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Israeli Insurance company prone to attack, hackers demands $4 Million as Bitcoin ransom

Israeli Insurance company prone to attack, hackers demands $4 Million as Bitcoin ransom

According to the Jerusalem Post, “Black Shadow” reportedly attacked Israeli Shirbit, an insurance company. The incident resulted in the theft of its users’ personal data. In a recent update from the attacker, they ordered the insurance company to transfer $4 million in Bitcoin in order to avoid the data leak. The ransom is in order to circumvent revealing clients’ information. They also warned to double the payment if the Israeli Shirbit doesn’t transfer the Bitcoin in 24 hours. Meantime, The nation’s Capital Market Authority and the National Cyber Directorate had approved the attack. They are further investigating the nuances of the attack.

Black Shadow attacked Israeli Shirbit, bragging about its success in a series of inaccurate and badly spelled tweets that inserted pictures of some of the information taken. It also includes technical details meant to confer the scale of the assault. The Black Shadow hackers took to Telegram on Wednesday to ask for the Bitcoin payment. They precisely perceived that Shirbit has 24 hours to transfer BTC to their wallet to avoid violating or revealing the stolen information. It further said that if it does not agree to pay the ransom amount, it will increase thereafter. 

Following the price of Bitcoin at $19,066, the hackers are demanding approximately $4 million from the insurance company. However, some of the personal details of the Israeli company have already been exposed. The information included their registration forms, ID numbers, and drivers’ license. However, it does not involve credit card details.

Shirbit’s CEO on the Bitcoin Ransomware attack

In response to the hack, CEO Zvi Leibushor expressed that Shirbit considers its customers’ and employees’ safety a top-notch priority. Hence it is actively working towards building solutions to overcome threats that hamper the company’s privacy.

“Shirbit has invested millions of shekels in securing databases and protecting against cyberattacks, and meets all the stringent regulatory requirements in this area.”

Zvi Leibushor, CEO Shirbit

Conclusively, Leibushor also pointed out how Shirbit is actively investing in its resources to create a robust infrastructure to avoid future uncertainties. It further added that Shirbit is channeling all its efforts in creating solutions that can help overcome cyberattacks.

The attack appears amidst various insurance-related attacks spiking in the US. The attackers in the US have gulped between $1,00,000 to $1 million in ransom. The crypto community is severely prone to crypto attacks. In the latest update, Nexus Mutual announced the launch of its Custody Cover program to secure user funds from the occurrence of a hack.

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