The German Federal Office for Information Security (BSI) recently revealed that unidentified German steel plants were compromised for an indeterminate length of time, so much so that furnaces could not be shut down. On page 31 of a report issued by the agency, which is the equivalent of an Information Technology NSA for the German government, the Google-translation of the document reads:
The know-how of the attackers was not only in the field of conventional IT security [is] very pronounced, but extended on detailed knowledge on applied Industrial control and production processes.
Mystery Surrounds German Steel Factory Cyber Attack
The as-yet-unknown hackers used a sophisticated spear phishing method to gain entry. Subsequently they were able to take full control of various automated processes, including the aforementioned furnace which the plant was then unable to shut down. This could have been catastrophic in the case of an emergency.
Spear phishing is a method whereby the attacker targets specific individuals within an organization and gets them to click a link which then grants the attacker access to the same things the target has access to. It was famously employed by British intelligence to hack into Belgium’s largest telecommunications company, Belgacom.
One can only speculate as to what became of this attack. Given the overall secretive nature of the report – it does not specify which steel mill was victimized nor does it describe how the problem was detected or resolved – we can assume that they would not have reported it at all had it not been finally stopped. It could have gone on for a week, or it could have gone on for most of the year, for all we know. It is also unclear why the attack took place, with some speculating that it was Mafia or state-sponsored. There is always, in these cases, the possibility of a good-natured hacker simply wanting to prove to himself or his community that such a thing could be done.
As more and more of the world’s production facilities become automated, this kind of scenario gets to be a more common possibility, with less opportunities for human detection. Luckily, no lives were lost here, but what if it were something more sinister, like an intentional flaw inserted into the production of consumer cars or airplane parts?
No one knows for sure what the future holds, but we have to hope that our best and brightest find ways to avert disaster. We have to hope that incidences like this are used to learn from more than they are to expand government power, as may result from the American government reaction to the Sony Hack.
Images from Shutterstock.
Uber Is Paying Hackers to Keep Quiet
Uber Technologies Inc. has reportedly paid hackers to delete scores of private data stolen from the company in a security breach that was concealed for over a year. The revelation provides further confirmation that, when it comes to cyber security, crime does pay.
Massive Data Breach
According to Bloomberg Technology, hackers retrieved the personal data of 57 million Uber customers and drivers at some point last year. Nobody heard about it because the rideshare company paid the hackers $100,000 to keep quiet. A purge at the front office of Uber also ensured that the massive cyber breach was kept under wraps.
The compromised data was from October 2016 and included the names, phone numbers and addressed of 50 million Uber riders globally. About seven million drivers had their personal information accessed as well.
At the time of the cyber attack, Uber was inundated with a slew of legal issues stemming from alleged privacy violations. Rather than shine even more negative spotlight on the company, Uber executives decided to pay hackers to stay quiet.
“None of this should have happened, and I will not make excuses for it,” Dara Khosrowshahi, who took over as CEO in September, said in a statement that was published by Bloomberg. “We are changing the way we do business.”
Hackers have done a masterful job infiltrating companies and governments in recent years. As a reminder, recent cyber attacks levied against Yahoo!, Target Corp and Equifax Inc. dwarf Uber’s 57 million compromised accounts.
Various reports indicate that cyber attacks are bleeding the global economy dry. One report, issued by the World Economic Forum, suggests that cyber crime cost the world economy $445 billion in 2016. If cyber crime were its own market cap, it would exceed Microsoft Inc., Facebook Inc. and ExxonMobil Corp
The Fall of Uber?
Uber revolutionized the ride-hailing business over the span of seven years by giving more power to the consumer. Several missteps later, the company finds itself in legal hot water, with its future appearing less certain than it did just one year ago.
The rideshare company faces at least five U.S. probes ranging from bribes to illicit software and right up to unethical pricing schemes. According to another Bloomberg report, Uber is under investigation for violating price transparency regulations, not to mention the alleged theft of documents for Google’s autonomous cars.
Some governments are sensing weakness in the ride-hailing service, and are moving toward banning the Uber app entirely. London is the most prominent example of a city that has taken definitive steps to outlaw the service over a “lack of corporate responsibility.”
Even with its legal troubles, Uber is a revolutionary technology that has influenced a bevy of other innovations aimed at improving the human experience.
Featured image courtesy of Shutterstock.
Ethereum Notches Two-Month High as Bitcoin Offspring Triggers Volatility
Digital currency Ethereum climbed to a two-month high on Monday, taking some of the heat off Bitcoin and Bitcoin Cash, which have slumped since the weekend.
Ethereum Forges Higher Path
Concerns over Bitcoin created a favourable tailwind for Ethereum (ETH/USD), which is the world’s No. 2 digital currency by total assets. Ether’s price topped $340.00 on Monday and later settled at $323.54. That was the highest since June 20.
At its peak, ether was up 10% on the day and 70% for the month of August.
The ETH/USD was last down 2.2% at $315.02, according to Bitfinex. Prices are due for a brisk recovery, based on the daily momentum indicators.
Fractured Bitcoin Community
Bitcoin and its offshoot, Bitcoin Cash, retreated on Monday following a volatile weekend. The BTC/USD slumped at the start of the week and was down more than 3% on Tuesday, with prices falling below $3,900.00. Just last week, Bitcoin was trading at new records near $4,500.00.
