Source: National Cyber Security – Produced By Gregory Evans
Two Indian conglomerates were forced to pay $5 million each in order to prevent hackers from disclosing information that could have implicated them in wrongdoing. The payoff was made in May, but people aware of the matter said the hackers would have obtained access to the IT systems of the companies two to three years before that, reflecting a widespread vulnerability that criminals are looking to exploit when the time is right. This is said to be the first known case of cyber criminals extorting money from large Indian companies. ET has pieced together the story by speaking to executives, private investigators and officials. The break-ins and threats weren’t reported to the authorities for fear that the information thus provided could have proven incriminating — hence the involvement of private detectives. The threat is said to have emanated from the Middle East although it’s not clear whether it goes back even further. The companies were told to pay up or face the consequences of the data being passed on to the Indian government, one person said. The blackmail demands came a few months after a scam involving thefts of documents from the petroleum and other minstries erupted earlier this year. […]
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