5 US Law Firms Fall Victim to Recent Ransomware Event

5 US Law Firms Fall Victim to Recent Ransomware Event

A hacker group has successfully hacked into the systems of 5 United States law firms and are demanding two separate 100 Bitcoin compensation from each entity: the first compensation to redeem access to the data, the other to erase their copy rather than selling it off to the highest bidder.

Based on a news report by cybersecurity company Emsisoft, the hacker group, identified as “Maze, ” has already begun releasing fractions of the data stolen from the aforesaid entities. Two of the law firms were hacked on the eve of January.

The hackers have released the names of the firms on two of their websites. For security reasons, the names have been withheld. The hackers have also released fractions of the data stolen as proof of possession and promise to keep releasing more sensitive portions until the victims pay up. They also noted that names and data will only be taken down when payment is made.

The group also uploaded the data to a Russian hackers’ forum as a means to get the victims to hasten up payments.

It has been reported that ransomware groups are becoming increasingly brazen and are now stealing and demanding payment for the release of data instead of just encrypting it as they did in 2019.

Records have also shown an increase in the occurrence of ransomware. Emsisoft reports that more than 200,000 ransomware events were submitted last year, which is estimated to be just 25% of the total occurrence, bringing the total number of events to 800,000 in 2019 alone. The average demand was placed at $80k, which brings the total demand for 2019, according to estimates, to $64 billion.

Negative Impact on the Industry’s Image
With such a recurring rate of ransomware, the public’s perception of the cryptocurrency sector could easily become warped. It is feared that the public may begin to believe that the cryptocurrency sector is “just for criminals” making it increasingly difficult for this industry to receive more widespread adoption.

Law enforcement agencies have been urged to handle this matter swiftly before more damage is done to the image of the crypto sector.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.