Bitcoin Cash, which emerged after the Aug. 1 hard fork, climbed to new records on Saturday, but has been in free-fall ever since. The BTH was down another 20% on Tuesday to $594.49, according to CoinMarketCap. Its total market value has dropped by several billion over the past two days.
Analysts say that a “fractured” Bitcoin community has made Ethereum a more attractive bet this week. The ether token has shown remarkable poise over the past seven days, despite trading well shy of a new record.
Other drivers behind Ethereum’s advance are steady demand from South Korean investors and growing confidence in a smooth upgrade for the the ETH network. The upgrade, which has been dubbed “Metropolis,” is expected in the next several weeks. Its key benefits include tighter transaction privacy and greater efficiency.
Ethereum Prices Unaffected by ICO Heist
Fin-tech developer Enigma was on the receiving end of a cyber-heist on Monday after hackers took over the company’s website, mailing list and instant messaging platforms. The hack occurred three weeks before Enigma’s planned Initial Coin Offering (ICO) for September 11.
In addition to defacing the company’s website, the hackers pushed a special “pre-sale” ahead of the ICO. While many users realized it was a scam, 1,492 ether tokens – valued at $495,000 – were directed into the hackers’ cryptocurrency wallet by unsuspecting backers.
The irony in all this is that Engima is a cryptography company that prides itself on top-notch security protocols. The company issued a statement that its servers had not been compromised.
Ethereum Prices on Track for 35% Monthly Drop
It has been a difficult month for ethereum. The world’s No. 2 digital currency has lost a third of its value over the past 30 days following a series of cyber breaches targeting vulnerable wallets and ICOs.
Ethereum Struggles to Regain Momentum
Ethereum (ETH/USD) was trading near $197.00 Sunday at 6:30 BST, according to Bitfinex. That represents a decline of around 5%. At current values, ethereum’s market cap was $18.4 billion.
The ETH/USD exchange rate has struggled throughout July, with prices briefly falling below $160.00. The decline, which amounted to a 60-day low, lured bargain-hunters back into the market. After surging back toward $250.00, the ETH/USD has consolidated below the $220-mark, which continues to offer strong resistance. On the opposite side of the spectrum, major support is located at $180.00.
A price recovery may prove elusive in the short-term, with the Relative Strength Index (RSI) and Stochastic indicator signalling weak underlying momentum.
Despite its recent decline, ethereum’s value has surged more than 2,200% this year.
Cyber Attacks, SEC Weigh on Market
The ethereum network suffered a large-scale cyber breach earlier this month resulting in the loss of tens of millions of dollars. A community of ethical hackers quickly banded together to “rescue” hundreds of millions of dollars worth of tokens.
Blockchain-based trading platform Coindash was also hijacked during an initial coin offering (ICO). The breach exposed Coindash’s ether wallet address, resulting in the loss of $7 million worth of ether.
The Securities and Exchange Commission (SEC) has also taken an interest in the ethereum-based ICO market. Last week, the regulator concluded that a certain multi-million dollar token sale last year violated securities law. Although ICOs have been compared to crowd-sourcing, the SEC maintained that some tokens were in fact securities.
Analysts say the SEC ruling could impact the future of ICOs, although it remains unclear how the regulator is pursuing this market. The SEC’s July 25 press release cautions investors about ICOs in general.
- Trade Recommendation: Stellar
- Bitcoin Plunges $2,000 on Eve of Futures Contract
- Technical Analysis: Litecoin Continues Surge as Bi...
- Ethereum’s Pullback from Record Territory Co...
- Asian Market Update – Monday: Bitcoin surges after...
- Trade Recommendation: Zcash
- Bitcoin Futures Officially Launch on CBOE
- Monero Forges Ahead as Prices Cross $290 December 12, 2017
- Ethereum Flirts With Record Highs as Buterin Compares Crypto Surge to Salvator Mundi Auction December 12, 2017
- Altcoin Investing Strategy as Futures Hit the Market December 12, 2017
- Companies are Lining Up to Launch Bitcoin ETF, According to SEC December 12, 2017
- Technical Analysis: Litecoin Continues Surge as Bitcoin Tests Highs December 11, 2017
- Trade Recommendation: Ride ETN and EW on Breakout December 11, 2017
- Trade Recommendation: Buy BBY, ZNH, CLX, and USCR December 11, 2017
- Power Consumption for Bitcoin Mining Is Now Ranked 61st in the World December 11, 2017
- Trade Recommendation: USDCHF December 11, 2017
- ICO Analysis: Gimmer Token December 11, 2017
A part of CCN
Analysis1 week ago
Long-Term Cryptocurrency Analysis: A Major Top Could Be In
Altcoins1 week ago
IOTA Doing Big Things as Microsoft Partnership Announced
Analysis2 days ago
Long-Term Cryptocurrency Analysis: Look Out Below?
Recommendations4 days ago
Trade Recommendation: Litecoin
Cryptocurrencies1 week ago
Trade Recommendation: Neo
Analysis1 week ago
$100 Litecoin Looks Poised for Greater Upside
Cryptocurrencies1 week ago
Trade Recommendation: Zcash
Cryptocurrencies3 days ago
Trade Recommendation: Stellar