Ransomware Gang is demanding $ 34 million in Bitcoin from Foxconn

In short

  • The ransomware technology company has reportedly hacked international technology company Foxconn.
  • The group, DoppelPaymer, says it has encrypted company files and destroyed some backups.
  • He demands that Foxconn pay 1,804 Bitcoin for a decryption tool.

Even multinational tech companies, who understand first hand the value of cybersecurity, can be targeted by ransomware groups.

Foxconn, a publicly traded electronics and technology company headquartered in Taiwan, was hit by a ransomware attack on November 29, reportedly from an information security news site Bleeping Computer.

The hackers responsible say they encrypted data related to its North American operations and told Foxconn to pay roughly 1,804 Bitcoin (currently worth about $ 34.5 million) for a decryption tool.

A ransom note from the hackers, a group called DopperPaymer, stated, “If not contacted in 3 business days after infection[,] the first part of the data will be shared with the public. ”

Given that the deadline was last week, Foxconn has probably reached out to the hackers. Decrypt has emailed the company for details but has not yet received a response.

The attack apparently struck at the tech giant’s Mexican facility for electronics assembly and transportation. In an interview with Bleeping Computer, DoppelPaymer said it had encrypted “about 1200-1400 servers” and destroyed up to 30 TB of backups in an attempt to force Foxconn’s hand.

While it doesn’t necessarily carry BTC on its balance sheet, Foxconn is familiar with the technology behind Bitcoin. It has invested in blockchain startups like Abra, a crypto investment platform for non-accredited types, as well as Cambridge Blockchain, a digital identity company.

The $ 34 million in Bitcoin he is asked to pay is a drop in the bucket. IT security firm BlackFog recorded 28 ransomware attacks in November alone, including against toy company Mattel, Manchester United Football Club, and Baltimore Public Schools.

Still, depending on the data, it might be cheaper to ignore DopperPaymer. According to research by Sophoson average, it costs companies twice as much to attack to pay the ransom as it does to get the data back by other means.