attack aimed at knocking the site offline – it was estimated at 665 gigabits of traffic a second and believed to be launched in response to articles that Krebs had posted about the DDoS-for-hire service vDOS, which coincided with the arrests of its founders. It is known that the attack in question was launched by a large botnet of hacked devices from the Internet of things, which are often not password protected, relying on factory settings. By the way, the Krebs attack might have gone largely unnoticed if one of the hackers had not then chosen to release the source code used to power the botnet.

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Date:  Tuesday, October 25th, 2016

Comments (3) (please add your comment »)

posted by (2016-10-25 15:18:55)
n2kmaster avatarYeah cuz we know banks did so well with traditional money and all............

posted by (2016-10-25 21:39:57)
No avatarIs there no such thing as internet security?? If there was, there isn't anymore. lol

posted by (2016-10-26 03:14:22)
jonime avatarbad news

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