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Bitcoin Prices Rebound After WannaCry Ransomware Attack

19 May 2017

Again, part of the reason the WannaCry ransomware was easily spread is because Windows PCs weren't kept up-to-date with the latest security updates.

Another research by conducted Quick Heal Technologies shows that about 48,000 computers were attacked by the ransomware WannaCry, with most incidents in West Bengal and in Andhra Pradesh.

The attack could cost the government and corporate organisations north of $4billion in bitcoin as there is still no certainty as to whether the attacks have been completely mitigated or a second wave might send some more shocks.

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Even though Google tries to send updates for most of the Android-powered devices, reportedly, over 100 million devices are still running on outdated security software and can be vulnerable to ransomware attacks.

For instance, if we take the case of the hospital systems held hostage in United Kingdom, they're more likely to pay up in order to safeguard their patient's information that has been encrypted by the attacker than a teenager with photos and contacts to lose - which otherwise, in all likeliness - is also backed up on cloud.

China's banking regulator said on Wednesday it will strengthen cyber security protection at banks to prevent "disruptive systemic risk events" after the global WannaCry "ransomware" attack infected more than 300,000 computers in 150 countries. However, Microsoft stopped routinely updating XP in 2014, and those still using it have to pay for custom support to receive any further patches. At least three companies and banks had paid up money in bitcoins to unlock their systems, according to sources. Let's hope that now, after the severe consequences of the attack, employers will put the necessary efforts in advancing employees' knowledge about cyber security. Safeguarding against outbreaks require organisations to always keep their systems secure. "Unfortunately, many organizations delayed implementing the patch". Even though there are ways to install the latest updates on updates on Windows which are not genuine, Microsoft is also implementing restrictions every once in a while, so depending on the release, it could be more or less hard to patch a pirated Windows copy. For example, in India, most of the systems are not safe from future attacks. The lack of security awareness plays a key role in ransomware.

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As CNet states: "Microsoft is criticizing government agencies for hoarding software flaws and keeping them secret, calling a massive, new ransomware attack a "wake-up call" to this problem".

CBC tech columnist Dan Misener says this type of ransomware has been around for more than 15 years, with early versions spread by floppy disk. Bahl stated in his interview that because smartphones could be the next target for the cyber-attackers, Sanjay Bahl, director general of the Indian Computer Emergency Response Team said.

The Australian Cyber Security Centre ("ACSC") issued urgent advice on 13 May 2017 (which it updated on 15 May 2017) to mitigate against the effects of WannaCry. Atthe same time attacks can happen any time; the idea is to build a cyber resilience or in other word, how quickly you can bounce back to normalcy. Regarding the WannaCry ransomware attack, we read that the attack probably begun when a NHS employee clicked on a malicious link (phishing attack).

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