It will also highlight which actions are necessary to fight fraud related to bitcoin. With the invention of Jack Cable’s innovative anti-ransomware program, things will look better for bitcoin investors. Today, the world is devising newer methods to fight ransomware. The student’s name is Jack Cable and he opines that this program will bring transparency around the impact of ransomware. This program can track payments to bitcoin addresses related to known gangs that execute large-scale attacks. Considering these things, a student and security researcher from Stanford University launched an extensive anti-ransomware program. This usually makes it harder for law enforcement agencies to combat attacks and comprehend how to fight them. Most cyberattack victims don’t report the attacks on a larger scale. There are no legal requirements for victims to disclose when they pay the hackers to unlock their network. However, there are few people who can analyze the repercussions of a ransomware attack. Moreover, ransomware is responsible for creating security breaches in large IT companies. And after a series of cyberattacks against the fuel supplier Colonial Pipeline, everyone is serious about the adverse effects of ransomware. While there is no link between REvil and the Russian government, senior US and Russian officials will meet next week to discuss the attack.There is no denying that ransomware is a grave issue for the national security of many countries. This led Cable to believe that REvil is purely financially motivated and has no political interests. When Cable reached out toREvil in order to discuss paying the ransom, they reportedly decreased their initial demands by $20 million. As of Tuesday 6 July, following contact by a security architect at cybersecurity consulting firm Krebs Stamos Group, Jack Cable, the group have reduced their ransom demand from Kaseya to $50 million. The group had also hacked Taiwanese computer giant Acer in March, demanding $50 million in ransom. The hackers extorted $11 million from JBS, who managed to resume services afterwards. In June, they were believed to be behind the attack on JBS, the largest meat supplier in the world, which led to some of the JBS operations in North America and Australia being shut down. REvil, derived from “Ransomware” and “Evil”, has previously been linked to a number of such instances. The group of hackers has been dubbed REvilor Sodinokibi by experts and is believed to be Russia- based. However, in a large number of similar cases, the victims do not generally publicly divulge that they were the target of such an attack, or whether they have paid the ransom. A Swedish grocery chain, a New Zealand School, a German IT company and two Dutch companies are a few of the known victims. The extent of damages is yet to be known, but the estimated number of businesses affected ranges from 1000-2000, spanning at least 17 countries. Taking advantage of the lightly staffed company due to Fourth of July celebrations in the United States, the hackers bypassed the company’s security, exploiting a zero-day vulnerability. Kaseya sells its software to thousands of IT and Managed Service Providers (MSPs), who in turn, serve a number of clients. On 4 July, they demanded-through the dark web- $70 million in cryptocurrency in exchange for the return of the stolen data. Miami-based information technology firm Kaseya was the target of “the largest ever ransomware attack” last weekend, when hackers exploited a bug in the IT Management software of the firm in order to steal a large amount of data on a number of clients using the Kaseya software.
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