Cybercriminal Group Demands Bitcoin Ransoms from Financial Institutions

“DD4BC,” a cybercriminal group that has launched distributed denial of service (DDos) attacks on bitcoin mining companies, exchanges and Hong Kong Banks since mind-2014, have begun to target financial institutions including brokerages, banks and financial organization in Europe, Australia and U.S.

According to Akamai, a Massachusetts based content delivery network, DD4BC has carried out 87 attacks specifically on financial institutions, and have shifted its focus from bitcoin startups to banks and financial organizations over the past few months.

During the last three months, the hacking group has launched 114 attacks in total, which is more than the number of attacks combined since mid-2014 to March 2015.

The DDoS attacks on banks and financial institutions have alerted U.S. law enforcements and government agencies including the FBI and the Financial Industry Regulatory Authority. The security specialists and agencies advice banks and companies to never pay the ransom. Intelligently however, DD4BC have targeted corporate websites of large banks, which could cost them up to US$100,000 to regulate the attacks.

The hacking group hasn’t launched long-term DDoS attacks that could severely affect large banks and organizations just yet. However, DD4BC have been initiating attacks which last for an hour,

Read more ... source: Cointelegraph