Israeli Insurance Company Shirbit Hacked, Criminals Demand Bitcoin Payment


An Israeli insurance company, Shirbit, was attacked by hacker group Black Shadow earlier this week. Criminals are now demanding a ransom of $ 4 million in Bitcoin.

The Israeli local media Jerusalem Post reported the news on Thursday, December 3. According to the report, the group Black shadow attacked Shirbit insurance company on Tuesday, December 1.

Shortly after the attack, the hackers tweeted photos of ID cards, driver's licenses, and forms containing private information, including the names and addresses of some customers and employees. Initially, they required the company to send 50 Bitcoin, equivalent to almost a million US dollars, to its Bitcoin address so as not to disclose sensitive information.

The group cautioned that if the money is not sent until 9:00 a.m. Thursday, the demanded ransom money will double to 100 Bitcoin, roughly $ 2 million. After another 24 hours, the amount will increase to 200 BTC. Shortly after the first ultimatum, Black Shadow posted much of the information online, such as identification cards, personal files, and internal faxes to threaten the company with quick pay.

The group also warned the Telegram group that they would sell the confidential data if Shirbit does not pay by Friday.

These types of attacks against insurance companies are growing, and dozens of insurance companies in the US reported such attacks just last week. The Jerusalem Post quoted Zohar Pinhasi, CEO of the US-based cybersecurity firm MonsterCloud, as saying:

“This is a new trend in the United States. This type of attack is due to a lack of knowledge about cybersecurity. it seems that the company has a long and turbulent road ahead ”.

Criminals involved in such attacks often demand a cryptocurrency ransom, as they are difficult to track down. As reported by Crypto Economy, in October 2019, the website of the city of Johannesburg was hacked and hackers demand 4 Bitcoin as ransom. In 2018, the city of Atlanta was hit by a ransomware attack by hackers who demanded $ 51,000 in Bitcoins to remove malware introduced into a computer system at local government offices.

But cryptocurrencies cannot be blamed for these crimes. These events only show the risks that these centralized systems pose to our lives. These tragic incidents highlight the need for a new system to protect businesses from online crime. That is what Blockchain technology, combined with other systems, can offer to make companies resistant against these attacks.

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