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Concern for Financial Industry Raised after Global Cyber Attack

Concern for Financial Industry Raised after Global Cyber Attack

Account HackingsRecently, all the computers across the globe have been badly hit with an unprecedented cyber attack and the NHS Hospital Network in the UK is one of the worst hits. There is a worldwide spread of ransomware that has affected all the government agencies and different companies in several nations. The ransomware can hack and infect all the vital files present in the Windows-based computers, and it has been affecting some telecom systems, government agencies, factories and several banks.

The name of the malware is “Wannacry” and as the name signifies the computer writhes in pain once it is infected by this malware. It can terminate the functionalities of the PC, and all the files present on the hard disk are encrypted. It can only be unlocked after paying ransom money through bitcoins. If the computer user fails to make the payment, the files would be destroyed in due course of time. Initially, the ransom amount was $300 which later on increased to $600. It is to be noted that Wannacry exploits the vulnerabilities of a bug present inside Windows PC and it has been identified by US National Security Agency.

The older versions of Windows operating system like XP and Vista are no longer supported under the policy of Microsoft. The company released a security patch a few months ago to stop an exploit that was reported by a group of hackers. However, there is little or no information available who is responsible for the attack.

BBC News

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To date, this malware has been spreading like wildfire and has affected approximately 200,000 Windows PC in 150 countries across the world. Because of this ransomware attack, several hospitals in Britain have stopped patient treatment. Apart from that, the train system is badly affected in Russia and Germany while telecom companies are in a sorry state of affair.

According to cybersecurity software firms like Avast and Kaspersky Lab, Russia is the worst hit country. Amber Rudd who is the Home Secretary of Britain has said that approximately one in five of 248 National Health Services groups is severely affected due to this ransomware. She further noted that only six groups had reported so far for normal operations. The National Cyber Security Center of the United Kingdom is said to be working round the clock restore the services.

The European Union crime agency known as Europol has said that the threat of this malware is likely to increase in the coming week because more people are switching on their computers and accessing the internet. There is a lot of fear and terror among the banks and Forex trading brokers because they are concerned about their business to be severely affected.

Ori Eisen who is the founder of a cybersecurity firm in Arizona called “Trusona” has said that it is likely that the next wave of cyber attack has already been launched and PC users need to be vigilant in this regard. Eisen believes this malware attack to be a simple affair.

Eisen has made the following statement:

This is child’s play, what happened. This is not the serious stuff yet. What if the same thing happened to 10 nuclear power plants, and they would shut down all the electricity to the grid? Today, it happened to 10,000 computers. There’s no barrier to doing it tomorrow to 100 million computers.

Ed Lamadrid

Ed Lamadrid

I'm Ed Lamadrid, a CPA, blogger and a forex trader. Welcome to Top10FX.net. Follow my website for the most trustworthy forex broker reviews and last minute financial trading news.

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