WannaCry Ransomware Crippled Major Russian Banks

PUBLISHED BY
Anna Domanska



TAGS:


4 years ago




The WannaCry Ransomware crippled major Russian banks, the Russian Central Bank said on Friday, in its first official acknowledgment by Moscow that the attack had a major impact on the banking system.

In an official statement, the central bank said the consequences of the ransomware attack had been dealt with quickly. Previously, the central bank said Russian banks were targeted in a cyberattack last week, although, the attack had been largely unsuccessful as no data had been compromised.

WannaCry ransomware, also called WannaCrypt, appears to use a security flaw in Microsoft’s software, discovered by the National Security Agency and leaked by hackers, to spread quickly across networks locking down files.

wannacry-ransomware

A British security expert managed to stop the attack by triggering a “kill switch,” although the ransomware has continued to create havoc. Microsoft released a security patch in March, but over than 20% of Russian users have not updated their OS.

Sberbank, Russian’s largest bank released a separate statement confirming the integrity of its network. “The cybersecurity systems have discovered attempts to infect the bank infrastructure in due course. The bank network is protected from such attack. No virus infection happened,” it said.

One Nation’s Love for Pirated Software

Russia’s reputation as a cyber-savvy nation dwindles as the nation remains vulnerable to the code hidden inside the email attachments. Over half of the 200,000 ransomware attacks targeted Russian users. This is largely because at the helm of the attack is the country’s aging computing infrastructure and a sloppy approach to cybersecurity. Also, Russian computer users commonly use unlicensed (pirated) or outdated version of Windows OS, and thus are not privy to security updates.

Another reason is Russian user’s complacent reliance on facile anti-virus defenses. It’s alarming how the cyber-savvy Russians haven’t yet updated to advanced defenses with the ability to scan incoming email for potential security threads.

Cybersecurity researchers are yet to determine the origin of the WannaCry ransomware. However, it is clear from the number of nations affected that the intended attacks were global. The ransomware proliferated quickly across 150 countries, affecting 200,000 computers, according to Europol, the European Union’s police agency.

Last week, Russia’s Interior Ministry confirmed attacks on about 1,000 computers using Windows OS.

Researchers believe the attack is the work of a richly funded criminal organization, given the nature of sophistication it involves. The ransomware has translations for several languages, displaying instructions for paying the ransom in the language set for that computer.

Avatar
Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Hyundai commits $7.4 billion in US investment by 2025

Hyundai commits $7.4 billion in US investment by 2025

South Korea’s Hyundai Motor Co., announced on Thursday it will soon start manufacturing electric vehicles in the United States. The automaker plans to produce EVs, upgrade produc
8 hours ago
US inflation report of 4.2 percent raises concerns

US inflation report of 4.2 percent raises concerns

The US reported the highest inflation recorded in the last dozen years at 4.2 percent in April, riding on government stimulus packages, improved energy prices, better spending and
12 hours ago
Aon – Willis asset disposal aims to ease approval of $30 billion merger

Aon – Willis asset disposal aims to ease approval of $30 billion merger

Aon Plc and Willis Towers Watson have agreed to sell $3.6 billion worth of assets to rival Arthur J. Gallagher & Co. in a bid to appease European competition regulators over th
1 day ago
Roblox declares Q1, reports $387 million revenue as bookings increase

Roblox declares Q1, reports $387 million revenue as bookings increase

Roblox, the hugely popular online gaming platform, reported its first-quarter earnings after becoming a listed company. Its revenue more than doubled as the videogame company benef
2 days ago
Weak US job report results in volatile market

Weak US job report results in volatile market

A weak job report resulted in a record close on Friday for the US stocks. The US labor department’s monthly non-farm payrolls report revealed employers hired 266,000 new workers
3 days ago
Star and Blackstone launch bids to buyout Australia’s Crown Resorts

Star and Blackstone launch bids to buyout Australia’s Crown Resorts

A bidding war has broken out between Australian casino company Star Entertainment Group and US private equity investor Blackstone Group over Crown Resorts, Australia’s bigges
3 days ago