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WanaCry Could Spread to 70% of Indian ATMs
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WanaCry Could Spread to 70% of Indian ATMs
The cyber attack known variously as WanaCry and WanaCrypt0r 2.0 has led to warnings that up to 70 percent of India’s ATM network could be its next victim.
As ATMs in China are confirmed as being infiltrated by hackers the phenomenon continues to spread. The underlying Windows vulnerability at the root of the issue is a major problem for less secure infrastructure.
For India, it has become known that 70 percent of ATMs still run Windows XP, a 16-year-old operating system for which Microsoft has not released security updates since 2012.
"We have seen a big focus on ATM attacks in the Asia-Pacific (APAC) region, including India," local news resource First Post quotes US-based cybersecurity company FireEye as saying.
“ATMs in underdeveloped countries are particularly vulnerable as those countries still have old ATM software and are running Windows XP. This makes them the perfect target for an easier score.”
XP has been at the heart of WanaCry’s damage in the UK, as many computers used in the country’s health provider the NHS still run the operating system.
ATMs are already a sore topic for Indian consumers meanwhile since November’s demonetization having become a hotspot for the cash shortages plaguing the nation.
At the same time, Bitcoin is blooming. Major exchange Zebpay announced today that over half a million people had downloaded its wallet app.
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People’s Bank of China Forms Committee to Oversee Fintech Impact on Economy
People’s Bank of China Forms Committee to Oversee Fintech Impact on Economy
Outside of China’s ongoing battle with cryptocurrency regulation, its central bank has formed a dedicated committee focussing on fintech policy.
As reports local news resource cnLedger, the People’s Bank of China (PBoC) will use the group to “study fintech's impact on monetary policy, financial market, payment and settlement.”
Introducing the plans, the PBoC continued in a post:
“We will further strengthen exchange and cooperation at home and abroad, establish and improve financial and technological innovation management mechanisms suitable for China's national climate, handle the relationship between safety and innovation and guide the proper use of new technologies in the financial field.”
Further mention is made about so-called ‘RegTech,’ a fledgling section of innovation focusing on updating legacy government infrastructure through technologies such as Blockchain.
Elsewhere in China’s economic development plans, Hong Kong and London are currently jostling for pole position as an ideal destination for capital outflow as part of China’s Belt and Road strategy.
Blockchain has been eyed as a possible key player in the huge international development plans put forward by the Chinese government, commentaries nonetheless noting that regulatory uncertainty is currently a major obstacle.
Major movements regarding the resumption of full business functionality in accordance with the PBoC’s new rules for cryptocurrency are hotly awaited.
Unofficial trading continues to expand to new all-time highs, as demonstrated by LocalBitcoins in the weekend ending Saturday, May 13.
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Credit : By William Suberg