Hackers Shouldn’t Be Paid Ransoms, FBI Director Christopher Wray Pleads

FBI Director Christopher Wray on Wednesday pleaded with public companies and other hacking victims to avoid paying ransom, saying he fears it will only embolden cyber criminals to ramp up future attacks.

“In general, we would discourage paying the ransom because it encourages more of these attacks, and frankly, there is no guarantee whatsoever that you are going to get your data back,” Wray testified before a US Senate appropriations panel.

The Justice Department has disclosed it managed to help the Colonial Pipeline recover some $2.3 million (roughly Rs. 17.07 crores) in cryptocurrency ransom it paid to hackers – an attack that led to widespread shortages at gas stations on the East Coast.

The FBI was able to recover those funds because it had a private key that it was able to use to unlock a Bitcoin wallet holding most of the money. It was unclear how the FBI managed to access the key. Bitcoin price in India stood at Rs. 24.3 lakhs IST on June 24.

Bitcoin seizures by the federal government are relatively uncommon, but authorities have been stepping up their expertise in tracking the flow of digital money.

Wray said on Wednesday that the FBI is seeing increasingly sophisticated types of ransomware attacks and that cyber thieves have been demanding larger sums of money.

“We’ve seen the total volume of the money paid I think triple over the last year or so,” Wray said.

He said companies and municipal governments who become victims of ransomware attacks should consider going to the FBI as soon as possible, and not wait.

“When they do, there’s all kinds of things that we can do,” Wray said.

“Sometimes through other work we’ve done, we might have the decryption key and be able to help the company unlock their data without having to pay the ransom,” he added.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Elon Musk Says Starlink to Go Public Once Cash Flow Is More Predictable

Related Stories

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechNewsBoy.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.