World braces for yet another cryptocurrency carnage

The ransomware attack isn’t over

MUMBAI: Yet another ransomware attack termed ‘WannaCry[pt]’ has sent the cyber sphere into a tizzy.
The malicious strain of malware has already devastated over 300,000 computers across 150 countries since last week.
According to reports, Cyber security experts across the globe have alerted Internet users of a possible riot of ‘WannaCry[pt]’ attack.
Reports suggest, the malware exploited vulnerability in the Microsoft software, and the same Windows vulnerability (MS17-010) has been used to rage another noxious malware to generate digital cash from machines it has infected.
According to media report, over three lakh computers globally have been affected by the ‘Adylkuzz attack’ that specifically target machines, slows them and generate ‘Monero’ cryptocurrency (digital cash).
The term ‘Monero’ has been propagated by North Korea-linked hackers who created an open-source cryptocurrency in April 2014 that focuses on privacy, decentralisation and scalability. As an alternative to Bitcoin, it is used by the cyber crooks to trade in narcotic substances, pilfered or stolen credit cards and phony goods.
The hackers need to mine cryptocurrency using computers/computing devices (IoT included). Mining of cryptocurrency implies solving complex cryptography issues designed within the algorithm of a cyber-currency that requires a lot of computing,” said Saket Modi, CEO and Co-founder of Delhi-based IT risk assessments provider Lucideus.
While the world is battling to quell the massive ‘WannaCry[pt]’ attack, it continues to emerge as the most lethal cyber threat for the corporate world and individuals—causing huge global economic losses to the tune of hundreds of millions of dollars.
Meanwhile, over 150 Indian companies have had to face the brunt of the ‘ransomware’. As per statistics, India alone faces four to five per cent of the total ransomware attacks, while the US is most affected with 34 per cent of the ransomware carnage globally.