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Published: Sun, May 21, 2017
Economy | By Melissa Porter

Ransomware WannaCry to attack Indian banking system soon: Cyber expert

Ransomware WannaCry to attack Indian banking system soon: Cyber expert

The latest ransomware was successful because of a confluence of factors. And while Microsoft said it had already released a security update to patch the vulnerability one month earlier, the sequence of events fed speculation that the NSA hadn't told the USA tech giant about the security risk until after it had been stolen.

Similarities between the WannaCry virus - which disrupted doctors on the Fylde coast - and earlier attacks could suggest a link to the controversial regime.

This weekend's global online extortion attack reinforces the need for businesses and other large organizations to update their computer operating systems and security software, cybersecurity experts said.

Since it emerged last Friday (12 May) and ripped through Russian Federation, south-east Asia and most of Europe, major bodies such as the NHS, Renault, Telefónica and MegaFon have been battling to stay up and running. Shutting down a network can prevent the continued encryption - and possible loss - of more files.

An afternoon recap of the day's most important business news, delivered weekdays. Besides, the cyber security arm of the Centre has asked banks, stock exchanges, and other vital institutions to safeguard their systems against the malware.

Security experts said the spread of the malware appeared to slow on Monday. The ransomware has been a costly nuisance.

Hackers encrypted those files, rendering them unreadable.

David Emm, principal security researcher at the firm, added: "But we think actually that this is probably not the case - we think it is a legitimate connection between the two". "McAfee has subsequently provided DAT (that contain data in text or binary format) updates to all its customers and provided them and the public further analysis on the attacks", Ian Yip, Chief Technology Officer, Asia Pacific, McAfee, told IANS.

Smith said the effect on cyber security of keeping the vulnerabilities secret is tantamount to the physical theft of Tomahawk cruise missiles. For example, a blog posting from Kaspersky Lab, a Russian cybersecurity firm with its U.S. headquarters in Woburn, said that it had not tracked down any such e-mails. That's when criminals hide malware inside the code of a legitimate website that is then downloaded onto any computer that visits the site. And just as they are unlikely to pay for an upgrade to their operating systems, they may not want to - or be able to - pay for security fixes.

The vulnerability in the Microsoft Windows software - exploited by "WannaCrypt" - crippled computers across the world, with hackers demanding hundreds of dollars from the users for them to regain control over their data.

Many pieces of digital equipment - like the MRI scanners used by the United Kingdom's National Health Service, which run Windows XP - can not be upgraded as easily as a PC. Last week, someone pulled the trigger.

So keep your softwares updated as the the victim of ransomware are being demanded of bitcoins worth $300 and if you miss the deadlines the amount is doubled although security firms are against paying this amount and advised users not to pay. Immediately disconnect your computer from the office/ home network.

Europol also warned a "complex worldwide investigation" was required "to identify the culprits".

"The goal of our intelligence community is to have a stockpile of tools to attack high-value targets", he said.

One area that may lead to coverage disputes would be the ease with which the problem could have been avoided, he said.

"Bitcoin is anonymous as long as you don't use it or spend it", said Heilman, who is working with BU professor Sharon Goldberg to develop a truly anonymous version of bitcoin. They say it will continue to spread in a modified form.

GCHQ, the agency with ultimate responsibility for the UK's cybersecurity, also works with the NSA on hacking software and creating backdoors and other exploits as part of its surveillance mission. Windows XP and Vista were found most vulnerable to the attack.

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