US House bill prohibits ransomware payments over $100,000

The US House of Representatives is on the brink of passing a significant bill aimed at curbing the scourge of ransomware attacks by prohibiting payments exceeding $100,000. The primary objective is to safeguard the nation’s financial infrastructure from the growing threat of ransomware. The reintroduction of the Ransomware and Financial Stability Act by the House […]

Cyber attack on payment systems could cost $3.5 trillion loss to the world

Have you ever contemplated the potential ramifications of a highly sophisticated cyberattack targeting global payment systems? Lloyds of London, a prominent provider of insurance services, has undertaken an analysis that suggests the world could face staggering losses of up to $3.5 trillion in the event of a global payment system outage resulting from a cyberattack. […]

Russia might take help of ransomware payments to fund Ukraine war costs

Russian war has entered its third week and the leader of the nation seems to be in no mood to give up. However, reports are in that Putin is finding it hard to break the resistance of Ukrainians and is falling short of finances, fuel, water and food supplies essential to keep his military units […]

Most companies think paying ransom is wise in ransomware attacks

According to a survey conducted by ThycoticCentrify, almost three in every five companies have become a victim to a ransomware attack in the past 12 months in United States. And most of them think that paying a ransom is wise in ransomware attacks as it helps them recover all encrypted data at once and will […]

Now a website to track down ransomware payments

Ransomwhere, a dedicated website to track down ransomware payments, was launched by a security researcher named Jack Cable. The website will act as a dashboard that will keep a track of ransomware payments by strain and will also help security researchers conduct more analysis by presenting to them raw data that machine learning tools can […]

Tax reimbursement for ransomware payments

As many companies are falling prey to Ransomware Attacks in the United States these days, there is a high probability that such payments might earn the victim a tax reimbursement from the Internal Revenue Service (IRS) as per the little-known legal clause.     Meaning, those who are bowing down to the demands of hackers by […]

VISA payments to become password free in the next Five years

VISA, an American Multinational Payment services corporation supporting the business of electronic funds transfer has stated that its payments will become password free in next five years- all thanks due to the innovation in authentication and anti-fraud technologies. “As financial institutions are sharing 10 times more data with each other these days, artificial intelligence technology […]

PayPal receives a patent against Ransomware attacks

PayPal, an electronic payment processing company of America has recently been awarded a patent for an application technique that could detect ransomware in the early stages of an attack and mitigate its effects on the entire database. As per the sources who are familiar with the developments, PayPal filed for a patent in Sept’16 which […]

Wegmans sues Invermar for Cyber Attack

Wegmans Food Markets Inc. an American Supermarket Chain headquartered in New York has filed a lawsuit against Chilean Seafood Supplier, Invermar, for allowing hackers to pocket its payments through a cybersecurity flaw. Sources say that the Food retailer has sued the seafood supplier for $900,000 and is interested in adding more to the lawsuit when […]

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